Facing foreclosure?

Published: 4/27/2009 12:00:00 AM

As vice chairman of the Tennessee Housing Development Agency, I’d like to take this opportunity to share some important information to anyone struggling to make mortgage payments or already facing a potential foreclosure. First, prompt action is vital. As soon as you see a problem, contact the company that made the mortgage with you. They may be able to provide options to make your mortgage more affordable. It’s better to contact them before you miss any payments.

Facing foreclosure?
Alvin Nance

As vice chairman of the Tennessee Housing Development Agency, I’d like to take this opportunity to share some important information to anyone struggling to make mortgage payments or already facing a potential foreclosure.

First, prompt action is vital. As soon as you see a problem, contact the company that made the mortgage with you. They may be able to provide options to make your mortgage more affordable. It’s better to contact them before you miss any payments.

If you’re unsuccessful in working with your lender, certified counselors are available to offer assistance at no charge to you. In East Tennessee, counselors are available at Knox Housing Partnership and the Knoxville Area Urban League. These agencies are valuable resources. They have information on services and programs offered by government agencies and private and community organizations that might be able to help you.

According to the latest data available, Tennessee had 44,153 foreclosures in 2008 - a 70 percent increase from 2007. That’s 44,153 families whose lives were impacted in a way that’s difficult to imagine.

If you’re facing a tough time, I urge you to take action now. We don’t want you to become another statistic.

Info: Knox Housing Partnership: 865-637-1679; www.khp.org; Knoxville Area Urban League: 865-524-5511, www.thekaul.org.

KCDC’s mission is to improve and transform neighborhoods and communities by providing quality affordable housing, advancing development initiatives and fostering self-sufficiency. For more information, call (865) 403-1100 or visit http://www.kcdc.org.