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Home Family Program
This program gives mortgage assistance up to $10.000 with home purchase price up to $195,700. There is no monthly repayment; forgiven over 5 years. It’s targeted to those who are in existing homes, are a single or two parent household that has at least one dependent child under the age of 18 living in the home, are first time home buyers and have not owned a home or had interest in a home in the past 3 years. There are household income limits too. For example; for 1 person the limit is $23,7000, 2 persons $27,100, 3 persons $30,450 and 4 persons or more $33,850. If you think you may be qualify for this program contact the Kentucky Housing Corporation located in Frankfort, Kentucky.
FHA’s Home Affordable Modification Act
This program is for homeowners with FHA insured mortgage loans, who can’t pay their mortgage because of loss of employment or death in the family or serious chronic illness. Beforehand homeowners were not eligible for this assistance until they missed a mortgage payment. However, the homeowner must be current or not more than 30 days past due on their mortgage payments. The loan officer will postpone, reduce payments due on a loan for a circumscribed and definite time period or your monthly mortgage payments will be reduced to an affordable level. To utilize this program go to www.HUD.gov and put in the search engine Kentucky Mortgage Aid.
Kentucky Legal Aid
Neighboring Kentucky Legal Aid offices can help to arbitrate if the lender gave you a loan under precarious circumstances or did not reveal all the information in the loan certificate. If it is concluded that you were a casualty of unscrupulous lenders, you will be aided in receiving any compensation you might be owed. Its good to check with legal aid even if you have the slightest suspicion of foul play.
http://www.louisvilleky.gov/foreclosure.htm and www.kyhousing.org. These websites are beneficial whether you want to retain your home or release it into foreclosure.
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