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.

 


Trent Development Seeks PILOT For $17 Million Highway 58 Apartment Project

Trent Development is seeking a PILOT (payment in lieu of taxes) tax break for a planned apartment complex on Highway 58. The Flats at 58 is a project costing over $17 million across from Linda's Produce and just up from Central High School. Alex Trent said rents will range from $595 for two-bedroom and $835 for three-bedroom. There will be 120 units in the complex that ... (click for more)

Building On South Market Near 20th Street To Be Auctioned Feb. 24

A building on South Market Street near 20th Street will be auctioned on Feb. 24 at noon. Marc Gravitt of Gravitt Auction said the owner has retired, moved out of town and must sell the property. He said, "This is a highly visible piece of real estate on the south end of Market Street near the 20th Street intersection. The building, built in 1997, has approximately 1,152 ... (click for more)

Man Found With 2,218 Grams Of Crystal Meth At East Ridge Motel; 2nd Man Has 44.5 Grams Of Meth

Authorities arrested two men outside an East Ridge motel with one having 2,218 grams of meth in a backpack and the other 44.5 grams of meth. Samuel Swafford was the man with the backpack and William Hayden Masengale had the other large amount of meth. Swafford and Lacy Norris are charged with being felons in possession of over 50 grams of meth. On Jan. 12, law enforcement ... (click for more)

2 People Shot After Domestic Dispute In Brainerd; Corey Moon Taken Into Custody On Saturday Night

Two people were shot during a domestic dispute in Brainerd late Friday night.   Chattanooga Police responded at 11:17 p.m. to the 4700 block of Rogers Road on a shooting. The following are the preliminary facts of that investigation.   Officers were able to locate two victims, Cortez Moon, 23, and Terri Dossett, 45, suffering from non-life threatening gunshot ... (click for more)

CVB Strengthens Hamilton County - And Response (5)

Rather than Tim Boyd lashing out at the great work that the CVB does he should reflect on the Return on Investment that Bob Doak and his team give the County.   The hotel/motel tax is paid by tourists, not locals, so there is no extra tax burden to the citizens of Hamilton County. The County portion, as Commissioner Boyd notes, funds the CVB so the more ad dollars that ... (click for more)

Roy Exum: It Ain’t Gonna Work

In the last seven days, there have been seven different people who have been shot in separate incidents in Chattanooga. On Tuesday, the City Council approved a total $223,656 in street cameras and accessories to take pictures of our gangstas when the cops already know them by first names. Late last month it was announced the Chattanooga Police Department would double our gang violence ... (click for more)