Tennessee Bank Foreclosures, though not as widespread as in other states are increasing. Johnson City’s Debbie Perry who works as a program coordinator in the home ownership program run by the Eastern Eight Community Development Corp said that the situation in Tennessee is not as bad as other places. Distress calls have increased in the last few months, she also said. Eastern Eight Community Development Corp is a non-profit human services and housing agency. They provide counseling to low income households in eight counties of Tennessee in foreclosures and fiscal matters.

Buckey Boone, the development director of the legal aid society of Southwest Virginia said that they haven’t witnessed much of a change. They have recently set up a counseling service exclusively for people looking at any phase of Tennessee Bank Owned Foreclosures. They work out of seventeen counties and four cities providing free of cost legal service to individuals with low incomes.

If a home-owner slips on making their mortgage payments they could lose their property in four months. If a borrower defaults on payments and chooses not to be in correspondence with the lender and the lender chooses to follow the law it doesn’t take very long for the borrower to lose their home. Losing a job, or other events that could financially affect a borrower are known to be the cause of many a foreclosure. Increasing monthly mortgage payments where budgets go awry are the cause of many others.

Andy Whetsel, Citizen’s Bank’s executive V.P said that keeping lenders informed of any impending problem is the most important thing one could do to avoid a foreclosure. Whetsel also said that from a lender’s perspective it is important to know what the concerns of the lender are in order to work towards a solution, banks not wanting real estate after all.

TriSummit Bank’s CEO and president, Lynn Shipley also spoke along similar lines. She said that the best thing to when faced with a change in monetary situation getting in touch with the lender at the earliest is the way to go.