State provides help for homeowners facing foreclosure - WSMV Channel 4

State provides help for homeowners facing foreclosure

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It's a problem that's hard to understand.

A state agency has the tools to keep a roof over people's heads, but those who need help the most don't know how to get it.

It all has to do with foreclosures.

About 1-in-1,300 Tennessee homes fell into foreclosure last month, according to Realty Trac.

The foreclosure numbers are slowing down, but many are still underwater.

Either way there is a free mortgage assistance program that can help you save your home.

The purchase of a home will be the biggest purchase that most people will ever make. It is a moment most will never forget, to own a big piece of the American dream.

However, for many Americans, the piece we chose was too much, and staggering under the weight of a home we couldn't afford, we slipped into foreclosure.

Tennessee was part of a huge settlement with the big five mortgage companies - Bank of America, Wells Fargo, J.P. Morgan/Chase, Citibank and GMAC/Allied Financial.

Those companies had to provide $146 million in relief to Tennesseans to be administered through Matt Pulle, the state attorney general's mortgage settlement coordinator.

"Too many homeowners buried their heads in the sand," said Pulle. "There are options because of this settlement that would reduce your payment.

"We've worked with homeowners for $500 a month."

This is still a problem. A look at showed there were homes foreclosed on Thanksgiving Day all over the Midsouth.

Maybe $500 a month would be the difference between keeping your dream or starting over.

Even if it's too late and you've lost your home, you might still be as least eligible for cash back.

The state is writing checks from $800 to $1,800 one-time only to people who were foreclosed on.

To find out if you are eligible for help, call 855-876-SAVE.

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