Following the settlement between 48 states and federal agencies with the top five mortgage servicers in the nation, the City ofLa Vergneis hosting an informational town hall meeting on August 18, 2012 at 10:30 a.m. to address how local home owners could be helped.
According to the office of State Attorney General Bob Cooper, a $25 billion relief settlement was reached nationwide in April to aid distressed borrowers, with an estimated $140 million in benefits for Tennesseans. The bipartisan group of state attorneys general had investigated the reckless practices of mortgage servicers – including “robo-signing” of foreclosure documents, lost paperwork, and untrained personnel – and the subsequent settlement could potentially aid the following:
- $46 million available for modifications, principal reductions, short sales, and deficiency waivers for qualifying homeowners.
- $33 million for refinancing of loans that are “underwater” (home values less than mortgage amount owed).
- $24 million for qualified Tennesseans who were foreclosed on between 2008 and 2011.
- Help for homeowners faced with medical hardships.
- Military personnel who lost their homes during the recession while on active duty.
Matt Pulle, mortgage settlement coordinator with the State Attorney General Office, will be available to answer questions about resources available to homeowners.
“This settlement could be great news forTennesseehomeowners,” said StateRep.Mike Sparks. “I am grateful that La Vergne has opened the doors of City Hall to bring this information to families who have been hit hard by the wave of foreclosures that swept the nation. My hope is that by working together in this state-local partnership, we will be able to reach everyone in need of assistance.”
Mayor Senna Mosley invited homeowners from across the state to attend, “It’s not just La Vergne families who have had to deal with difficult mortgage companies, but people from all over. I want everyone to have access to the help they need that could save their home.”
The event on Saturday, August 18 at La Vergne City Hall is free of charge.