Jump to Navigation

Homeowners offered assistance in one Tennessee town

The troubled economy continues to affect many people in Tennessee and in other places all across the country. In October, more than 75,000 homes nationwide were sold in foreclosure. In Tennessee alone, more than 2,500 homes were in foreclosure, but it appears that help is on the way for some homeowners struggling to make their monthly mortgage payments.

One town in Tennessee has created a foreclosure prevention task force to provide homeowners with counseling services to help them find ways to pay their mortgages. The task force has also helped struggling homeowners connect with programs intended to help them pay off their home loans.

One of those programs is the Hardest Hit Fund. It was created after the state received $217 million. Through the program, homeowners can receive a loan of up to $15,000 to pay their mortgage. The program simply pays the monthly mortgage for up to year and homeowners don't have to worry about paying back the loan. After five years, the loan is forgiven, as long as the family remains living in the home.

Although the poor economy can be blamed on a number of different factors, the bottom line is that homeowners continue to struggle and many of them need assistance. Programs just like these can be hugely beneficial.

In addition to foreclosure prevention programs, homeowners may want to look into other options. For instance, a loan modification may make mortgage payments more manageable. In other cases, bankruptcy may be the best option. Through bankruptcy homeowners may be able to reorganize their debt and come out of the process more financially secure.

Source: The Daily News Journal, "Editorial: Foreclosure program a good step in turning tide," Nov. 28, 2011

No Comments

Leave a comment
Comment Information

What's Your Situation:

Bold labels are required.

Contact Information
disclaimer.

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

close
Subscribe to This Blog's Feed Visit Our Bankruptcy Website

Our Office Location:

Richard Banks & Associates

393 Broad Street, N.W.
Cleveland, TN 37364-1515
Map & Directions

Phone: (423) 244-0009
Toll Free: (866) 596-8527
Fax: (423) 478-1175

FindLaw Network

Privacy Policy | Business Development Solutions by FindLaw, a Thomson Reuters business.