Hardest Hit Fund Helps Homeowners Facing Foreclosure
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NASHVILLE – NeighborWorks Alliance ofTennessee was able to keep almost $47 million worth of mortgages out of foreclosure and 393 unemployed or underemployed families in their homes in 2011 by offering its clients access to the Hardest Hit Fund.

Several hundred more families were helped through mortgage mitigation. In 2012, the Alliance will continue to offer these programs. The Hardest Hit Fund has been expanded to provide up to $5,000 in additional benefits to each homeowner.

The Program is funded by the U.S. Treasury and administered in the state by the Tennessee Housing Development Agency (THDA). The nonprofit Alliance connects homeowners in need with the funds. Of all the organizations offering access to the payment program in 2011, the Allianceaccounted for more than 40 percent of the assistance provided to Tennesseans.

In 2012, qualified homeowners in all Tennessee counties could receive benefits up to $20,000 to cover up to 12 months of mortgage expenses. In 29 counties identified as the most heavily impacted by the recession, homeowners may be eligible for up to $25,000 to cover up to 18 months of expenses.

The loans are offered at zero percent interest. If the borrower stays in the home without refinancing for five years, the loan is forgiven.

“2011 was a difficult year for many and with the slow recovery, 2012 could be equally tough for many Tennesseans,” said Eddie Latimer, CEO and founding director of Affordable Housing Resources, the Middle Tennessee member organization of NeighborWorks Alliance of Tennessee. “We are extremely proud the Alliance was able to help so many deserving Tennesseans stay in their homes and hope we can help many more in the coming year.”

In an open thank you letter printed in the Knoxville News Sentinel, oneAllianceclient said, “I wish to thank the workers at the [NeighborWorks Alliance] for all their hard work on my behalf. [They have] been tireless workers for the last four months in the quest to save my home from foreclosure.”

A consortium of nationally chartered, Tennessee-based housing nonprofits, NeighborWorks Alliance of Tennessee provides a range of free mortgage services to help Tennesseans seek solutions to pending foreclosure in addition to the federally funded mortgage payment assistance. These services include assistance mitigating payments with the mortgage provider, as well as information and guidance on every aspect of homeownership and foreclosure.

NeighborWorks Alliance of Tennessee is comprised of Affordable Housing Resource in Nashville and Middle Tennessee, Chattanooga Neighborhood Enterprise in Chattanooga and Southeast Tennessee, Knox Housing Partnership in Knoxville and East Tennessee, and United Housing in Memphis and West Tennessee. Each is a NeighborWorks America-chartered member.

Any homeowner in Tennessee who may be in danger of foreclosure is encouraged to visit HardestHitTN.org or call 888-588-9129 to be connected with a local NeighborWorks Alliance of Tennessee center.


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