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.

 


Dare Remodeling And Construction Services Is April Remodeler Of The Month

Dare Remodeling & Construction Services is the April Remodeler of the Month for the Home Builders Association of Greater Chattanooga.  Dare Remodeling & Construction Services, LLC is a fully-licensed, bonded, and insured Design/Build General Contracting firm, specializing in artisan craftsmanship and unparalleled customer service. Officials said, "The company ... (click for more)

Real Estate Transfers For April 10-16

NOTICE: The Hamilton County Register’s Office did not publish this data. All information in the Register’s Office is public information as set out in T.C.A. 10-7-503. For questions regarding this report, please call Chattanoogan.com at 423 266-2325. GI numbers, listed when street addresses are not available, refer to the location of transactions (book number and page number) ... (click for more)

Catoosa Man Convicted Of Sexual Abuse Of 5 Young Girls Gets Life Plus 250 Years

A Catoosa County man convicted of the sexual abuse of five young girls and possession of child pornography has been sentenced to life plus 250 years. James Martin Ferris, 34, was found guilty after a recent trial. The day after his conviction, Judge Ralph Van Pelt set the sentence. Ferris on June 5, 2013, was indicted by the Catoosa County Grand Jury on 46 counts.   ... (click for more)

Rev. Jesse Jackson To Be Guest Speaker At City-Wide Peace And Love Rally On Friday

Rev. Jesse Jackson will be the speaker at the City Wide Peace and Love Rally at Olivet Baptist Church, 740 East ML King Blvd.,  on Friday, from 5:15-7 p.m. Rev. Jackson is the founder and president of Rainbow PUSH Coalition. Cedric Pendleton, actor and humanitarian with Have and Have Nots/House of Payne/Fantasia Story, will be the special guest. (click for more)

Use The Current Rail System Already In Place - And Response

Why spend $20 million or more on an unproven system to run from the Southside of Chattanooga when we already have the beginnings of a system?  The question apparently has surfaced of why the Choo Choo City doesn't have a rail line. We do have a rail line with the Tennessee Valley RR Museum and their hardware. And they already make runs from the Southside to close to Enterprise ... (click for more)

Roy Exum: UAW Voices In Detroit

Today we are going to eavesdrop on somewhat of an open conversation that was held far to the north after the United Auto Workers surprisingly dropped a legal challenge with the National Labor Relations Board in Chattanooga the first thing on Monday morning. The NLRB judge certified the VW workers’ February vote to turn away the UAW at Chattanooga’s Volkswagen manufacturing plant ... (click for more)