Foreclosure Prevention Assistance Available
There are funds available for households fighting foreclosure.
The Tennessee Housing Development Agency is administering funds that are paid to the servicer directly if homeowners qualify.
Qualification centers around a drop in income since January 2008.
The general guideline is being unemployed or underemployed (a 30% drop in income).
The preliminary application is found at http://www.KeepMyTNHome.org.
Applicants are connected to a foreclosure prevention counselor that reviews all possibilities for the homeowner, including a 0%, five-year, forgivable loan.
There are mortgage balance limitations for the funding, but counseling is free to all homeowners.
source: Tennessee Association of Realtors
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