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2012 Report on Foreclosures

2012 Report on Foreclosures. Kentucky Homeownership Protection Center. Administered by Kentucky Housing Corporation. Overview. Kentucky Housing Corporation’s (KHC) housing counseling program Kentucky Homeownership Protection Center (Protection Center) Unemployment Bridge Program

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2012 Report on Foreclosures

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  1. 2012 Report on Foreclosures • Kentucky Homeownership Protection Center Administered by Kentucky Housing Corporation

  2. Overview • Kentucky Housing Corporation’s (KHC) housingcounseling program • Kentucky Homeownership Protection Center (Protection Center) • Unemployment Bridge Program • National Mortgage Settlement Fund

  3. Program Overview • KHC partners work with 20 housing counseling agencies throughout the state to provide homeownership education and counseling services to Kentuckians. • Services vary from pre-purchase to foreclosure recovery. • All distressed homeowners begin process with the Homeownership Protection Center and are referred to a qualifying counseling agency.

  4. Homeownership Protection Center • Legislatively created in 2008 by House Bill 552. • Provides a state-wide, centralized resource for any Kentucky homeowner in default or in danger of becoming default on their mortgage. • Protection Center began August 11, 2008.

  5. Homeownership Protection Center • Distressed homeowners are referred to certified foreclosure intervention/loss mitigation counselors within KHC’s counseling network. • Counselors work with homeowners and their lenders to submit loss mitigation packages to avoid foreclosure. • No charge for services to Kentucky homeowners.

  6. Statistics (08/11/2008 through 11/08/2012

  7. Statistics (as of November 8, 2012)

  8. Demographics

  9. Unemployment Bridge Program Federal Hardest Hit Funds Began April 1, 2011

  10. Unemployment Bridge Program (UBP) • For Kentucky homeowners who have suffered job or employment income losses in the last 3 years through not fault of their own. • Pays mortgage payments for 12 months or for a maximum of $25,000, whichever comes first. • First payment may be up to $12,500 toward reinstatement.

  11. Current Snapshot

  12. Program Status • Program funds expended: $29,037,873 • Program funds committed: $65,000,000 • Maximum available per borrower: $25,000 • No longer in UBP: 495 • Homeownership retained: 485 • Home sold/payoff: 6 • Foreclosure: 4

  13. National Mortgage Settlement (NMS) Program

  14. National Mortgage Settlement (NMS) • Nationally as much as $25 billion in relief to distressed borrowers and direct payments to states and the federal government. • Kentucky received $58.75 million. • KHC received $7.5 million.

  15. Funds distributed by KHC shall be used to avoid preventable foreclosures and to improve the effects of the foreclosure crisis by doing one or more of the following: • Preventing foreclosures and keeping families in their homes. • Stabilizing neighborhoods where foreclosures have occurred. • Helping the affected families recover. • Demolishing blighted and abandoned structures. • Providing more affordable, stable and reliable housing choices throughout the Commonwealth.

  16. NMS $7.5 Million to KHC • $3 million to the NeighborWorks Alliance to be used on a variety of programs. • $3 million to establish a down payment and closing cost assistance pool. • For buyers who want to purchase vacant or foreclosed properties, or new, or existing properties that have been on the market for six or more months. • $1.5 million awarded to the Homeownership Protection Center

  17. NMS $1.5 million to HPC • Foreclosure Intervention/Loss Mitigation Counseling • Counselors help borrowers submit loss mitigation applications to their lenders to prevent foreclosure. • Transitional Counseling • Focuses on clients who are exiting homeownership. • Relocating, restoring security, rebuilding finances.

  18. Contact Information www.ProtectMyKYHome.org ___________________________ (866) 830-7868

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