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************IMPORTANT ANNOUNCEMENT-UPDATED*********
To Our Valued Customers,
We at State Home Mortgage understand the concern and uncertainty you may be experiencing surrounding the coronavirus (COVID-19) and are committed to being responsive to the needs of our customers and employees.
We are closely monitoring updates from public health officials and government agencies so that we can make ongoing assessments.
To limit the potential impact of COVID-19 on our employees, and our valued customers, we are working with limited critical staff.
The passage of the Coronavirus Aid, Relief, and Economic Security (CARES) Act stipulates that every borrower who attests that they have been directly or indirectly impacted by the COVID-19 pandemic, regardless of delinquency, is entitled to a forbearance plan.
What is a forbearance plan? A forbearance plan provides a temporary suspension or reduction of your mortgage payments for a specific period during a temporary hardship, such as unemployment. At the end of the forbearance, you will have three options to bring your account current.
- Pay the total amount due
- Enter into a verbal Informal Forbearance Agreement with SHM to bring your loan current, or
- Complete a full Loss Mitigation Package to be reviewed for options based on your income at that time.
If you have been impacted by COVID-19 and having difficulty with your mortgage payment:
- Please contact our office at 1-800-781-8346
- Select option #3 to speak to a Loan Servicing Representative
- Select option #1 to speak with a Default Representative to discuss your options
- We anticipate high call volume during this period. If your call is not answered, PLEASE leave a voicemail message. Someone on our staff will return your call within 48 business hours.
If you find yourself in need of forbearance support, take a minute to complete and return our streamlined COVID-19 mortgage assistance form. Click on the link below:
Planilla de Asistencia Hipotecaria por COVID-19:
Additional Resources:
For Georgia COVID-19 Unemployment resources, please visit:
https://dol.georgia.gov/gdol-covid-19-information
For Additional Information on How to Avoid Foreclosure:
https://www.hud.gov/topics/avoiding_foreclosure
Thank you and stay safe.
____________________________________________________________________________________________________________________________________________
State Home Mortgage is the servicing operation for the Georgia Dream Homeownership Program. You can access your loan information here and make your monthly payment online today!
Please send payments, inquiries and written correspondence to:
State Home Mortgage
60 Executive Park South, NE
Atlanta, GA 30329-2231
Phone: 1-800-781-8346
You can also drop off your payment via check or money order in our drop box located just outside our office by our main parking deck.
Note: Effective June 1, 2017 the fee is $5 for a One-Time Draft transaction if you speak to a live representative.
TAX BILLS ARE AUTOMATICALLY PAID BY STATE HOME MORTGAGE AND COPIES DO NOT NEED TO BE SENT IN UNLESS IT IS THE RESULT OF A RECENT TAX EXEMPTION. EXEMPTIONS MAY BE FAXED TO 770-405-7982.
State Home Mortgage Month-End
Cut-Offs 2020
- Friday, January 31st
- Friday, February 28th
- Tuesday, March 31st
- Thursday, April 30
- Friday, May 29th
- Tuesday, June 30th
- Friday, July 31st
- Monday, August 31st
- Wednesday, September 30th
- Friday, October 30th
- Monday, November 30th
- Thursday, December 31st
Note: Please have your payment in the State Home Mortgage Office by 3 pm on the month-end cut-off date to ensure adequate posting time.
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Frequently Asked Questions
Q: Can I have my mortgage payment deducted automatically from my checking or savings account each month?
A: You do have the option of enrolling in an automatic mortgage payment program. You may be asked to provide an authorization form with a voided check or savings account slip attached to set up the draft. The payment is typically debited on the 1st or 10th of the month. You can fax a written request along with voided check to 404-679-4837. A confirmation will be mailed prior to draft date.
Q: Can I make a mortgage payment online?
A: Yes, you can make a payment and manage your mortgage account online, anytime. Gain instant access to your mortgage account details, loan history, tax and interest data, contact information updater, and more. It's fast, it's simple, and it's FREE! www.statehomemortgage.net
Q: How long do I have to pay for private mortgage insurance (PMI) on my loan?
Cancellation requires that you have a good payment history, the property value has not decreased, and you can certify that there are no liens against your property.
Lenders are required (by the Homeowner's Protection Act of 1998) to terminate PMI at 78% LTV (based on the amortization schedule) if the loan is current or has reached the midpoint of the payoff.
Q: If my insurance or taxes are lower or higher do you automatically analyze my account to adjust the payment?
A: The account is analyzed annually on the anniversary of your loan. By special request you can have an analysis completed for a fee if on a date other than the anniversary date.
Q: What is forced placed insurance?
A: When an insurance renewal billing is not received by the expiration date or the current insurance carrier is not renewing the policy, State Home Mortgage covers the property with a forced placed insurance. This is lender placed and provides coverage only for the structure and not the contents on the property. This coverage is expensive and homeowners are notified when this is placed. You are encouraged to find coverage with an insurance agent of your choosing.
Q: What is the difference between private mortgage insurance and homeowners insurance?
A: A homeowners insurance (or hazard insurance) policy covers damages to your home, your belongings and accidents as outlined in your policy.
Q: Who do I contact if I am having trouble paying my mortgage?
A: We can help you understand your options if you are facing payment challenges. Call 800-781-8346, Option# 3 then Option# 1.
Q: Why is the tax bill sent to my home when I have an escrow account?
A: The county tax office is unaware which lender is associated with each property. State Home Mortgage has a vendor Core-Logic who provides us with a bill for each homeowner. It is not required that you send us the bill you receive unless it is a supplemental bill due to an appeal or you receive a delinquent bill.
