Tennessee homeowners have received more than $85 million in relief from March 1 through Sept. 30 under a $25 billion national settlement with the nation’s five largest mortgage servicers, according to the Tennessee Attorney General’s office.
That settlement arose out of an investigation into certain mortgage servicing and foreclosure practices nationwide. The settlement with Bank of America, JP Morgan Chase, Citi, GMAC/Ally Financial and Wells Fargo should provide about $146 million in relief to Tennessee homeowners, and it addresses future mortgage servicing practices.
The $85 million Tennesseans have received so far in relief comes in the form of loan modifications, refinances and facilitated short sales. What’s more, servicers are in the process of offering an additional $28 million in savings to eligible Tennessee homeowners, according to a progress report.
Struggling homeowners can call the state’s mortgage assistance hotline toll-free at 855-876-7283, where they can speak to a representative who can direct them to a free foreclosure prevention counselor and explain various housing assistance programs.
Homeowners who are having trouble with the five servicers covered by the settlement also can report problems to the Office of Mortgage Settlement Oversight by visiting www.mortgageoversight.com.