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.

 


Alexander Says “Blacklisting” Regulations Will Bury Contractors Under Mountains Of Paperwork

Senate labor committee Chairman Lamar Alexander on Wednesday made the following statement on the administration’s release of its final “blacklisting” regulations implementing the president’s 2014 executive order: “These regulations will bury federal contractors and subcontractors under mountains of paperwork and then prevent some from getting work for a labor violation they ... (click for more)

Foreclosure Odds Drop 42% With THDA Homebuyer Education, Officials Say

A first-of-its-kind study uses THDA home loan data to identify the impact of homebuyer education classes on default and foreclosure rates.   The new study shows the odds of foreclosure were 42 percent lower among participants in THDA's down payment assistance program who completed a homebuyer education (HBE) class compared to participants who did not.   THDA began ... (click for more)

Residential Project At 1st And Cherry To Finish Out Units On Hill Above Market Street

More residential units are planned downtown near the riverfront on a steep lot at First and Cherry streets. The River City Company is currently seeking requests for proposals from developers for the steep 95-foot-by-65-foot lot behind the First and Market condos. River City officials said, "We are excited about how this parcel will put a finishing touch on this well established ... (click for more)

TBI Adds Jereme Little To Top 10 Most Wanted; Was Set Free By Judge Stern And Then Higher Court Overruled Her

The Tennessee Bureau of Investigation has added to its ‘Top 10 Most Wanted’ list Jereme Dannuel Little, who was freed by order of Criminal Court Judge Rebecca Stern, whose decision was recently reversed. Little is wanted by the Chattanooga Police Department and the Tennessee Bureau of Investigation for especially aggravated kidnapping. The TBI said, "Little has a history of ... (click for more)

Proud To Be A Conservative Conservationist

I was born and raised in Chattanooga and was brought up to be a Tennessee conservative. That means that my family conserved our spending, our resources, and yes, even our environment.  I think we were inspired to do so because Tennessee is one of the most beautiful places in the entire United States. We have stunning mountains, wild rivers and quiet backcountry. And many of ... (click for more)

Roy Exum: Why I Adore America

If Heather Cross weren’t married and didn’t have such a fine-looking family I’d swear I might propose. The dazzling lady just wrote a “By Gumbo! letter” to all the major news outlets in the world to inform them that half of the Pelican State is still submerged by “a 1,000-year flood” and where the heck are they with their cameras? She knows it is vital for the rest of America to ... (click for more)