Attorney General Jim Hood Announces Formation of the Mississippi Foreclosure Prevention Consortium

Jackson, MS – July 17, 2012 – (RealEstateRama) — Attorney General Jim Hood today announced that his office has created the “Mississippi Foreclosure Prevention Consortium” to assist homeowners who are struggling as a result of the foreclosure crisis. The consortium was created through funding provided under the National Mortgage Settlement that was entered into earlier this year with the nation’s five largest mortgage servicers over foreclosure abuses and fraud, and unacceptable mortgage servicing practices. As part of the settlement, Mississippi received $13,580,374.00 to be used for purposes intended to avoid preventable foreclosures, to ameliorate the effects of the foreclosure crisis, to enhance law enforcement efforts to prevent and prosecute financial fraud, or unfair or deceptive acts or practices and to compensate the State for costs resulting from the alleged unlawful conduct of the subject services. Of this amount, $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.

The Consortium was created through partnerships with non-profit and community action organizations to provide mortgage assistance to homeowners statewide. 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.

“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,” said Attorney General Hood.

These organizations will be receiving funding to provide services that will 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. The hotline will provide information about the National Mortgage Settlement Program and assist callers in completing the steps necessary to receive assistance through the program, as well as through the Consortium.

• free HUD-approved housing counseling and individual counseling
• free legal counsel, advice and representation to homeowners
• mortgage payment assistance to honorably discharged veterans and currently serving members of the Armed Forces who qualify for veteran status.

For assistance through the Mississippi Foreclosure Prevention Consortium, please contact the hotline at 1-866-530-9572.

Contact:
Jan Schaefer, Public Information Officer
601/359.2002
jscha (at) ago.state.ms (dot) us