TN program helps those in danger of foreclosure - WMC Action News 5 - Memphis, Tennessee

TN program helps those in danger of foreclosure

Religious leaders throughout the Mid-South are on YouTube talking about the real impact of foreclosures and ways a Tennessee program can help. Religious leaders throughout the Mid-South are on YouTube talking about the real impact of foreclosures and ways a Tennessee program can help.

(WMC-TV) - As Shelby County continues to lead the state in foreclosures, more help is becoming available for homeowners wanting to stay in their homes. There is a greater push to get faith-based organizations in the Mid-South involved in the process.

Religious leaders throughout the Mid-South are on YouTube talking about the real impact of foreclosures and ways a Tennessee program can help.

"There is still hope that you can hold on to your home through this program called keep My Tennessee Home. You don't have to drown. You don't have to quit or walk away from your home," said New Directions Christian Church pastor Stacy Spencer in a YouTube video.

Tim Bolding works for United Housing and wants to get the word out about a Tennessee program for people in danger of foreclosure.

"Faith-based organizations are clearly the place that people turn for help," said Bolding. "People wait. They don't come when they need to. They come too late."

A homeowner can qualify for My Tennessee Home if:

  • He or she was earning up to $90,00 dollars a year before losing his or her job or had his or his salary cut by a third
  • Plus the homeowner must owe less than $270,000 dollars on your mortgage

OR

  • Had a medical hardship
  • Suffered the death of a spouse
  • Are recently divorced.

If this applies to you, then a forgivable loan for as a long as three years is there to help get back on your feet

"Speaking from the Latino Community, the home is where it all begins. Everything occurs in the home," said Iglesia Nueva Vida Pastor Rolando Rostro.

And now as clergy and other religious leaders across the Mid-South hear about foreclosure in their congregation, they can point families in the right direction.

"This really comes at a time where this is much need, and so I really appreciate that," said Rostro.

Keep My Tennessee home is a state program created to help those in danger of foreclosure. Click here for more.

Copyright 2013 WMC-TV. All rights reserved.

Powered by Frankly