PRESS-NEWS.org - Press Release Distribution
PRESS RELEASES DISTRIBUTION

Shelby County leads state in number of foreclosures

Shelby County is home to 30 percent of Tennessee's foreclosures. Fortunately, there are resources distressed homeowners can take advantage of to prevent a foreclosure, including filing for bankruptcy.

2013-04-17
April 17, 2013 (Press-News.org) Shelby County leads state in number of foreclosures

Article provided by Jimmy E. McElroy & Associates
Visit us at http://www.jmcelroy.com

In Shelby County -- where a third of residents either spend too much of their income paying for housing, live in overcrowded homes or lack a kitchen or indoor plumbing -- it comes as little surprise that the county is home to 30 percent of Tennessee's foreclosures. Fortunately, there are resources distressed homeowners can take advantage of to prevent a foreclosure, including filing for bankruptcy.

Tennessee's foreclosure problem

In 2011, 17 out of Tennessee's 95 counties had a foreclosure rate of at least one foreclosure for every 100 housing units. However, Shelby County leads the state in the number of foreclosures with one foreclosure for every 71 housing units. This equated to 5,688 foreclosures in Shelby County alone in 2011.

That same year, Memphis had the highest number of real-estate-owned homes (REO) in the state, with 268 properties owned by FHA, Freddie Mac or Fannie Mae. The high rates of foreclosure, combined with Tennesseans spending too much of their monthly income on housing or having inadequate housing, have caused a housing crisis in the state.

Keep My Tennessee Home relief program

Fortunately, state and federal agencies are working together to get homeowners who are underwater on their mortgages the help they need to stay in their homes and stave off foreclosure. The Keep My Tennessee Home program makes federal money available through the Tennessee Housing Development Agency.

To be eligible, a homeowner must own and occupy his or her primary residence and have experienced a job loss or at least a 30 percent reduction in his or her income through no fault of his or her own. Additionally, the mortgage loan must be less than or equal to $275,000 and gross household income must be equal to or less than $92,680. Lastly, an applicant must not have liquid assets in excess of six months' worth of mortgage principle, interest, insurance and taxes.

If applicants meet these requirements, they may be eligible for up to $40,000 in federal money paid over three years. The amount may change or be repayable if the applicant becomes employed or if the home is sold before five years have passed. However, those who become employed but still spend at least 31 percent of their income on housing may continue to receive payments.

How bankruptcy could help

Another option for those who have been threatened with foreclosure is filing for bankruptcy. When a homeowner files for bankruptcy, an automatic stay is applied to all debt collection efforts, including the foreclosure process. This can buy homeowners time to stay in their homes.

While those who file under Chapter 7 still may be unable to save their homes during bankruptcy proceedings, those who qualify for Chapter 13 bankruptcy are often able to keep their homes. During a Chapter 13 bankruptcy, filers create a repayment plan to get back in control of their existing debts, including their mortgages. As long as filers are making payments in full and on time under their new plan, most will be able to stay in their homes.

If you are a Memphis or Shelby County resident who has been threatened with foreclosure or has been foreclosed upon, contact an experienced bankruptcy attorney to learn more about the types of relief available to you.


ELSE PRESS RELEASES FROM THIS DATE:

Appeals of Social Security disability denials in Minneapolis

2013-04-17
Appeals of Social Security disability denials in Minneapolis Article provided by Moga Law Group, PLLC Visit us at http://www.mogalaw.com Recent reports have confirmed that the Social Security disability trust fund may cease to be able to support all benefits as early as 2016. The news comes at a time when Americans as well as the federal government are continuing to tighten their belts to throw off large amounts of debt, and the loss or limitation of Social Security disability benefits may be a part of that deleveraging process. Nevertheless, those entitled to Social ...

Communicating with a former spouse and children after divorce

2013-04-17
Communicating with a former spouse and children after divorce Article provided by The Law Office of Julie R. Glade, RN, JD Visit us at http://www.julieglade.com/ Divorce hurts both parents and children emotionally, as many Indiana families have found. One of the challenges that they face after divorce is communication. The divorced parents still need to communicate with each other, at least until their children grow up. In addition, many Indiana parents experience difficulties in communicating with their own children after divorce. Effective communication with ...

Nevada Assemblyman facing domestic violence charges

2013-04-17
Nevada Assemblyman facing domestic violence charges Article provided by Sprenz & Associates, P.C. Visit us at http://www.sprenzlaw.com Domestic violence charges are serious and can produce devastating, long-term consequences for both the alleged victim and defendant. However, the circumstances surrounding a domestic violence charge are often vague, as the following case illustrates. Messy incident results in domestic battery and obstruction charges A local Nevada Assemblyman was recently arrested for domestic violence related charges after police accused ...

Preparing for divorce can help reduce resulting financial struggles

2013-04-17
Preparing for divorce can help reduce resulting financial struggles Article provided by McWalter, Barron & Boisvert, LLP Visit us at http://www.concordmasslawfirm.com The emotional toll of a divorce can be one of the reasons that many couples try to make their relationships work. Eventually, the arguments start to increase, and it is no longer possible to continue. Instead of using this time to prepare for the divorce process, couples make a sudden decision, leaving both sides scrambling. Financial troubles are often one of the main reasons that couples decide ...

