Foreclosure filings are up across the nation, but in Tennessee the increase is significant.
Total foreclosure filings in Tennessee accounted for 1.89 percent of 2,330,483 foreclosure filings in the nation during 2008. According to the latest data from RealtyTrac® US Foreclosure Market Report, Tennessee reported 44,153 foreclosure filings in 2008. That’s a 70 percent increase from 2007.
In 2007, the Tennessee Housing Development Agency (THDA) began a foreclosure prevention initiative to help Tennesseans keep their homes. On their Web site at www.thda.org, homeowners can view foreclosure prevention information and learn what option they have to keep from entering into foreclosure. THDA has also secured federal grant money to train counselors who coach people on what they can do if they’re behind, or struggling to meet, their mortgages.
“Our goal is to educate homeowners about their options and how prompt action is more effective in saving a mortgage,” said Ted R. Fellman, executive director of THDA. “The counseling is free. Our counselors have had 3,916 counseling visits since the training in April. We also the Great Save mortgage available for refinancing for eligible households. Congress is considering additional options right now. Foreclosure is bad for the owner, the neighborhood and the industry.”
The THDA-certified counselors’ list is available through a call to the social service referral number, 211.
In the state of Tennessee, there are three phases of foreclosure: Default- Notice of Default (NOD); Auction- Notice of Trustee Sale (NTS); and Real Estate Owned, or REO properties that have been foreclosed upon and purchased by a bank. A first, or second filing does not necessarily mean a foreclosure.
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