Tennessee mortgage and foreclosure assistance
Mortgage help in Chattanooga Tennessee
Thousands of homeowners in the area are struggling with paying their mortgage. Many families are impacted by the weak job market and have either lost their job or had a reduction in income. Some homeowners just took out a loan that they could not offered to pay. No matter the reason, families and individuals that own their home have resources available to them.
Due to these challenges, the city has created a program to help people get back on track. Residents that are struggling with their housing needs can get assistance. Chattanooga Tennessee has created a mortgage assistance grant.
Tennessee Housing Development Agency
Tens of millions of dollars in federal government funds are flowing to the state to help homeowners who have had a reduction in their income. The program is known as the hardest hit fund, and it can help the unemployed or individuals who have had a reduction in hours. the federal government may also assist anyone impacted by a loss of their job. Low interest loans or grants are being provided. Read how the Tennessee hardest hit fund can provide mortgage relief.
Counseling agencies in Tennessee
In addition to the programs listed on this page, numerous other options as well as financial resources are available. One of the first places to go to is to a HUD approved housing counseling agency. Much of the help provided from these agencies is available at no cost to the client.
These are non-profits that provide extensive foreclosure assistance. The specialists know about both state of Tennessee mortgage assistance programs as well as services available nationwide. There are several non-profits in the state. Read more.
Programs specific to Memphis Tennessee
A large number of non-profit organizations and HUD certified counselors operate in the Memphis Tennessee as well as the Shelby County region. The foreclosure counseling services, and the information they offer on mortgage delinquency programs, are all free of charge to local residents. Continue.
Referrals from Tennessee Housing Development
The statewide, not for profit agency has various foreclosure prevention resources available. The state of Tennessee government affiliated agency does not administer their own financial assistance to low income homeowners, but instead focus on assisting first time home buyers. However anyone behind on their mortgage can be given referrals. Call 615-815-2200.
Countrywide - Tennessee mortgage assistance
Tennessee has entered an agreement with Countrywide/Bank of America to provide mortgage assistance to people that used that lender. The agreement provides loan modification eligibility to almost 7,000 Tennessee borrowers and it also provides an estimated $4 million in other economic aid. Dial 1.800.846.2222 for information.
The settlement between the two parties will allow some eligible mortgage borrowers to avoid foreclosure by obtaining an affordable, modified home loan. There will be no application costs for the income qualified family in Tennessee. The types of mortgage and home loans covered by the agreement include the both the riskiest as well as the highest-defaulting loans suffered in the foreclosure crisis.
Countrywide, which is now known as Bank of America, has also agreed to suspend foreclosures on the riskiest loans that were made. This was being done in order to determine if borrowers can qualify for a mortgage modification, a move which could affect up to 7,000 Tennessee families. It will provide borrowers time to find a solution. Bank of America / Countrywide has also agreed to, as part of the settlement:
• stop offering certain type of sub prime mortgage loans and they will also engage in more practices to help the nationwide foreclosure crisis.
• establish a mortgage foreclosure relief fund worth an estimated $2.5 million that will be used for payments to certain eligible Tennessee families who may have already lost their homes to foreclosure.
• help Tennessee homeowners by providing an estimated $1.1 million in a relocation assistance program, which will provide assistance and cash grant payments to homeowners who cannot qualify for any other loan modification. This is offered in exchange for those homeowners voluntarily surrendering their home at the time of a foreclosure sale.
• waive prepayment penalties and bill of up to $200,000 and waive up to $650,000 in default/delinquency mortgage fees and penalties for Tennessee homeowners.