A Tennessee program is designed to help homeowners who are in over their heads with a mortgage and need help.
"They'll come in here and say, 'Hey, I'm behind on my mortgage. What does foreclosure mean? How can I foreclose? How will it affect my credit?'" said Greg Goodman, with SWBC Mortgage.
As a professional lender, Goodman has gotten up close and personal with the casualties of the mortgage crisis and a bad economy – hard-working Tennesseans who, by no fault of their own, found themselves laid off or working for half their old salary.
"Probably one family a week comes to ask about a program, and I'm able to give them this one," he said.
In 18 states, including Tennessee, there's a bailout fund, you may have never heard of. Not only is it keeping homeowners from losing their homes, but it's also paying their mortgage for up a year-and-a-half in some cases with no strings attached.
"At first, she just thought I was kidding. I said, 'No, there's really programs out there like that,'" Goodman said.
A majority of homeowners facing foreclosure meet the requirements, which include Tennessee residency since 2008, having been laid off or taken a pay cutoff at least 30 percent, having a mortgage less than $275,000 and a household income of less than $92,608.
Nearly 3,000 Tennessee families have already been spared from foreclosure,and there is money available for about 2,000 more.
Goodman, who makes nothing from the transaction, said there is only one downside.
"I just wish more people knew about it," he said.
The program is called Keep My Tennessee Home, and it costs nothing to apply or receive the money.
Monday, September 1 2014 6:04 PM EDT2014-09-01 22:04:35 GMT
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