A new federally funded state program will provide a one-time payment of up to $50,000 for homeowners who owe more money on their mortgage than their home is worth.

The money will be paid to the mortgage lender to help reduce the principal balance on the home.

Eligible homeowners must file a pre-application by Oct. 18.

A few stipulations are noteworthy:

First, the mortgages owed on applicants’ homes cannot exceed $250,000 and payments must be less than 90 days past due. And the loan-to-value ratio must exceed 110 percent.

HomeSafe Georgia program recipients are ineligible.

Visit www.underwatergeorgia.org to review full program requirements and complete a pre-application.

Awardees will be selected randomly by a third-party reviewer.