Clinch-Powell Can Help Those Facing Foreclosure and Mortgage Default

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If you are struggling to make your mortgage payment, Clinch-Powell may be able to help. We have experienced HUD certified counselors who have been trained to assist homeowners with mortgage delinquency issues. Our counselors have helped more than 1700 families at risk of foreclosure remain in their homes.

Clinch-Powell is able to accomplish this a number of different ways. We provide in-depth budget counseling to our clients. We help them manage debt and expenses by establishing a crisis budget and help them to create a plan for bringing their mortgage current. We also work with mortgage lenders to qualify the homeowners for any options that might be available through the lender. We assist the homeowner with the paperwork and with supplying the required documents in what can be a very intimidating task. Additionally, we work with partner agencies to assist homeowners in applying for assistance programs.

One program that is currently available is the Tennessee Housing Development Agency’s Principal Reduction with Recast Program or Lien Extinguishment (PRRPLE) program. PRRPLE will lower monthly mortgage payments to affordable levels for eligible homeowners by providing a reduction in the principal balance of their first mortgage loan, combined with a loan recast or modification, or principal reduction which results in a full lien extinguishment. The goal of the program is to reduce delinquencies and foreclosures by lowering mortgage payments to affordable levels for homeowners who have encountered a financial burden due to an eligible hardship.

In conjunction with the principal reduction described above, PRRPLE will also pay mortgage-related expenses (e.g., principal, interest, escrowed property taxes, homeowners insurance, and servicer-related fees) necessary to bring homeowners current on their mortgage.

The program is available statewide to targeted homeowners who are low to moderate income and meet THDA mortgage loan income limits (thda.org).

If you need assistance with your mortgage, contact Clinch-Powell today.