Keep My Tennessee Home
Homeowners suffering from a dramatic loss of income might be eligible for mortgage payment assistance through the Keep My Tennessee Home program being administered by the Tennessee Housing Development Agency (THDA).
The purpose of the Keep My Tennessee Home Program is to assist unemployed and substantially underemployed homeowners to remain in their homes and avoid foreclosure while they seek increased income. Keep My Tennessee Home will provide 0%, deferred, forgivable loans to homeowners to pay their mortgage and mortgage-related expenses. The payments are sent directly to the servicer.
Meeting the basic eligibility criteria is the first step. Meeting these criteria does not guarantee program eligibility. The preliminary eligibility check and application are made through the web portal: www.KeepMyTNHome.org. Persons not able to use the internet are invited to call a toll-free number: 1-855-890-8073. When the questions and answers reveal preliminary eligibility, the applicant is matched with a foreclosure prevention counselor. The application is completed together.
If the preliminary application reveals non-eligibility, homeowners are invited to contact a foreclosure prevention counselor for other opportunities. Tennessee Housing Development Agency has secured training to counselors located across Tennessee. The counseling is free to the consumer. Here is the link on THDA’s website: http://www.thda.org/foreclosure/counselors.pdf.
The basic eligibility parameters for Keep My Tennessee Home are as follows:
THDA initiated a pilot program in 29 of the state’s counties after a calculation that rated the highest in unemployment, foreclosures and delinquencies. Residents in the 29 counties (see KeepMyTNHome.org) are eligible for assistance for up to 18 months, not to exceed $20,000. Residents of the other counties are eligible for assistance for up to 12 months, not to exceed $15,000. The loan can cover monthly payments and mortgage-related expenses