HomeSafe Georgia, the state-run mortgage assistance program that has helped more than 15,000 homeowners over the past 10 years, is entering its final months.
Homeowners who suffered financial hardships or owe more than their home is worth are encouraged to submit their application by Tuesday, March 31, to be considered for up to $50,000 in mortgage assistance. No new applications will be accepted after this time.
“The HomeSafe program has assisted thousands of homeowners across Georgia,” said Tonya Cureton Curry, Deputy Commissioner for Housing, Georgia Department of Community Affairs. “Buying a home is a considerable accomplishment, and DCA is proud to be in a position to support those in need of mortgage assistance.”
HomeSafe Georgia is a free, federally funded and state-run mortgage assistance program – administered by the Georgia Department of Community Affairs – that helps homeowners who have faced qualifying financial hardships save their homes from foreclosures. There are no costs to apply and no fees if approved.
Launched in 2011, HomeSafe Georgia was created to distribute $370 million in funding from the U.S. Department of the Treasury’s Hardest Hit Fund to help homeowners stay in their homes after the 2008 mortgage crisis.
More than 99 percent of homeowners that received funding are still in their homes 24 months after receiving assistance. HomeSafe Georgia has approximately $12 million remaining in funding that has not yet been allocated.
In September, there were 19,301 Georgia homeowners with 90-day delinquencies, 3,379 in foreclosure and 58,582 negative equity loans across 159 counties, according to national real-estate company, CoreLogic. Negative equity, often referred to as being underwater, applies to borrowers who owe more on their mortgages than their homes are worth.
HomeSafe encourages those who think they may be eligible for the program to apply by March 31. To learn more about the program’s requirements, visit www.homesafegeorgia.com/.
