VALDOSTA, GA (WALB) - A new program is helping folks in Georgia who are behind on their mortgages.
Starting September 28, The Georgia Department of Community Affairs will launch a new new mortgage assistance program, Underwater Georgia.
Homeowners who owe more than their home is worth could get up to $50,000 in grant money. The program will help roughly 3,000 Georgians, giving away approximately $110 million.
Valdosta leaders encourage anyone who is eligible to apply.
"When a community has a number of homes in which people essentially become trapped in, it's certainly bad for the homeowner, but it's also bad for the community, and especially for neighborhoods," said Valdosta City Manager Larry Hanson, "So rarely do you have an opportunity where through federal funds and a state agency that people can actually help themselves."
The application for the program will only be open until October 18.
Applicants must also meet a few requirements:
- Owe more than home is currently worth
- Owe no more than $250,000
- Purchased home before 2012
- Less than 90 days late on mortgage
- Mortgage lender is willing to participate
- Have not previously received HomeSafe Georgia assistance
Applications will be assigned a number once turned in, picked through a random selection process, then reviewed.