Homebuyers Education Classes Begin On Sept. 12

Tuesday, August 27, 2013


The Federal Housing Administration is allowing borrowers who went through a bankruptcy, foreclosure, deed-in-lieu, or short sale to reenter the market in as little as 12 months, according to a mortgage letter released Friday.

The Partnership’s Consumer Credit Counseling Services will offer a required eight hour pre-purchase class starting on Sept. 12 through Oct. 3, from 6-8 pm. Partnership’s CCCS program wants to make consumers aware of these changes, as a greater understanding of the FHA loan process increases the likelihood of the consumer being able to get approved for an FHA loan.

The new set of guidelines includes the following:

· Borrowers who experienced a foreclosure must wait at least three years before getting a chance to get approved for an FHA loan, but with the new guideline, certain borrowers who lost their home as a result of an economic hardship may be considered even earlier.

· Borrowers who went through recession-related financial event, FHA stated it realizes “their credit histories may not fully reflect their true ability or propensity to repay a mortgage.”

· In order to be eligible for the more lenient approval process, provided documents must show “certain credit impairments” were from loss of employment or loss of income that was beyond their control. The lender also needs to verify the income loss was at least 20 percent for a period lasting for at least six months.

· According to the letter, recovery from an economic event involves reestablishing “satisfactory credit” for at least 12 months. Criteria for satisfactory credit include 12 months of good payment history on payments such as a mortgage, rent, or credit account.

· Borrowers must demonstrate they have fully recovered from the event that caused the hardship and complete housing counseling.

· The new guidance is for case numbers assigned on or after Aug. 15, and is effective through Sept. 30.

For help or to learn more contact a trained and certified counselor at Partnership’s Consumer Credit Counseling Service at 423 490-5620 or 800-459-2227 or www.CreditHelpToday.org.


THDA Now Accepting Blight Elimination Applications

The Blight Elimination Program from the Tennessee Housing Development Agency is officially active.    THDA can now begin accepting loan applications and funding demolition and greening activities to stabilize local housing markets.    "We're thrilled to be able to put these Treasury dollars to use in neighborhoods where one or two abandoned houses are ... (click for more)

Chattanooga's Compass Auctions & Real Estate To Sell Tracts Around Atlanta's Turner Field

Chattanooga-based Compass Auctions & Real Estate, LLC has been selected by the Federal Deposit Insurance Corporation (FDIC) to list and sell a real estate portfolio in the Metro and Southern Atlanta area totaling nearly $20 Million.  The highlight of the group of properties is 40 parcels adjacent to Turner Field Stadium. The 40 parcels equal 4.67 acres and are located ... (click for more)

Darrel Eric Chapman, 49, Dies In Red Bank Home Destroyed By Fire; Case Ruled Arson/Suicide

Darrel Eric Chapman, 49,  died in a house fire in Red Bank early Friday morning after the homeowner said he was awakened by popping sounds. Red Bank Police Chief Tim Christol said the case is being considered an arson/suicide. He said, " At approximately 12:30 a.m., the Red Bank Fire and Police departments responded to a residential fire at 604 Bitsy Lane where they discovered ... (click for more)

Attorney Gets Misdemeanor Plea In 2nd Case Involving Sexually Harassing Waitress

A Chattanooga attorney who was charged for the second time with sexually harassing a waitress has pleaded guilty in General Sessions Court to a reduced charge. In the latest case, Charles D. Lawson had been charged with aggravated sexual battery after an incident at a local restaurant involving a waitress. Prosecutor Jason Demastus said Lawson pleaded guilty to the B misdemeanor ... (click for more)

Save Coolidge Park - And Response (2)

Last Monday morning while at work a good friend messaged me concerning a matter that I had not heard anything about dealing with Coolidge Park and its future. Apparently that night the City Council was to read an ordinance that would allow the mayor to start negotiations with the relocation of the Medal of Honor Museum. This ordinance would enable the city to lease approximately ... (click for more)

Roy Exum: Tipping The Preacher

I got an unusual telephone call the other day from someone I love who asked my help in solving one of life’s delicate mysteries. It is a tough question: “How do you tip a preacher?” In the first place, you never tip a preacher. It’s the preacher who gives out the tips, helping to keep you on the straight-and-narrow in your quest to waltz through the Pearly Gates. But there are ... (click for more)