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fasttense Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Jul-06-11 12:03 PM
Original message
Keep My TN Home
Has anyone here had experience with this program through the stimulus package? It's called Keep My TN Home and it pays your mortgage if you are unemployed due to the Great Recession. It's a no interest loan but 20% is forgiven every year you remain in the home, up to 5 years. The ceiling on it is I think $20,000 and it only applies to counties in TN that have higher than average unemployment rates. You don't have to be late on your payments to qualify.

The problem is your mortgage lender has to agree to participate in the program. As far as I can tell there are no restrictions on the banks, they merely have to fill out the paperwork and sign up for it.

Our lender is NOT participating and from the run around we got this morning, it seems they don't want to participate. I guess it's just too much paper work for them. I'm seriously considering going to some sites and posting the CEO's e-mail address, to get these people moving on it.

Has anyone here used this program? How were you able to get your lender to sign up?
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southernyankeebelle Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Jul-07-11 10:19 PM
Response to Original message
1. Why don't you call your representative maybe he may know. Or a realtor. Or
go on the White House.gov website.
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fasttense Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Jul-12-11 06:47 AM
Response to Reply #1
2. My representatives are all RepubliCONS and of hardly any use.
Edited on Tue Jul-12-11 06:59 AM by fasttense
What could a realtor do? We owned the land and built our house and did not use a realtor (we've been here for about 10 years).

I'm sure the White House knows of this program and if they really wanted lenders to participate they would have made it mandatory.

I just wondered if anyone else here on the board had used this program.

But seriously, if you are facing foreclosure you really need to look into it.

Here's a link: https://www.keepmytnhome.org /

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