The HomeSafe Georgia Program launched April 1, 2011, providing
monthly mortgage payment assistance or mortgage reinstatement assistance on
behalf of unemployed and underemployed Georgia homeowners to their first and
second mortgage lenders.
Your first mortgage lender must be participating in the HomeSafe
Georgia Program before we can review your application for assistance
eligibility. You will find the name of
your lender on your mortgage payment statement or coupon. Whether a lender or servicer, this company
will be referred to as your lender on your application and within the
information provided on this website. If you do not see your lender’s name
below, contact your lender and ask them when they will be participating in
Georgia’s Hardest Hit Fund® program, HomeSafe Georgia. The lender participation list will be
HomeSafe Georgia will review approved applications in which the second
mortgage lender is not currently participating in the Program, to determine if
any assistance for the second mortgage can be provided. To expedite the closing process, loan funds may
be reserved for the second mortgage. This
will be in addition to the reserved funds for the first mortgage; the Note will
list the total amount reserved. Depending
on the lender, monthly payments for the second mortgage may begin at a later
date, funds may be used to reinstate the second mortgage at the end of
participation, or funds may go unused and be returned to the Program. In no case can the second mortgage reserved
funds be used for the first mortgage.
If your first mortgage lender’s name is not on the list, you may still
complete the application and submit an application package. By completing the
application, you let us know which lenders we need to contact to encourage
participation. Unfortunately, your application must be held in an inactive
status until such time the lender’s participation has been approved. Depending
on the amount of time between your application and your lender’s participation,
you may be asked to update your application and submit a new application
package with current supporting documents.
software used for the HomeSafe Georgia application has been uploaded with most
lender names; the lenders are not participating in our Program unless they are
participation and the process of handling loans in foreclosure vary from lender
to lender. This means even if we approve your loan, there is a small chance your
lender may choose not to allow the assistance.
individual investors must have a Georgia Mortgage Lender license to be eligible
to participate as a lender in this program.
CLICK HERE FOR PARTICIPATING LENDERS
Here are answers to some of the most commonly asked questions regarding lender participation.
1. What if my lender is not participating but I need help now?
First, contact your lender’s Loss Mitigation department
and ask what type of assistance they offer. If unemployed, ask
your servicer about forbearance plans that are available for unemployed
homeowners. Visit the Making Home Affordable website for information on
programs that may be available to you at http://www.makinghomeaffordable.gov. You may also want to speak with a HUD
approved housing counselor to determine if there are other assistance programs for
which you may qualify. Find a housing
counselor in your area:
who are suffering with severe financial hardship may also want to contact
United Way by dialing 211 for
referral to available local assistance.
2. What if my loan is in foreclosure?
Most loans in foreclosure are not eligible for this Program. Your loan cannot be more than 6 months
delinquent at the time of receipt of your application package, and other
applicant and property requirements must be met. Additionally, your lender must be
participating in the Program and be willing to stop the foreclosure. HomeSafe Georgia must be able to have time to
review, approve, and notify your lender of our approval. The minimum time of notice to stop
foreclosure required by lenders varies between 7 to 30 days.
The foreclosure process in Georgia is non-judicial, which means a
lender may begin foreclosure proceedings without going to court if you are at
least 90 days behind on your mortgage. The lender or the lender’s attorney must
advertise the intended date of foreclosure for 30 days in a legal publication
in your county of residence. If you need help or have questions regarding
foreclosure, contact a HUD approved housing counselor who can provide foreclosure prevention counseling:
3. Why isn't my lender participating?
A contract or agreement is required to allow both
HomeSafe Georgia and the lender to set conditions and arrangements for
payments. If your lender is not participating, contact your lender to ask if and
when they will be participating in the “Hardest Hit Fund®” HomeSafe Georgia Program.
Lenders who wish to
participate will find information and the Servicer Participation Package at
Customer Service regrets that
it is unable to answer further questions regarding anticipated lender
participation or any lender’s specific policy regarding assistance.
4. How does lender participation vary?
Each participating HHF® state offers different programs and the
lenders may not wish to participate in all programs. The HomeSafe Georgia
Program offers Mortgage Payment Assistance and Reinstatement Assistance, accepted
by most lenders. HomeSafe Georgia will
contact your lender upon underwriting approval; however, your lender has the
option to deny the assistance. An
applicant’s current bankruptcy filing and the lender’s foreclosure policy are
the most common reasons for lender denial.
HomeSafe Georgia will only reinstate (bring current) up to 6 months up
front for monthly payment assistance.
Fees and forbearance differentials may be left outstanding, and some
lenders will refuse assistance for applicants they deem too delinquent.
borrower in a Home Affordable Modification Program (HAMP) trial period may not
use funds from a Hardest Hit Fund program to make trial period payments. Because HomeSafe Georgia is a Hardest Hit
Fund® program, this means homeowners cannot receive Mortgage Payment Assistance
while in a HAMP trial period.
if my second mortgage lender is not participating?
The Program allows mortgage assistance to both
the first and second mortgage lenders.
Approved applications in which the second lender is not participating
will be reviewed on a case by case basis to determine if any assistance can be
provided. If there is any possibility of
assistance during the borrower’s participation in the Program, funds may be
reserved. The reservation of the funds
does not relieve the borrower of the responsibility for payments if the
assistance cannot be provided. The
reserved funds may be used to make monthly mortgage payments (going forward)
once the lender participates, may be used to reinstate the second mortgage, or
may go unused and will be returned to the Program at the termination of the
borrower’s participation. The reserved
funds for the second mortgage cannot be used for the first mortgage.
Please refer to our Frequently
Asked Questions (FAQ) and HomeSafe Program for more information.