The Keep My Tennessee Home program, which was funded through the Hardest Hit Fund, provides assistance to certain homeowners who've fallen behind on their mortgage payments and facing the possibility of foreclosure. Keep reading to get an overview of the program.
In 2010, the U.S. Department of the Treasury created the Hardest Hit Fund to provide targeted aid to homeowners in those states most affected by the housing market crash. As part of this program, $7.6 billion in aid was allocated to the 18 states, along with Washington, D.C., that experienced the most extreme home price declines and high unemployment rates as a result of the economic crisis. (Learn more about the Hardest Hit Fund.)
Tennessee was awarded over $200 million in funds through the Hardest Hit Fund to offer mortgage assistance to homeowners so they could avoid foreclosure. (Learn more about the Tennessee foreclosure process.)
To do this, Tennessee set up the Keep My Tennessee Home program.
As of May 2019, Keep My Tennessee Home offers a reinstatement-only program. This program provides eligible homeowners with 0% interest, nonrecourse, deferred-payment, forgivable, loans of up to $20,000 to bring a delinquent mortgage current.
If you're facing foreclosure, the Tennessee Housing Development Agency (the agency that administers the Keep My Tennessee Home program) also offers free and confidential foreclosure prevention counseling.
If you would like more information about the reinstatement-only program or about foreclosure prevention counseling, go to the Keep My Tennessee Home website.