- Wells Fargo Refinancing For Existing Customers
- 2015 Government Mortgage Help targets FHA Programs
- How to Find Cheaper Closing Costs on your Mortgage
- Obama Extends the HARP Refinance Program for 2013
- IRS Supplies Guidance on Home loan Modifications
- Indiana State Mortgage Help for Those in Danger of Foreclosure
- Mortgage Assistance Available in Oregon
- Wisconsin Mortgage Assistance Programs
- How to Write the Mortgage Hardship Letter
- CHFA EMAP Program for Homeowners
There are many agencies and programs in the state of Georgia that want to help their citizens fight foreclosures on their homes, retain their homes and also to help purchase homes. Georgia not only has these agencies that provide counseling, workshops and guidance, but they also have grants that support the state economy and increase access to better jobs and education by offering financial assistance that has loan forgiveness.
Georgia’s Department of Community Affairs helps prevent foreclosures, offers bridge loans in the form of mortgage assistance and other aid to those who have lost work because of circumstances not their fault, through a program called “Homesafe Georgia,” that is funded by the United States Government’s “Hardest Hit Fund (HHF).”
This program is designed for those Georgia residents who have suffered severe hardships who own homes and are trying to save them. The program does not assist those who quit jobs, are on Social Security programs or just lost bonuses, raises and overtime due to struggling economy. Losing child support, workman’s compensation payments, lost income due to illness and or death of a spouse is also not covered here. The requirements for this program are residents who:
- Have lost income through no fault of their own. They are willing and able to work.
- Are still current on their mortgages, or no more than six months behind at time of appointment.
- Have no more than $5,000 in assets.
- Do not have an active bankruptcy.
- Do not have any tax or IRS liens.
- Have not had any mortgage-related felonies in the past 10 years.
- Own property in Georgia and are a resident of Georgia.
- Have their primary residence in Georgia, and it must be a single family home, a condo, a town home or a mobile home or manufacturing home that includes land.
- Have a mortgage balance of under $417,000.
- Have a mortgage lender who participates in the program.
Benefits of this program that began in April of 2011, will provide assistance in meeting current mortgage payments, and they can help family reinstate themselves to good standing with financial assistance to back payments, as long as they are able to meet the current demands. Homesafe Georgia, backed by the HHF may give zero percent bridge loans for a period of 18 months. After the initial period, the loans need to be paid back at 20% for the next five years. The program is designed to “save” homes, get families back on track and as a temporary financial assistance program.
When residents apply for assistance, they will be guided and instructed on how to navigate the website, educated on all the eligibility requirements, and helped to apply for assistance online.
Georgia offers other programs with different objectives and criteria:
- All major lenders have mitigation departments that are reachable to discuss forbearance plans.
- Making Home Affordable website.
- Department of Housing and Urban Development (HUD) counseling services.
- United Way programs.
- Georgia State Government programs.
- Georgia Veterans Home Loan assistance.
- Atlanta Georgia Legal Aid programs.
- Georgia’s Department of Community Affairs programs.
In most of the major cities of Georgia, assistance can be found for residents in the areas of obtaining first mortgages, re-financing current ones, avoid foreclosures and providing education, guidance and counseling to those who do not understand their options. In the severe cases where foreclosures can not be avoided, there are groups who will help families relocate and have “graceful exits,” to keep stress at a minimum and dignity and self-preservation alive.
Whether Georgia residents need mortgage assistance, help in paying bills, emergency food and/or shelter for up to 30 days, they can find help. The Army emergency relief fund provides food and groceries up to four times a year and free job training. Columbus, Georgia has a mission central that provides food, medical aid, money toward rents and vouchers for gas and transportation to residents in need who are struggling to keep their homes, or have recently lost them.
Here is a partial list of Agencies:
Georgia Lending Group
This is an organization that does not offer loans or mortgages per se, but will sit down with Georgia residents to discuss all their options. They will help them decide which type of mortgage is best for them, what the requirements are and help with the communication to procure the loan.
Center for Pan Asian Community Services
This center, located in Atlanta, Georgia, has multiple language counselors speaking Cambodian, Cantonese, Chinese Mandarin, Korean, Vietnamese as well as English and welcomes residents from all races with assistance in buying homes and securing mortgages.
Urban League of Greater Atlanta
Also a multiple language speaking center, this group will help residents prevent mortgage delinquencies. They offer foreclosure clinics, education on debt reduction, budgeting and applying for mortgages for those who speak French, Spanish and English.
Mortgage Help Center by Fannie Mae
Backed by the US Government program, this agency in Atlanta provides free foreclosure housing counseling for Georgia families and was formerly called the Atlanta Mortgage Help Center.
Georgia Homeownership Dream Program<
The GHDP is geared for low to moderate income residents, and provides fixed low-interest rates. They will provide money for down payments and closing costs to eligible borrowers. Requirements for this program are:
- Must be a first mortgage for a primary residence that is a first home (or have not purchased a home in the past three years). The loan will be for 30 years, fixed interest and backed by FHA, VA, Conventional or USDA/Rural development agencies. There is a sales price maximum and the lender chosen must participate in the GHDP program.
- Down payment and closing costs can not exceed $5,000 for most residents, but up to $7,500 if their business is as a protector, educator or health care provider to residents of Georgia. This amount does not have to paid back at zero percent interest until the home is sold, transferred or no longer the primary residence. This is called delayed repayment.
Georgia helps its residents stay in Georgia. There are programs that will help those in need to cut payments up to 50%, reduce interest rates as low as 2%, help prevent foreclosures, implement “forgiveness” on past due amounts, help get lenders to waive accrued interest and assist in changing adjustable mortgages to conventional with low interest. To keep neighbors together, and save neighborhoods, there is help on those with upside down mortgages also. Help is just a visit away.
No comments yet.
Sorry, the comment form is closed at this time.