Lost your job? Do not lose your home

Homeowners in Georgia who are going through a tough time financially due to unemployment or a reduction in income may be worried about how they are going to continue to pay their mortgage. Fortunately, there are a number of programs that are designed to help well-meaning homeowners avoid foreclosure and keep their home.

According to the Georgia government, the foreclosure procedure begins when there is a default due to missed payments or nonpayment of property taxes or property insurance. Ideally, homeowners who are experiencing financial difficulty should take steps as soon as possible to make sure foreclosure does not happen. The first is to contact an area organization, such as Consumer Credit Counseling Service or NeighborWorks America, that gives complimentary counseling to educate and hopefully avoid foreclosure.

The U.S. Department of Housing and Urban Development is a great source for those struggling to pay their mortgage. It has a variety of programs depending on the individual circumstance. For the unemployed, there are the Emergency Homeowners' Loan Program, Home Affordable Unemployment Program and the FHA Special Forbearance. There are also programs for those who:

  • Have experienced a decrease in the value of the home
  • Need to refinance or modify the terms of their loan so the payments are lower
  • Need to get out of the home via a managed exit, which helps avoid foreclosure

Homeowners who have a home insured by the FHA have additional resources to help mitigate their loss. These resources can help those who are at risk of default or are already in default.

 

 

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The Roberts Law Firm, P.C.

The Roberts Law Firm, P.C.
604 Green Street
Gainesville, GA 30501

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