Solving the Knoxville Foreclosure Crisis
One Homeowner at a Time

Rick Smenner

RE/MAX Preferred Properties
[email protected]

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Knoxville Foreclosure Question: Is There Mortgage Assistance Available?

late-noticeIn our Ask the Expert Section, we recently received a question from Jeff, he asks, "I've been struggling to pay the mortgage on my Knoxville home. I lost my job and haven't been able to find something with the same income. I'm afraid of losing my Knoxville home to foreclosure. I've got two young kids so the thought of losing my home is unbearable. I've heard somewhere that there is mortgage assistance available to Tennessee homeowners who are struggling to pay their mortgage. What programs are available to Knoxville homeowners like me?" Jeff, I'm sorry to hear about your situation. There is a program out there in Tennessee called the Keep My Tennessee Home Program. It is available to Tennessee homeowners exactly like yourself who have lost their job, had wages cut, or had health issues which has made it difficult to pay the mortgage on their Knoxville home. The Keep My TN Home Program will helped homeowners facing foreclosure pay their mortgage, property taxes, homeowner's insurance, homeowner's association dues, and past due mortgage payments. In order to be eligible for the Keep My Tennessee Home Program, Knoxville homeowners must meet the following requirements: -The home must be a primary residence. -The homeowner must have  experience job loss or a 30% reduction in household income, due to no fault of their own. -The mortgage balance must bee less than $275,000. -The current gross income of the household must be less than $92,680. -The homeowner must not have more than six months liquid assets to cover the mortgage principle, interest, taxes and insurance. If a Knoxville homeowner is eligible, they can receive up to $40,000 over the course of 3 years. If the homeowner becomes employed during that time, they can continue receiving assistance for up to 2 months. The homeowner will also be able to continue to relieve assistance if their mortgage payment still exceeds 31% of their income, even with their new employment income. According to the Keep My TN Home Program website, the funds from the program are a “0% interest, non-recourse, forgivable, subordinate loan.” The loan is forgiven 20% each year, and if the homeowner stays in the home for at least 5 years, the homeowner does not have to pay any of the loan back. Are you facing foreclosure on your Knoxville home? Do you want to hear your options to avoid foreclosure on your Knoxville home? If so, please do not hesitate to give me a call, my team and I have helped countless homeowners avoid foreclosure. I can be reached at 865-696-9002 or via email at [email protected].

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