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Owners of Bank Foreclosure Homes Get Help from Local Counselors

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By : John Cutts    99 or more times read
Owners of bank foreclosure homes and other homeowners facing problems in Chattanooga, Tennessee, are getting some help from a locally-based counseling group supported by U.S. federal government funds. The program, called Chattanooga Neighborhood Enterprise (CNE), was established to assist homeowners in acquiring mortgage modifications and other services that can help them keep their homes.

Despite the presence of the program, Chattanooga distressed homes and foreclosure numbers for the rest of Hamilton County totaled 1,325 in 2010. Although this number is slightly lower than the record-setting total recorded in 2009, analysts stated that foreclosure numbers can still increase this year as stalled cases, caused by the robo-signing controversy and the subsequent nationwide moratorium, are reopened this year.

Industry analysts also stated that the continuous rise in the national unemployment rate will play a major role in increasing the number of foreclosed and distressed homes in Tennessee in 2011. Some analysts even predicted that the foreclosure problem might even be worse this year as the housing industry reaches its peak.

Local housing market reports showed that properties entering foreclosure for the first time last year increased by 9.5% in Chattanooga, giving the metro area a ratio of one household out of every 65 housing units under foreclosure last year. The figure will very likely increase the total number of bank foreclosure homes in 2011, analysts have added.

One piece of good news that local analysts are seeing is that foreclosure activities in Chattanooga and in the rest of Hamilton County have remained consistently below national averages. According to them, the region is still doing much better compared with other metropolitan regions in terms of number of properties under distressed houses listings or number of households facing foreclosure risks. With programs like CNE, local analysts are also optimistic that the area will not reach the same level of foreclosure problem experienced by other U.S. metro areas.

Local reports showed that around 350 owners of bank foreclosure homes were assisted by the program in 2010. Out of these households, 90% were able to save their homes from foreclosures. The program assists homeowners in restructuring loan payments and by educating them on available options that can help them save their residential properties.
John Cutts has been educated in the finer points of the foreclosure market over 5 years.

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