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Helping good people through bad times

For Chattanooga homeowners, mortgage assistance still available

In an article discussed recently on this site, we told Chattanooga residents about assistance that is available to help those struggling to keep up with their mortgages. For those who are still seeking debt relief, there is good news that the relief is still available.

This relief comes from a national mortgage settlement with the nation's top five largest banks that was initially for around $25 billion. Of that amount, Tennesseans are expected to receive around $146 million to help out with financial challenges regarding their mortgage. Between March and September of this year, Tennesseans have already received about $85 million. That money was paid out in various forms that help eliminate debt, such as refinancing, various loan modifications and short sales. In addition, there is about $28 million that is currently in the process of being offered for assistance.

The Tennessee attorney general is reminding eligible homeowners that there is more help to be doled out, and that people should contact the state for assistance.

Homeowners are seeking this assistance in order to reduce their mortgage payments each month for various reasons. Some may have recently lost a source of income, while others may have had increased expenses in the form of medical debt or credit cards. Sometimes the homeowner struggles with repayment because the interest rate on the mortgage has been increased. Assistance with reduced mortgage payments can sometimes be used to prevent foreclosure.

No matter what the reason, many Chattanooga residents are finding it increasingly difficult to face the financial challenges that are being brought on by this difficult economy. Seeking help as early as possible is often the first step towards relief.

Source: The Chattanoogan, "Attorney General Reminds Tennessean Homeowners Mortgage Help Is Still Available," Nov. 19, 2012

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Kenneth C. Rannick, P.C.
4416 Brainerd Road
Chattanooga, TN 37411

Phone: 423-624-4002
Toll Free: 800-257-7594
Fax: 423-624-0509
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