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.

 


Apartments On McCutcheon Road Sell For $29.5 Million

An apartment complex on McCutcheon Road has sold for $29.5 million. The sale of the Bridgeway of Chattanooga Apartment homes was to Chattanooga Apartment Properties Lp from Bridgeway Chattanooga Realty Partners Llc. The new owner has offices at Seven Fields, Pa. (click for more)

Walnut Commons Reaches Agreement To Pay $761,000 For Ground Rights

The Walnut Commons apartment complex at Walnut Street and Riverfront Parkway has reached an agreement to acquire the ground rights for $761,000. The Chattanooga Downtown Redevelopment Corporation, a city board, now holds the ground lease and is due payments based on the cash flow of the apartments. There was a disagreement earlier on the amount owed, and the city wound up ... (click for more)

Hamilton County Principals Say Part 1 Of TN Ready Testing Should Be Cut Due To Online System Failure

Hamilton County principals are asking that Part 1 of the TN Ready Assessment be dropped this year due to the recent crash of the online system for the program. The principals also asked that any Part 1 TN Ready test results  not be applied to students’ grades or to evaluations and rankings for school personnel and school districts. The local principals also ... (click for more)

Greenholtz Collects $71,641 For Criminal Court Judge Campaign; Little Has $22,850; Patterson $20,134

Judge Tom Greenholtz reported $71,641 received for his campaign to remain as judge of Criminal Court, Division II. He was named by Governor Bill Haslam as the interim replacement for Judge Rebecca Stern, who retired before her term was up. Mike Little had $22,850, and Boyd Patterson received $20,134. Here is the report for Tom Greenholtz: ... (click for more)

Innocent Until Proven Guilty, Even Athletes

From reading Randy Smith's column on the lawsuit against UT it is pretty evident that he never took a legal course in his life. I was under the impression that in this country one was innocent until proven guilty in a court of law. It appears this no longer applies to athletes(particularly black athletes) in the U.S. in 2016. I have always said that if I am picked for jury duty ... (click for more)

Roy Exum: Warmth For Cold Days

I come across all sorts of warm things every day and as we burrow out of sub-freezing temperatures for a day or two, shaking off ice and snow, allow me to share a few things for a change that may take the bite out of the winter wind. This is what helps me. * * * Judy Bellenfant, who has been a soul mate ever since we shared jokes in high school classrooms, sends along this ... (click for more)