Deadline for homeowner's mortgage reduction application fast app - WFXG FOX 54 - News Now

Deadline for homeowner's mortgage reduction application fast approaching

Underwater Georgia; Source: Georgia Department of Community Affairs Underwater Georgia; Source: Georgia Department of Community Affairs
AUGUSTA, GA (WFXG) -

The opportunity for homeowner's mortgage reduction will end shortly.

The Georgia Department of Community Affairs (DCA) is offering the state administered, federally funded program Underwater Georgia. Underwater Georgia provides an opportunity for Georgia homeowners who owe more on their mortgage than their homes are worth, to apply for mortgage reduction assistance. Applicants that prove eligible for the assistance program may able to receive up to $50,000 to reduce the principal balance on the home.  

Eligible recipients will meet the following minimum requirements:

  • The property must be the applicant’s primary residence (and only home) and purchased prior to January 1, 2012
  • The total amount owed on all mortgages on the home must be less than $250,000 and mortgage payments must be current or less than 90 days past due
  • The total gross household income must not exceed 140 percent of the Area Median Income (AMI)
  • The property must have a total loan to value (LTV) ratio of at least 110 percent
  • The homeowner cannot have previously received assistance through HomeSafe Georgia

The application, requirements and information on Underwater Georgia can be found at www.underwatergeorgia.org. The deadline to apply is Oct. 18 at 11:59 p.m. and it is free of charge. Customer service representatives are also available everyday, 24 hours per day, at 1-877-519-4443 until the close of the application deadline. 

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