BREAKING NEWS: Upside-Down Georgia Homeowners May Get a REAL Mortgage Prinicpal Reduction
A little known initiative is offering real help for underwater Georgia homeowners right now. For a very limited time, you can apply for an actual principal reduction tof your mortgage through the Underwater Georgia. Initiative of Home Safe Georgia.
For more information and to aplly now, visit UnderwaterGeorgia.org
Now through October 18, 2016 Georgians who occupy a principal residence which was purchased prior to January 1, 2012 and are currently upside-down in their mortgage can apply for this limited-time opportunity to help Georgians who owe more than their homes are worth through a one-time principal reduction.
Your lender or loan servicer must be participating in the HomeSafe Georgia program OR agree to participate. Based on current funding, an estimated 2,700-3,000 eligible Georgia homeowners will receive assistance.
Other details of the program include:
The total lien balance on all mortgages for the subject property must be less than $250,000.
The property must have a loan to value greater than 110%, which can be reduced to 100% - 125% with assistance from $5,000 to $50,000.
The mortgage must be less than 90 days delinquent.
Applicant(s) cannot currently own more than one home.
Applicant(s) cannot be in active bankruptcy and must be current on tax filings. (Any tax liens must be less than $10,000 total and have a documented active payment plan in place.)
Total of liquid assets (of residing applicants) cannot exceed $50,000 or the amount of assistance needed, whichever is less.
Total gross household income (all income received by residing applicants) must be able to support the mortgage payment but not exceed 140% of the averaged Area Median Income of their county.
Don’t delay. Find out if you qualify for a mortgage principle reduction today at UnderwaterGeorgia.org