The State of Georgia has expanded its mortgage assistance to certain homeowners on the basis of unemployment or other hardship through a program called "HomeSafe Georgia." The program began in 2011, but eligibility requirements were broadened earlier this year. This information comes from the Department of Community Affairs which administers the program:
- Homeowners who became unemployed or underemployed in the last 36 months may qualify for assistance with their mortgage payment. NEW: Mortgage payment assistance is available for up to 24 months total, up from 18 months previously.
- NEW: Homeowners who can make their mortgage payments now, but have become delinquent, may qualify for reinstatement. The delinquency must be related to a military, medical, or death hardship that began in the most recent 36 months. A one-time payment of up to 12 mortgage payments is available for qualifying homeowners.
- NEW: Homeowners with a permanent reduction of income may qualify for up to $30,000 to reduce their mortgage payment to an affordable level. Income reduction due to the death of a spouse, permanent disability, or retirement due to unemployment may qualify homeowners for loan term modifications made by participating lenders. The lender must be participating in the HomeSafe Georgia program.