The city of Chattanooga has provided a $50,000 emergency CDBG (Community Development Block Grant) to provide foreclosure intervention counseling and mortgage assistance to homeowners who are struggling and falling behind on their payments.
The Chattanooga Neighborhood Enterprise (CNE), which is the organization that is administering the grant program, will use the $50,000 to work with lenders, homeowners at-risk of foreclosure, and loan servicers to develop various alternatives to foreclosure and to help families stay in their homes.
In addition to these emergency grants, a comprehensive outreach program and effort is being planned by CNE. Numerous national studies have shown that less than 50 percent of households who may be facing a mortgage foreclosure seek assistance. Asking for help, counseling, and overall early intervention is a critical element in helping these at-risk homeowners. Individuals who ask for some sort or advice, from a non-profit or some other professional, are much more likely to be able to get back on track and save their home.
With help, counseling, and also sound financial management tools, the primary goal of the CNE foreclosure prevention counseling and assistance program involves educating both the homeowner as well as the lender that a homeowner can afford to keep their home. Call the agency at (423) 756-6201. You can learn about the large number of services that are offered to Chattanooga Tennessee borrowers.
Another option for homeowners in the Chattanooga area is to use the services of a HUD approved housing counseling agency. Click here to find a location near you as there are dozens of centers across the state.
Several other programs are offered by Chattanooga Neighborhood Enterprise, some of which may be partially funded by the grant. The non-profit runs a foreclosure prevention hotline, which is a free service. As part of the hotline, staff from the agency can help borrowers find a solution to their financial challenges. On average, almost 100 homeowners are provided counseling every month, and the majority of people still live in their homes today.
Callers will be put into contact with a certified homeownership counselor when they call the hotline. The organization is an independent nonprofit organization, HUD-approved agency serving the Tennessee area. So the representative from CNE will provide answers to questions you have, extensive counseling and advice, and in general may be able to help people avoid a foreclosure. Call the hotline at 423-664-4663.
The homeownership counselors from this non-profit are experts in offering free foreclosure prevention services. They are highly trained and can set up a plan of action for borrowers, and it will be designed just for you and your situation. CNE doesn’t just offer so called general advice, they also work with homeowners and will help people take action. Counselors will arm and provide borrowers with education and support and they will assist clients in overcoming immediate financial issues. As indicated, all of the services offered by Chattanooga Neighborhood Enterprise are offered for free to qualified residents.
Another service offered is the Tennessee Hardest Hit Fund program. This is a federal government funded program that was created for people who have had a reduction in income, such as a job loss or reduction in hours. CNE can help individuals apply. Eligible applicants may be able to receive grants of up to $25,000 to pay their mortgage, or they could qualify for up to 18 months of reduced payments.
Chattanooga Neighborhood Enterprise provides a number of other assistance programs, information, and support. Being a HUD certified agency in the Hamilton County region, they are committed to assist homeowners. Call (423-664-4663) to get more information on services available.
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