Massachusetts child custody decisions

2013-04-17
Massachusetts child custody decisions Article provided by McWalter, Barron & Boisvert, LLP Visit us at http://www.concordmasslawfirm.com When a couple has been in a relationship for a significant period of time, they may start thinking about marriage. Because it is such a major change, they will often spend a considerable amount of time deciding if the time is right. Most are so focused on the positive aspects of the future together that they fail to think about some of the problems that may arise. No matter how much two people may love one another, some ...

Immigrant detainment and the rights of immigrants

2013-04-17
Immigrant detainment and the rights of immigrants Article provided by Edward R. White, P.C. Visit us at http://www.immigrationed.com Immigration is currently a very big political issue in the United States. In the discussions surrounding immigration policy, politicians frequently talk about people who are trying, legally and illegally, to become residents of the United States simply to enjoy the opportunities that are unique to living in the United States. However, what politicians rarely discuss are the people who seek entrance to the country for no other reason ...

Driving Without Insurance Can Have Serious Consequences

2013-04-17
Driving Without Insurance Can Have Serious Consequences Article provided by Kelley Enderley Visit us at http://www.nytrooperticketlaw.com According to a recent study by the Insurance Research Council (IRC), approximately one in seven motorists nationwide get behind the wheel without car insurance. Having the appropriate level of auto insurance is necessary not only because it protects drivers from liability if they cause an accident or injure someone, but also because it is required by law. With the exception of New Hampshire, every state - including New York - ...

Rise in Childbirth Complications Cause for Concern

2013-04-17
Rise in Childbirth Complications Cause for Concern Article provided by Law Offices of Raymond J. Slomski, P.C. Visit us at http://www.arizona-birthinjury.com The safety of mother and newborn during childbirth is something that many people take for granted. Studies indicate, however, that dangerous complications during childbirth are on the rise in the United States. According to a study by the Centers for Disease Control and Prevention (CDC), emergencies during delivery - including cardiac arrest, respiratory distress and kidney failure - increased 75 percent ...

Illinois legislation seeks to reduce distracted driving accidents

2013-04-17
Illinois legislation seeks to reduce distracted driving accidents Article provided by The Law Office of Gordon Ring Visit us at http://www.gordonring.com Driver distraction behind the wheel is an increasing cause of many accidents across the country and in Illinois. The prevalence of cellphone use in cars continues to increase even as states implement new laws attempting to curb the behavior and reduce the number of car accidents caused by distracted driving. In 2010, the U.S. House of Representatives passed a resolution making April National Distracted Driving ...

Desperately seeking asylum in the United States

2013-04-17
Desperately seeking asylum in the United States Article provided by Eric M. Bernal & Associates, LLC Visit us at http://www.ericmbernallaw.com Recently, a 26-year-old Nigerian man named Oliver won his asylum case. Officially granted asylee status, he is now free to live as a legal United States resident. In the U.S., Oliver would seem rather unremarkable -- a normal young man trying to build a life for himself. However, in Nigeria, he could be locked up for 14 years under a proposed law that criminalizes any person who is gay, lesbian, bisexual or transgender ...

LAST 30 PRESS RELEASES:

Exercise as an anti-ageing intervention to avoid detrimental impact of mental fatigue

UMass Amherst Nursing Professor Emerita honored as ‘Living Legend’

New guidelines aim to improve cystic fibrosis screening

Picky eaters by day, buffet by night: Butterfly, moth diets sync to plant aromas

Pennington Biomedical’s Dr. Leanne Redman honored with the E. V. McCollum Award from the American Society for Nutrition

CCNY physicists uncover electronic interactions mediated via spin waves

Researchers’ 3D-printing formula may transform future of foam

Nurture more important than nature for robotic hand

Drug-delivering aptamers target leukemia stem cells for one-two knockout punch

New study finds that over 95% of sponsored influencer posts on Twitter were not disclosed

New sea grant report helps great lakes fish farmers navigate aquaculture regulations

Strain “trick” improves perovskite solar cells’ efficiency

How GPS helps older drivers stay on the roads

Estrogen and progesterone stimulate the body to make opioids

Dancing with the cells – how acoustically levitating a diamond led to a breakthrough in biotech automation

Machine learning helps construct an evolutionary timeline of bacteria

Cellular regulator of mRNA vaccine revealed... offering new therapeutic options

Animal behavioral diversity at risk in the face of declining biodiversity

Finding their way: GPS ignites independence in older adult drivers

Antibiotic resistance among key bacterial species plateaus over time

‘Some insects are declining but what’s happening to the other 99%?’

Powerful new software platform could reshape biomedical research by making data analysis more accessible

Revealing capillaries and cells in living organs with ultrasound

American College of Physicians awards $260,000 in grants to address equity challenges in obesity care

Researchers from MARE ULisboa discover that the European catfish, an invasive species in Portugal, has a prolonged breeding season, enhancing its invasive potential

Rakesh K. Jain, PhD, FAACR, honored with the 2025 AACR Award for Lifetime Achievement in Cancer Research

Solar cells made of moon dust could power future space exploration

Deporting immigrants may further shrink the health care workforce

Border region emergency medical services in migrant emergency care

Resident physician intentions regarding unionization

[Press-News.org] Shelby County leads state in number of foreclosures
Shelby County is home to 30 percent of Tennessee's foreclosures. Fortunately, there are resources distressed homeowners can take advantage of to prevent a foreclosure, including filing for bankruptcy.