What to Do If You Can't Afford the Mortgage in Georgia

According to the United Way, 2.1 million Georgia families experienced financial hardship in 2009. Many of these families struggled to afford their mortgage payments. If you find yourself unable to make a mortgage payment or are facing foreclosure, there is hope. There are several federal and state based programs available to eligible homeowners to help you get back on track and keep your home.

Instructions

1

Contact the bank that you have a mortgage with immediately. Explain your situation in detail and let them know that you cannot make your mortgage payment. Many banks will work with you if this the the first time you have been unable to make your mortgage payment. In some circumstances, the bank may agree to defer payments while you get back on your feet.

2

Discuss refinancing with your bank. It may be possible to refinance your current mortgage so that your monthly payment amount and interest rate are lower. Before you sign a refinancing contract, be certain you can afford the new payment schedule.

3

Seek credit or mortgage counseling services if refinancing through your bank is not an option. Often getting a handle on your budgeting or consolidating debt can help you stretch your income to cover your mortgage payments.

4

Visit the Making Homes Affordable website. This government refinancing program is designed to help people who may not qualify for a traditional mortgage refinancing refinance their mortgage to an affordable rate. Your mortgage must be a Fanny Mae or Freddie Mac mortgage to qualify for refinancing. If your mortgage is not through Fanny Mae or Freddie Mac, you may be able to qualify for a mortgage modification to help lower payments.

5

If you are facing foreclosure or have immediate means to pay your mortgage payment, contact your local Community Action Center. Each county in Georgia is covered by a member branch. These social service centers can provide up to $3,000 in emergency financial assistance to help cover mortgage, rent or utility payments for eligible households. The link for the interactive Community Action Center map can be found in the "Resource" section of this article.

6

Contact the United Way to inquire about the Fresh Start Program. Funding for this program is limited and the program closes when funds are exhausted. In 2010, over 17,000 families in Georgia received up to $3,000 in emergency assistance to help with mortgage, rent and utility payments.