Attorney General Reminds Tennessean Homeowners Mortgage Help Is Still Available

Monday, November 19, 2012

Tennessee homeowners are continuing to reap substantial benefits under the National Mortgage Settlement, according to a progress report released Monday by settlement monitor Joe Smith.

Tennessee is participating in the $25 billion National Mortgage Settlement with the nation's five largest mortgage servicers. This settlement arose from an investigation into unacceptable nationwide mortgage servicing and foreclosure practices. The servicers participating in the National Mortgage Settlement announced in February are Bank of America, J.P. Morgan Chase, Citi, GMAC/Ally Financial, and Wells Fargo. The settlement should provide an estimated $146 million in relief to Tennessee homeowners and addresses future mortgage servicing practices.

Compiling data received from all five mortgage servicers who are party to the settlement, the report shows that Tennessee homeowners have already received over $85 million in relief from March 1, 2012 through September 30, 2012. The relief comes in the form of loan modifications, refinances, and facilitated short sales.

The monitor’s report also shows that servicers were in the process of offering an additional $28 million in savings to eligible Tennessee homeowners.

“This progress report shows that these five servicers are continuing to provide assistance to Tennessee homeowners, but there is still more work to do,” said Tennessee Attorney General Bob Cooper. “My office is continuing its outreach efforts to ensure that eligible homeowners receive the benefits they are entitled to under the settlement.”

Struggling homeowners can call the state’s mortgage assistance hotline at toll-free 855 876-7283 (Monday – Friday, 8 a.m. – 5 p.m. CT) and speak to a representative who can direct homeowners to a free foreclosure prevention counselor and explain various housing assistance programs. Although the National Mortgage Settlement only covers select homeowners whose loans are serviced by the nation’s five largest servicers, the hotline is available to all struggling Tennessee homeowners, regardless of who services their loan.

In addition, homeowners who are having trouble with the five servicers covered by the settlement can report problems to the Office of Mortgage Settlement Oversight by visiting www.mortgageoversight.com.

For more information about free foreclosure prevention counselors or mortgage assistance programs in Tennessee, homeowners may visit www.tn.gov/attorneygeneral or www.KeepMyTNHome.org. For more information about the settlement, please visit www.nationalmortgagesettlement.com.

 


THDA Touts Greener Rules For Construction Tax Credits

The  Tennessee Housing Development Agency plans to enact stronger "green" energy requirements for new multifamily rental properties that hope to qualify for federal tax credits.   Under the proposed new rules, developers can earn points on their Low Income Housing Tax Credit (LIHTC) application if the property qualifies for full Enterprise Green Communities certification. ... (click for more)

CHA Completes Process To Select 500 Applicants For Housing Vouchers

The Chattanooga Housing Authority has completed the selection process for 500 housing vouchers. CHA began the selection process by computerized lottery several months ago. Officials said each applicant was carefully screened to make sure program criteria was met.   Those selected are eligible to go onto a waiting list for housing vouchers. CHA on Monday ... (click for more)

Hutcheson Medical Center May Get Bankruptcy Trustee Who Would Focus On Sale Of Fort Oglethorpe Hospital

Hutcheson Medical Center may be headed for appointment of a bankruptcy trustee, who would focus on the sale of the financially-strapped Fort Oglethorpe hospital. An attorney told a bankruptcy court judge in Rome, Ga., on Wednesday afternoon that a buyer is discussing paying over $20 million for all the assets of the community hospital. Attorney Rob Williamson ... (click for more)

Hutcheson Medical Center Unsecured Creditors Committee Asks Trustee Be Appointed For Fort Oglethorpe Hospital; Asks Bankruptcy Not Be Dismissed

The Unsecured Creditors Committee of Hutcheson Medical Center is opposing a motion by U.S. Trustee Guy Gebhardt for a bankruptcy judge to dismiss the bankruptcy for the financially-ailing Fort Oglethorpe hospital.   Instead, the group is asking Judge Paul Bonapfel to appoint a trustee to oversee the Hutcheson finances. In a 16-page motion, the committee said if the bankruptcy ... (click for more)

Who's Responsible For East Ridge's Stadium? - And Response (2)

There just can be no excuse for East Ridge High School's stadium being in such dangerous condition that it has been condemned.   Where is responsible for this? I know there are a few other stadiums like this as well. And there is no excuse for this.  Building new and beautiful schools, state of the art technology. Top athletic facilities as well. Yet, East Ridge ... (click for more)

Roy Exum: Five Straight Days Of Football

If I covered my first high school football game as a fledging sports when I was 16 years old, and I am now 66, I figure that’s darn near about a half-century of passes and punts. The mystifying part is that I still get as big of a kick hovering around the game as I did on my very first time so as we usher in the start of the college season with five straight days of games, here ... (click for more)