First Tennessee Loan Modification

First Tennessee is one of the major lenders i n the Memphis area and is part of the First Horizon National Corporation. It mainly serves sub-prime loans and mortgages, although it has also started offering mortgage assistance to delinquent borrowers. Among its most requested services is loan modification, a contract that changes one’s mortgage terms in order to stop foreclosure.

The requirements for a First Tennessee loan modification include standard financial documents (bank statements, mortgage bills, W2’s, etc) and a hardship letter describing the borrower’s financial circumstances. The reason for hardship must be valid, such as a medical emergency or unexpected job loss. While borrowers who are current may also apply, First Tennessee gives priority to those who are nearing or already in foreclosure.

Like many local lenders, First Tennessee has limited experience and staffing for mortgage modification applications. Although the foreclosure process is paused during the application, it’s not uncommon for a case to last several months. Working with a loan modification attorney can help speed up the First Tennessee loan modification process, as they lend credibility to the case and can use legal violations as leverage for negotiations.

Borrowers who don’t qualify for a First Tennessee mortgage modification also have other alternatives, such as a short sale or deed-in-lieu. Unlike a loan modification, these options don’t let them keep their homes, but it helps minimize damage to their credit and helps them sooner get back on their feet.