HomeSafe Offers Foreclosure Assistance
In February 2010, the United States Department of the Treasury established the Hardest Hit Fund Program to help the states “hardest hit” by the economy. Each state could choose their own type of mortgage assistance programs and eligibility requirements for the programs as long as unemployment mortgage assistance was included.
As a result of this initiative, the Georgia Department of Community Affairs (DCA) is partnering with GHFA Affordable Housing, Inc. to administer a new program called HomeSafe Georgia. HomeSafe Georgia targets homeowners who have experienced a substantial decrease in income due to job loss or underemployment by providing a mortgage payment bridge while they seek new or better employment. This program is expected to assist over 18,000 people. It includes:
Mortgage Payment Assistance
• Up to 18 months of mortgage payments made directly to the lender
• If assistance is not needed for 18 months, remaining funds can be used to pay delinquent payments
• Up to 6 months of mortgage payments plus lender fees in a one-time payment to the lender, not to exceed the equivalent of 18 monthly payments