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.

 


Home Sales Increase In April In Chattanooga

Home sales increased in April in Chattanooga, according to a report from the Greater Chattanooga Association of Realtors.   The report said, "As we turn the page to the second quarter of 2015, a proliferation of new  listings is expected in most markets across the U.S. Spring is traditionally the  commonplace time of the year that we see some of the most desirable ... (click for more)

Georgia Real Estate Investor Pleads Guilty To Bid Rigging And Fraud Conspiracies At Public Foreclosure Auctions

A Georgia real estate investor pleaded guilty on Tuesday for his role in conspiracies to rig bids and commit mail fraud at public real estate foreclosure auctions in Georgia, the Department of Justice announced. Felony charges against Eric Hulsman were filed on March 27, in the U.S. District Court of the Northern District of Georgia in Atlanta. According to court documents, from ... (click for more)

Dr. Linda Cash Chosen Bradley County School Director

Dr. Linda Cash, assistant director of schools for Robertson County Schools, has been chosen as the new school director for Bradley County Schools. The Bradley County School Board on Tuesday voted 5-2 to hire Dr. Cash to replace Johnny McDaniel, who was fired in a close board vote.  The other finalist was Bill Heath, who has been director of Lawrence County Schools since ... (click for more)

City Council Looking Into Need For City Court

City Council Chair Carol Berz on Tuesday brought up the issue of whether, under its charter, the city is required to have a City Court. She also asked Assistant City Attorney Phil Noblett to look into the issue of whether the city is required to have two divisions of City Court. Attorney Noblett said he also will look into the ramifications of the Municipal Court Reform Act ... (click for more)

County Officials Need To Provide A Decent Animal Shelter

Once upon a time, a group of citizens concerned about the decaying building housing the Humane Educational Society on Highland Park raised their voices in an outcry about the deplorable state of the HES facility and the over-population of unwanted and unspayed/unneutered cats and dogs in Hamilton County.   What happened then was that the City Council stepped ... (click for more)

Roy Exum: Two More Kick Out UAW

Woody Hayes, the great Ohio State football coach, used to teach his players to “paralyze resistance with persistence” but, my word, the likable theory has taken quite a beating in the past two years at the NTN-Bower ball-bearing plant in Hamilton, Ala. The workers there voted to decertify from the United Auto Workers union two years ago but getting the UAW out the door has turned ... (click for more)