State program helps pay home mortgages - WMC Action News 5 - Memphis, Tennessee

State program helps pay home mortgages

(WMC-TV) - Help is available for homeowners wanting to stay in their homes. Tennessee state leaders are ready to show you how, as Shelby County leads the state in foreclosures.

If you've lost your job and you're behind on your mortgage payments then Tennessee state leaders have a program for you so you can stay in your home.

"If you qualify, we will help you get caught up on your mortgage if you've gotten behind, and for a period of time we will make those mortgage payments for you," said Ralph Perrey from the Tennessee Housing Development Agency.

It's called "Keep My Tennessee Home."

You can qualify if you were earning up to $90,00 dollars a year and then lost your job, or had your salary cut by a third. Plus, you have to owe less than $270,000 on your mortgage.

If you qualify, a forgivable loan for as a long as thee years is available to help get back on your feet.

"We're not expecting people to be on (their feet in) three years. The customer, the target person here has been working and paying their bills. They've gotten in trouble because they lost that income," said Perrey.

Since Shelby County has the most foreclosures statewide, funds are there now — so you can get immediate help.

"It does sound too good to be true, we're going to get you caught up. We're going to pay your mortgage for a while, but it is a legitimate program. You apply online, we put you in touch with a local counselor who starts the paperwork," said Perrey.

Federal money is funding the program. Click here for more information.

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