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  • kentucky-flag-mediumKentucky Mortgage Aid

    There are many alternatives to homeowners under financial stress in Kentucky. One of the best ways to find out exactly what options are out there is at the US Department of Housing and Urban Development. Government websites can be a little difficult to navigate so I’ll talk you through a few examples.

    If the homeowner is in immediate danger of losing their home the FHA’s Home Affordable Modification Act is the first thing to check on. This program is for those homeowners who can’t pay their mortgage because of a job loss or death in the family. This site also lists a number of Kentucky specific mortgage aid organizations.

    The Catholic Charities – Diocese of Covington
    offers a wide variety of homeowner education programs. They offer financial and foreclosure education to enable the homeowner to understand the options that are available to them. They also offer pre-purchase education that can be helpful before trying to buy another house at a later date.

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    If the owner feels that they were the victim of predatory lending practices sometimes the best option is a legal one. Local Kentucky Legal Aid offices can help to determine if the lender either gave out a loan that they shouldn’t have or did not disclose all the pertinent information in the loan documents. If it is determined that you were a victim of such a scheme they can assist with getting whatever compensation that you are owed.

    If you feel that you might soon go into foreclosure now is the best time to start researching options. Once the foreclosure proceedings have already begun there is much less time to figure out what needs to be done to prevent it. Going through the entire foreclosure process is tough on your emotional health and credit rating. Do what needs to be done to protect both of these things.

    Speak to the bank that holds the note on the house. They may be willing to work with person who has the loan. They normally don’t want to sell the house themselves and will sometimes be willing to be flexible on payments and interest rates. Different mortgage companies have different rules and requirements but it doesn’t hurt to ask.

    If the bank won’t work with you it is then time to seek outside assistance. With the real estate crisis continuing there is no shortage of Kentucky mortgage aid organizations willing to step in and give a helping hand to those in need.

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