(WMC TV) - It was one huge lawsuit settlement that spawned one FREE mortgage service.
Tennessee Attorney General Bob Cooper, along with 48 other states' attorneys general, negotiated a settlement with the country's five largest mortgage servicers: Bank of America, Chase, Citi, GMAC/Ally Financial and Wells Fargo.
The settlement opened the door for eligible homeowners to take advantage of loan modifications, low-interest refinancing, principal reduction and short sales.
It also launched the Tennessee attorney general's Mortgage Assistance Hotline: 1-855-876-7283. The professionals on the line can route callers to free HUD-certified housing counselors, to cooperative lenders -- maybe even to a real break on their home loans.
"Maybe you qualify for the AG settlement," said Matt Pulle, mortgage settlement coordinator for the Tennessee attorney general's Consumer Advocate & Protection Division. "Maybe you qualify for a federal program or a state program that can help you reduce your mortgage payments and stay in your home."
Here is the AG's fact sheet for the mortgage settlement.
Here is the list of Tennessee's THDA-certified free housing counselors.
In greater Memphis -- including North Mississippi and East Arkansas -- homeowners can also contact the Fair Housing Center of the non-profit Memphis Area Legal Services.
United Housing provides counseling and low-interest loan options.
The Memphis Housing Counseling Network is a network of counselors and lenders who offer FREE housing assistance to help AT-RISK borrowers from getting into trouble. In addition to that link, you can call 901-725-8361.