Tennessee Homeowners Reap Major Benefits From National Mortgage Settlement

Friday, February 22, 2013

Tennessee homeowners have received over $161 million in relief under the National Mortgage Settlement, according to a progress report released Friday by settlement monitor Joe Smith.

Tennessee is participating in the $25 billion National Mortgage Settlement with the nation’s five largest mortgage servicers that was announced in February 2012. 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.

After compiling data received from these five mortgage servicers, the report shows that Tennessee homeowners have now received nearly twice as much relief as they had just three months earlier. Eligible Tennessee homeowners have reportedly received over $161 million in relief from March 1, 2012 through Dec. 31, 2012. This relief includes loan modifications, refinances, short sales, and deficiency waivers.

The monitor’s report also shows that servicers are offering an additional $34 million in loan modification savings to eligible Tennessee homeowners. It is expected that the National Mortgage Settlement will ultimately provide over $200 million in direct benefits to Tennessee homeowners, with the majority of benefits designed to allow homeowners to avoid foreclosure.

“This progress report shows the substantial relief eligible Tennessee homeowners have obtained since the settlement was announced one year ago,” said Tennessee Attorney General Bob Cooper. “My office is continuing its outreach efforts to ensure that struggling Tennessee homeowners either receive benefits under the settlement or from other state and federal programs.”

Homeowners who are having trouble paying their mortgage can call the state’s free mortgage assistance hotline at 855 876-7283 (Monday – Friday, 7 a.m. – 6 p.m. CT) and speak to a representative who can direct homeowners to a free foreclosure prevention counselor and explain various housing assistance programs. The state’s 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.


S&ME To Acquire Littlejohn

S&ME, Inc., a Raleigh-based engineering, environmental and construction services company, announced its intent to purchase Littlejohn, a Nashville-based planning, engineering and environmental design firm.  Both S&ME and Littlejohn have offices in Chattanooga. The two privately owned firms have complementary services, geographic markets and work cultures. By joining ... (click for more)

Carriage Parc Apartments On Gunbarrel Road Sell For $29,275,000

Carriage Parc apartment homes at 1346 Gunbarrel Road have sold for$29,275,000. The sale was to G&I Viii Cp Llc from Carriage Parc Associates Llc. This is a description of the complex: "A lifestyle of elegance is awaiting you at Carriage Parc. Our luxurious upscale apartment homes provide a lifestyle of living that everyone deserves. At Carriage Parc experience a quiet ... (click for more)

2 Suspects Sought In Armed Robbery At Highway 153 Long John Silver's

Police are searching for two suspects in an armed robbery that happened Friday morning. At approximately  8:10  a.m. the Chattanooga Police Department responded to 5317 Highway 153 for a robbery at the Long John Silver's.  Officers discovered that two black men, wearing hoodies and masks, entered the Long John Silver's and forced the assistant manager ... (click for more)

Pair Charged With Beating Man With Stick, Taking His Wallet

Two men are charged with beating a man with a large stick while he slept on the steps of a downtown church, then taking his wallet. Jerry Quincy Allen, 45, and James Leo Boas, 40, both of 727 E. 11th St., are charged with aggravated robbery. In the incident on Wednesday, Bradley Casehart said he and a friend were asleep at Tompkin Chapel Church on Palmetto Street. He ... (click for more)

Please Don't Close The Piccadilly Cafeteria At Hamilton Place - And Response

Oh, no. The Piccadilly Cafeteria at Hamilton Place is closing.  Its last day is Christmas Eve.  I will miss the great food they have there but most of all I will miss their servers, cashiers and waitresses.  They are all so friendly and accommodating.  They make it like it’s a home-style restaurant. I sure wish there was some way that Hamilton Place and ... (click for more)

Roy Exum: The Manger Scene Stays!

When the Freedom From Religion Foundation struck the tiny town of Jay, Fla., earlier this month, the town mayor had a life-sized Nativity scene that had been displayed every Christmas for the past 40 years taken down and sold as “city surplus.” But in Alabama, things are different. When the foundation tried the same thing in Rainbow City, Ala., more people than all those who live ... (click for more)