Focus on Finance: Money available to help Kentuckians bridge the gap

Question: I lost my job last year and I am having trouble keeping up with my mortgage. Is there a program that can help me until I get back on my feet?

Answer: If you have experienced a job loss or had a significant loss of income after January 2009 because of no fault of your own and need assistance, you may be eligible for the Kentucky Unemployment Bridge Program. The program will assist home owners with their mortgage payments while searching for new employment. Not only will the program bridge the gap but it will help prevent foreclosure for many hard working Kentuckians who have lost their job or experienced a significant reduction in income because of economic factors.

Kentucky, along with several other states, has received almost $149 million for the program through the U.S. Department of the Treasury Hardest Hit Fund.  These states were chosen because of a significant impact of unemployment or because of a significant decline in home values because of an economic decline.

Under the UBP program an eligible homeowner may receive assistance up to $20,000 or 12 months of assistance, whichever occurs first. This is a forgivable loan which can be used to make the monthly mortgage payments and any fees the homeowner incurs to bring a delinquent mortgage current. A home owner must meet the program guidelines and their current mortgage holder must participate in the program as well. This assistance is available on a first come, first-served basis and the homeowner does not have to be delinquent to apply.

The program is administered by the Kentucky Housing Corp., through the Kentucky Homeownership Protection Center. The Homeownership Protection Center can be contacted by visiting www.ProtectMyKYHome.org. There you will find information on the foreclosure process that will assist homeowners in make choices to keep from losing their homes.

The Prevention Center is the only statewide foreclosure initiative endorsed by Governor Steve Beshear.

Know that options are available if a homeowner is delinquent or in danger to become delinquent. All assistance through the Protection Center is free to every Kentucky homeowner.

Equal Housing Lender.  NMLS#13563 Available for a limited time only and is subject to restrictions, qualifications, and limitations.  All information is summary in nature and is provided for general guidance only.  Consult your tax, legal and financial advisors for advice on how these programs may apply to your specific circumstances.  The information in this publication does not constitute legal, tax or financial advice, and may not be used to avoid taxes legally due.  Information subject to change without notice and is provided “as is” with no guarantees.  Subject to credit and underwriting approval and program qualification.  This is not a commitment to lend.  Additional information is available at www.federalhousingtaxcredit.com  Refer to the specific terms of the program for full details.