'Keep my Tennessee Home' aims to help prevent foreclosures

'Keep my Tennessee Home' aims to help prevent foreclosures

Posted:

By DON DARE
6 On Your Side Reporter

KNOXVILLE (WATE) - Thousands of unemployed Tennessee workers who are falling behind in their mortgage payments may be eligible for financial help from the state.

The Tennessee Housing Development Agency gets information from the state labor department every week about hundreds of people who lose their jobs.

But there's hope for some under a program called Keep My Tennessee Home. It's aimed at families who are unemployed or underemployed and may be eligible for mortgage payment assistance.

The U.S. Treasury's Fund for the Hardest Hit Housing Markets has allocated more than $217 million to eligible Tennessee homeowners to prevent foreclosures.

The Keep My Tennessee Home program will offer up to $20,000 in assistance over an 18-month period in targeted counties throughout the state.

There are several targeted counties in East Tennessee and along the Cumberland Plateau that may have families who qualify for mortgage payment assistance.

Those counties include:

  • Cocke
  • Fentress
  • Greene
  • Hamblen
  • Jefferson
  • McMinn
  • Monroe
  • Rhea
  • Sevier
  • Eligible homeowners in all other Tennessee counties will receive up to $15,000 in assistance over a 12-month period.

    If a household's income has been reduced by 30 percent or more through no fault of their own since January 1, 2008, they could be eligible for the mortgage assistance.

    The household must have a history of timely mortgage payments prior to losing work or having hours cut.

    The program is for families whose household income is just under $75,000 and whose total unpaid principal balance does not exceed $226,000.

    More details about the program are posted on the Keep My Tennessee Home website.

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