Attorney General Jim Hood has announced the creation of the “Mississippi Foreclosure Prevention Consortium” to assist homeowners who are struggling as a result of the foreclosure crisis.
“The consortium was created through funding from the National Mortgage Settlement that was entered into earlier this year with the nation’s five largest mortgage servicers,” the General Hood’s office.
Partners include Money Management International, Mississippi Home Corporation, Mississippi Center for Justice, Mississippi Center for Legal Services, North Mississippi Rural Legal Services, and Mississippi Military Department.
As part of the settlement, Mississippi received $13.5 million in settlement money over foresclosure abuses, fraud and unacceptable mortgage servicing
$5.8 million was allocated for creation of the Consortium and the remaining $7.7 million was sent to the State General Fund for use by the Mississippi Legislature.
“We partnered with these organizations to make sure that Mississippians were provided with the full range of services needed to address the problems facing homeowners across the state,” Hood said.
Services provided through the funding include:
• a dedicated, toll-free hotline that will serve as the initial point of contact for distressed homeowners who are seeking to apply for assistance through the Consortium.
• free HUD-approved housing counseling and individual counseling
• free legal counsel, advice and representation to homeowners
• mortgage payment assistance to honorable discharged veterans and currently serving members of the Armed Forces who qualify for veteran status.
As reported on May 27 by the Mississippi Business Journal, the state’s general fund received a $7.7 million cash infusion following settlements with mortgage providers Bank of America, Citi, Chase, GMAC and Wells Fargo.