Glossary: Definitions and Explanations
To help understand the terminology used, definitions or explanations have been provided.
The term used for signing the documents at the attorney’s office.
A loan that meets Fannie Mae and Freddie Mac guidelines and is limited to $417,000 in Georgia.
The Georgia Department of Community Affairs, responsible for HomeSafe Georgia.
Past due 30 days or more on a mortgage payment.
The HomeSafe Georgia loan is forgivable at 20% per year after the assistance ends. This means that after five years, the lien will have a $0 balance and will be cancelled. Unless in default, the homeowner will not have had to pay back anything on the loan.
Treasury’s name used for the program designated to assist homeowners who live in states hardest hit by the economy in terms of unemployment and decreased housing values.
The amount of the loan itself; the principal balance is the amount outstanding. Payments by the borrower of only the amount set for the principal balance are considered missed payments unless there is a written agreement from the lender.