NASHVILLE (WRCB) -- Tennessee homeowners are able to benefit from the National Mortgage Settlement, according to a progress report released today by settlement monitor Joe Smith.
Tennessee is participating in the $25 billion National Mortgage Settlement with the nation's five largest mortgage servicers.
This settlement arose from an investigation into unacceptable national mortgage servicing and foreclosure practices.
The servicers participating in the National Mortgage Settlement announced in February are:
Bank of America
J.P. Morgan Chase
The settlement should provide an estimated $146 million in relief to Tennessee homeowners and addresses future mortgage servicing practices.
Struggling homeowners can call the state's mortgage assistance hotline at toll-free 855 876-7283 (Monday – Friday, 8:00 a.m. – 5:00 p.m. CT) and speak to a representative who can direct homeowners to a free foreclosure prevention counselor and explain various housing assistance programs.
The National Mortgage Settlement only covers select homeowners whose loans are serviced by the nation's five largest servicers, the hotline is available to all struggling Tennessee homeowners, regardless of who services their loan.