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Kentucky Foreclosure Report: Homeownership Protection Programs

Learn about Kentucky's Homeownership Protection Center and Housing Counseling Program, including the Unemployment Bridge Program and National Mortgage Settlement Fund. Statistics and program details provided.

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Kentucky Foreclosure Report: Homeownership Protection Programs

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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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