Thousands of homeowners can score $50,000 in free money to pay off their mortgage

THOUSANDS of homeowners are eligible for a free payment of $50,000 toward their mortgage.

There’s zero interest and no payback required thanks to the new fund.

Hard-up homeowners in Georgia could be eligible for up to $50,000 assistance via a grant.

The Peach State has launched Georgia Mortgage Assistance, made possible with funds from the American Rescue Plan Act of 2021.

Applications are now open for homeowners who suffered financial hardship due to the pandemic. 

There are three different ways the program is assisting recipients.

The first is with mortgage reinstatement.

That’s a one-time payment to the lender to catch up on behind payments.

To be eligible, recipients must owe three or more mortgage payments.

Payments owed before February 1, 2020, or over $50,000 cannot be considered for assistance.

Another type of assistance available is a one-time payment to the lender to reduce the total mortgage loan balance.

Thirdly, the program can make a one-time payment to vendors to bring down the following housing expenses:

• Delinquent association fees
• Delinquent non-escrowed property taxes
• Due or delinquent non-escrowed property insurance
• Delinquent water, gas, and electric utility bills (only in conjunction with mortgage assistance)

WHO IS ELIGIBLE?

Applicants must be a resident of Georgia and must meet other eligibility criteria to be considered for the payout.

Applicants’ total household income must meet the Area Median Income (AMI) limits at the time of the hardship or at the time of the application.

The limit is 150 percent AMI or less if the applicant is socially disadvantaged, and 100 percent AMI or less for all other applicants.

Other terms and conditions apply.

You can check out the details of the program and make an application at georgiamortgageassistance.ga.gov.

The state of Georgia has handed $354million to the Department of Community Affairs to administer the program.

And if you aren’t eligible for this handout, there might be other programs you can apply for.

Residents in one state can claim a grant worth up to $125,000 to build a tiny home.

And a class action settlement is dishing out payments of $400 for certain mortgage customers.