National Mortgage Settlement Report Shows Promise For Tennessee Homeowners

Wednesday, August 29, 2012

Tennessee homeowners are already reaping substantial benefits under the National Mortgage Settlement, according to a preliminary report released Wednesday by settlement monitor Joe Smith.

Compiling data received from all five mortgage servicers who are party to the settlement, the report shows that Tennessee homeowners have received over $36 million in relief during the first quarter of the settlement from March 1 through June 30. The relief comes in the form of loan modifications, refinances and facilitated short sales.

The monitor’s report also shows that at the close of the quarterly period servicers were in the process of offering an additional $17-29 million in savings to Tennessee homeowners.

“Although this preliminary report represents a good start by these five servicers, there is still a lot more work to do,” said Tennessee Attorney General Bob Cooper. “Our office is committed to making sure that homeowners receive the benefits they are entitled to under the settlement.”

In April, Tennessee, along with 48 other Attorneys General and federal agencies reached an agreement with the nation’s top five mortgage servicers: Bank of America, J.P. Morgan Chase, Wells Fargo, Citigroup, and Ally Financial/GMAC. Prompted by a series of state and federal investigations into improper foreclosure and industry practices, the settlement is designed to provide immediate assistance to struggling homeowners and make foreclosure a last resort. The settlement will provide an estimated $25 billion in relief nationwide to distressed borrowers and state governments, including an estimated $140 million in benefits here in Tennessee.

The report, which is not required under the settlement, includes raw numbers which have not yet been verified for their accuracy. But the report indicates that servicers have taken a good first step toward meeting their obligations under the settlement. Overall, nearly 2,000 homeowners in Tennessee either have received or are in the process of receiving relief during the period covering the report, an encouraging number considering that the settlement will bind the servicers until late 2015.

The report comes at a time when the housing market in Tennessee and throughout the country has shown signs of improvement and increased stability. One aspect of the settlement that could sustain that momentum is the provisions requiring the servicers to make timely decisions regarding short sales. In Tennessee, servicers have already approved 437 short sales at a benefit of over $22 million to homeowners in just four months, according to the report.

Still, foreclosure rates remain high throughout the state. Recently, Attorney General Cooper and Tennessee Housing Development Agency Executive Director Ted R. Fellman announced a hotline is now available for Tennessee homeowners who are struggling to make their mortgage payments.

Homeowners can call 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 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.

 


2-Story Office Building In East Ridge Sells For $1.3 Million

Real Estate Transfers For June 23-29

Consumer Alert: Scam Home Warranty Letters


A two-story office building in East Ridge has sold for $1.3 million. The location is 5512 Ringgold Road. Built in 1987, it has s paces ranging from 510 square feet up to 5,000 square feet. ... (click for more)

NOTICE: The Hamilton County Register’s Office did not publish this data. All information in the Register’s Office is public information as set out in T.C.A. 10-7-503. For questions regarding ... (click for more)

The Division of Consumer Affairs in the Tennessee Attorney General’s Office is warning homeowners about a home warranty scam. The letter urges Tennessee homeowners to purchase a home warranty ... (click for more)



Real Estate

2-Story Office Building In East Ridge Sells For $1.3 Million

A two-story office building in East Ridge has sold for $1.3 million. The location is 5512 Ringgold Road. Built in 1987, it has s paces ranging from 510 square feet up to 5,000 square feet. The sale was to T4 Llc from Nandlal Khatri. (click for more)

Real Estate Transfers For June 23-29

NOTICE: The Hamilton County Register’s Office did not publish this data. All information in the Register’s Office is public information as set out in T.C.A. 10-7-503. For questions regarding this report, please call Chattanoogan.com at 423 266-2325. GI numbers, listed when street addresses are not available, refer to the location of transactions (book number and page number) in ... (click for more)

Breaking News

Weston Wamp Calls For Open, Deliberative Process On Proposed Southside Stadium

Republican county mayor nominee Weston Wamp said Tuesday that there should be a deliberative, transparent process with public participation regarding a proposed $79.5 million community stadium. He spoke at a fundraiser at the Gilman Building attended by Governor Bill Lee. County Mayor Jim Coppinger earlier said he hopes to have the stadium plan in place before he leaves office. ... (click for more)

Gas Prices Drop 9.1 Cents In Chattanooga

Average gasoline prices in Chattanooga have fallen 9.1 cents per gallon in the last week, averaging $4.24 per gallon on Tuesday, according to GasBuddy's survey of 170 stations in Chattanooga. Prices in Chattanooga are 15.5 cents per gallon lower than a month ago and stand $1.40 higher than a year ago. The price of diesel has fallen 6.3 cents nationally in the past week and stands ... (click for more)

Opinion

Dangerous Dam At Ketner's Mill Has Claimed Too Many Young Lives

Something must be done about the dangerous low head dam at Ketner’s Mill on the Sequatchie River in Whitwell, Tn. (Marion County). This dam is a dangerous public safety hazard that has claimed the lives of many young people through the years. It seems to me to be grossly negligent for the owner of this dam (which no longer serves any purpose) to continue to allow unknowing ... (click for more)

Uncovering Chattanooga’s Hidden Gem

Missionary Ridge is Chattanooga's "diamond in the rough" that can spearhead a new era in our city's growth. Way back on Nov. 25, 1863, soldiers under the leadership of General Ulysses S. Grant stormed Missionary Ridge and broke the back of the Confederacy. The Battle of Missionary Ridge demonstrated the superior forces of the industrialized North and gave their soldiers a chance ... (click for more)