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.


Russ Elliott Joins Pointe Property Group To Form New Brokerage Firm

Russ Elliott, a respected commercial real estate broker with 30 years of experience, has joined the principals of Pointe Property Group to form Pointe Commercial Real Estate, LLC and become its managing broker. Pointe Property Group has several prominent commercial developments in the Chattanooga market, including The Pointe Centre and Lee Pointe. Mr. Elliott will be responsible ... (click for more)

GCAR Has After Hours Networking Event

The Greater Chattanooga Association of Realtors (GCAR) met at Clyde's on Main Street Thursday  night  for an afterhours networking event sponsored by the organization's affiliate members.  On hand were realtors, escrow agents, home warranty representatives, mortgage lenders and pest control reps and other service providers from the area's housing industry.   ... (click for more)

8 Treated For Fireworks Injuries At Erlanger Over Holiday Weekend; Twice The Number Over Previous 2 Years

Eight local residents, including two children, were treated for fireworks-related injuries at Erlanger emergency rooms over the July fourth holiday. One adult suffered from a partial hand amputation and the two children were treated for burns to their cheeks, according to Erlanger emergency medicine officials. Two adults required emergency care for eye injuries, including a ... (click for more)

Rep. McCormick Says Forrest Made His Wealth As A Slave Trader

Rep. Gerald McCormick, commenting on a bust of Nathan Bedford Forrest that stands in the Tennessee statehouse in an address to the Pachyderm club on Monday, said  saying that Forrest was a violent, vicious man who made his wealth as a slave trader.   The copper bust of Forrest, who was a lieutenant general in the Confederate Army, stands between the Tennessee ... (click for more)

Could The Marriage Decision Spark A New Independence Day?

I confess that this year I am having a hard time with the idea of celebrating the 4th of July Independence Day. It is not because I am not thankful to God for what was done on that day, what it represents, and the blessings I’ve experienced that flow from it. On the other hand, I want to think that maybe this year’s celebration will mark a period in our history in which a new movement ... (click for more)

Roy Exum: The Hay Fields Of July

Oh my goodness, July has just arrived and during my formative years, it was the most hated month of the year. When I was 12 years old, my wonderful grandfather decreed the days of begging for money to go to the picture show and burgers at the Krystal were over, that I was on the payroll for a dollar an hour and, in our family, folks worked for what they spent. Now my grandfather, ... (click for more)