The financial options for struggling homeowners

Home foreclosure is an all-too-familiar term for some Georgia families. Despite a recovering economy, millions still struggle to make ends meet with low-wage jobs and demanding family needs. Job loss is one of the most common causes of home foreclosure, and while solutions may depend on specific household needs, understanding the process can save time and money in the future.

In 2014, CBS 46 News showcased an answer to thousands of Georiga families struggling with foreclosure: Homesafe Georgia. According to the article, the organization has helped save countless families from foreclosure by stepping in as financial support. Homesafe is an answer to those facing foreclosure from unemployment and, using federal funds, the program has come to the rescue by paying mortgages for those in need. Homesafe also responds to those on the brink of foreclosure as a result of underemployment and other financial struggles. CBS shares that the program covers mortgages for up to 24 months, and has since expanded their assistance to help those in financial emergencies due to military involvement, medical issues and death--they have also improved their response times in assisting families.

Given the information shared from the Office of Attorney General Chris Carr, programs such as Homesafe Georgia appear to be highly prized. Similar to many states, Georgia is a non-judicial foreclosure state, which means that a lender can foreclose on a home without the need to file suit or appear in court. The Office encourages those experiencing financial issues due to unemployment to seek assistance from Homesafe Georgia as well as the Making Home Affordable Program. Other alternatives to foreclosure include the Home Affordable Foreclosure Alternatives Program. The road to financial recovery may appear daunting, but the state provides struggling families with the tools they need to become independent homeowners once again. 

  

 

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