Protection Center to Help Kentuckians in Danger of Losing Their Homes
OWENSBORO, KY – August 14, 2008 – (RealEstateRama) — Kentucky Governor Steve Beshear today announced at a press conference in Owensboro the creation of the Kentucky Homeownership Protection Center to address the foreclosure crisis in the commonwealth. The Protection Center, created by the passage of HB 552 during the 2008 General Assembly, will help Kentuckians in financial trouble become more proactive in keeping their homes.
Every homeowner who contacts the Protection Center through the Web site at www.ProtectMyKYHome.org or through the toll-free number at (866) 830-7868 will be referred to a counseling agency serving their area that will assist those homeowners in default or in danger of defaulting on their mortgage loan.
“The Kentucky Homeownership Protection Center provides a central location for all information pertaining to affordable housing in Kentucky,” said Governor Beshear. “While the nation faces a crisis in the housing industry, my administration is working tirelessly to help Kentucky homeowners who are affected by these tough economic times remain in their homes.”
The Protection Center is a joint effort of the Department of Financial Institutions, Kentucky Housing Corporation (KHC) and many other organizations across the state. It is modeled after Louisville’s 211 Foreclosure Prevention Hotline, launched earlier this year by Mayor Jerry Abramson, to address the foreclosure crisis in Metro Louisville/Jefferson County. The Protection Center is administered by KHC, under the direction of Governor Steve Beshear, to provide support and guidance to homeowners. KHC will be collecting and reporting data on the results to the Governor’s Office.
“Residents cannot win this fight alone,” said Representative Tommy Thompson, sponsor of HB 552. “With this information, we will be able to identify what is causing the foundation of Kentucky’s housing industry to rot and discover how we can repair the damage before any more Kentuckians are hurt. We all have to band together to protect our families from the companies that prey on the desperate and unlearned.”
The Protection Center provides counseling at no cost to the homeowner. Counselors are available to help homeowners understand the foreclosure process; address the root cause of default; locate available resources to help address their needs; provide financial management guidance; determine options for preventing foreclosure; help homeowners avoid predatory lending practices; and help find alternative housing solutions if foreclosure is unavoidable. It also has also formed a partnership with Legal Aid to help qualifying individuals who are unable to recover from their circumstances through counseling.
“By providing these resources, the Protection Center empowers homeowners to learn how to protect themselves and how to work their way out of bad situations,” said Richard L. McQuady, interim chief executive officer of KHC. “We at Kentucky Housing are proud to be part of this program, working with Governor Beshear and we will do everything we can to make sure people stay in their homes. Kentucky is a strong state and having this program in place only makes us all stronger.”
Contact:
Jay Blanton
Jill Midkiff
502-564-2611
