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Consumer Affairs Division

Facing Foreclosure?

There are state and federal programs that can help struggling homeowners avoid foreclosure. To learn more about these options, please call Tennessee's Mortgage Assistance Hotline at 1-855-876-7283. The hotline is avilable for all Tennessee homeowners struggling to pay their mortgage, regardless of who services their loan. This toll-free hotline is available Monday-Friday, 9 a.m. to 5 p.m. CT. In addition, the Homeowner's HOPE hotline at 888-995-4673 is available 24 hours a day if you need telephonic counseling now.

 

National Mortgage Settlement

 

Tennessee, along with 48 other Attorneys General and several federal agencies, reached a national mortgage servicing settlement with the nation's five largest servicers: Bank of America, Chase, Citi, GMAC/Ally Financial, and Wells Fargo. This settlement provides new servicing standards to improve
communications with these servicers, and also relief to eligible homeowners such as loan
modifications, refinancing, principal reduction, and short sales. For more information
about the settlement, please visit http://www.nationalmortgagesettlement.com

 

Contact Your Mortgage Servicer


Your servicer is the company to which you make your monthly mortgage payment. It will
take some time for these five servicers to implement these programs. You should be
contacted directly by your servicer if you are eligible.


In the meantime, please contact your servicer directly at the following toll-free number to
find out more information.


Bank of America: 877-488-7814


J.P. Morgan Chase: 866-372-6901


Citi: 866-272-4749


GMAC/Ally Financial: 800-766-4622


Wells Fargo: 800-288-3212

 


Homeowner Assistance in Tennessee


Tennessee homeowners who are having problems with their mortgages regardless of their
servicer are encouraged to contact a free foreclosure prevention counselor for assistance.
For a list of counselors or more information about housing assistance programs, please go
to http://www.KeepMyTNHome.org.

 

If you are having trouble making your mortgage payment because you are unemployed or underemployed, including employment issues due to a long-term medical hardship, you may qualify for mortgage payment assistance. For more informaion, please call the mortgage hotline at 855-876-7283 or go to http://www.KeepMyTNHome.org.


Foreclosure


If you lost your home to a foreclosure between January 1, 2008, and December 31, 2011 and your loan was serviced by Ally/GMAC, Bank of America, Citi, JP Morgan Chase, or Wells Fargo, you may be eligible for a payment under this settlement. Details about the eligibility requirements and the benefits are available at www.nationalmortgagesettlement.com.

 

Between September 24, 2012 and October 12, 2012, the National Mortgage Settlement Administrator on behalf of the Tennessee Attorney General mailed out claim forms to the last known address of eligible Tennessee consumers. The deadline to return the claim form is January 18, 2013.

 

If you did not receive a postcard or claim form but believe you should be eligible, please contact the National Mortgage Settlement Administrator by telephone at 866-430-8358 (hearing impaired call 866-494-8281), Monday through Friday 7:00 a.m. – 7:00 p.m. Central Time or by email at Administrator@nationalmortgagesettlement.com. You can also find out more information about this foreclosure payment program by visiting www.nationalmortgagesettlement.com. This claim form process is free, and you should not pay anyone to help you submit your claim form. If you have any questions about the claim form, please contact the National Mortgage Settlement Administrator.


You may also be eligible for relief under a separate federal foreclosure review program.
For more information, please go to http://www.independentforeclosurereview.com or call 888-
952-9105. Please do not delay – the deadline to request a review is December 31, 2012.

 

For additional information, the Federal Reserve Board has created a Public Service Announcement explaining this process. You may view the video at http://www.youtube.com/FedReserveBoard

 

 


Additional Information

 

 

The Consent Judgments for this settlement were approved by the U.S. District Court for the District of Columbia in April, 2012. For copies of the documents and updated information about this national mortgage servicing settlement, please go to http://www.nationalmortgagesettlement.com.