What you need to know about Foreclosure
Program Description | Downloads & Related Links | Contact Information
Program Description
If you are currently experiencing financial difficulties and are concerned about your ability to make your mortgage payments, the Georgia Department of Community Affairs is working to provide home owners information and foreclosure prevention counseling services through a network of nonprofit partners. Certified housing counselors can help you review your living expenses and provide options to reduce those expenses while concentrating your resources to bring your mortgage current. These counselors receive up to date training on the latest programs available for loan modification or refinancing. Depending on the type of loan you currently have, there may be workable solutions to make your mortgage payments affordable.
Frequently Asked Questions
1. What is the foreclosure process in Georgia?
The foreclosure process in Georgia is non-judicial. This means that the lender does not need to take you to court in order to begin foreclosure proceedings. However, there are steps that the lender must take to initiate the foreclosure. You must be at least 90 days behind on your mortgage. The lender or the lender’s attorney must advertise the intended date of foreclose for 30 days in a legal publication in your county of residence. We recommend that you speak to a certified housing counselor for answer to your specific questions and for assistance in avoiding foreclosure. Click here.
2. What if I have lost my job and have no income?
When you lose your job or are laid off, it is imperative that you demonstrate to the lender that you are actively seeking work and income, or that your household has other resources to continue to pay the mortgage while they attempt to work with you. It may be possible to reduce or suspend your payments during the time you have little or no income and then make up the missed payments when income is available again. Contact a certified housing counselor for assistance or call HOPE NOW 1-888-995-4673
3. After I work with a counselor to find a way to bring my mortgage current, how can I communicate and propose the plan to my lender?
The counseling agencies are provided with a list of contacts for the major lender institutions. Your counselor can help you submit your proposal in writing with definite dates for payments and negotiate reductions in fees and penalties where possible. An important service in housing counseling can be to review your lender’s workout programs and help you provide the required paperwork and supporting documentation. You will be responsible for making agreed upon payments.
4. Do the counseling agencies have funds to assist me in bringing my mortgage current?
All of the legislation that created funding for housing counseling services prohibits using the money for direct financial assistance to borrowers. There may be other resources within the agency or through other partners. You should talk with your housing counseling agency to determine if there are funds available to bring a mortgage current. Most agencies have information and referral services that may be able to assist you with other expenses, such as prescription costs or utilities.
5. What is the Homeowner Affordability and Stability Plan? Will it help me?
The plan is designed to provide assistance for struggling homeowners and to offer possible alternatives to foreclosure. The link below provides the most recent facts on the plan, answers to frequently asked questions, and additional information. www.financialstability.govDownloads & Related Links
If you are having trouble
making your mortgage payments:
GET HELP NOW – FREE!
DCA funded housing counseling agencies
HUD approved housing counseling agencies
Contact: HOPE NOW Or call: 1-888-995-4673
Printable Foreclosure Infomation
Contact Information
Report Mortgage Fraud
Contact the Governor’s Office of Consumer Affairs
Georgia Department of Community Affairs
60 Executive Park South, N.E.
Atlanta, Georgia 30329-2231
800-359-4663 or 404-679-4840
