House underwater? New program offers up to $50K

Homeowners in Georgia may be able to receive financial assistance if they owe more on their mortgages than their houses are worth.

Underwater Georgia may be able to pay off up to $50,000 to a mortgage lender through a one-time principal reduction, according to a release. Preliminary applications for the program are being accepted through Oct. 18 at www.underwatergeorgia.org.

The federally funded program is administered by the Georgia Department of Community Affairs. Underwater Georgia has a $110 million budget, so about 3,000 homeowners could be helped.

There is no cost to apply.

“While the housing market has strengthened in recent years, far too many Georgia homeowners and neighborhoods continue to struggle,” DCA Commissioner Camila Knowles said in the release. “With Georgia ranking third in the nation for homeowners who have negative equity and close to 150,000 homes in Georgia underwater, this program will help both individual homeowners and the communities where they live.”

To learn more about qualifying, visit underwatergeorgia.org. Among the requirements are that the home was purchased before 2012 and mortgage payments can’t be more than 90 days past due.

This story was originally published September 30, 2016 at 2:23 PM with the headline "House underwater? New program offers up to $50K."