2012 report on foreclosures
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2012 Report on Foreclosures. Kentucky Homeownership Protection Center. Administered by Kentucky Housing Corporation. Overview. Kentucky Housing Corporation’s (KHC) housing counseling program Kentucky Homeownership Protection Center (Protection Center) Unemployment Bridge Program - PowerPoint PPT PresentationTRANSCRIPT
Kentucky Homeownership Protection Center
2012 Report on Foreclosures
Administered byKentucky Housing Corporation
Overview
• Kentucky Housing Corporation’s (KHC) housing counseling program
• Kentucky Homeownership Protection Center (Protection Center)
• Unemployment Bridge Program
• National Mortgage Settlement Fund
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.
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.
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.
Statistics (08/11/2008 through 11/08/2012
Total contacts in Protection Center System
23,859
30-90+ days late 14,175
Current but anticipating delinquency 5,269
Summons has been served 3,665
Not a foreclosure issue 750
Statistics (as of November 8, 2012)
Current Activity Status
Currently in counseling 2,126
Currently working with Legal Aid 88
Currently in UBP 1,754
Completed counseling and/or UBP 5,242
Demographics(At point of intake)
Average income $30,923
Average age 48
Average household size 3
Single parents 4,239
First-time borrowers 1,740
Received homeownership education 321
Average original mortgage amount $92,188
Unemployment Bridge Program
Federal Hardest Hit FundsBegan April 1, 2011
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.
Current Snapshot
(Through October 31, 2012)Total program applicants 4,821
Total loans closed 2,600
Loans in process 4
Approved/pending closing 176
Program Status
• Program funds expended: $29,037,873
• Program funds committed: $65,000,000Maximum available per borrower: $25,000
• No longer in UBP: 495 Homeownership retained: 485Home sold/payoff: 6Foreclosure: 4
National Mortgage Settlement (NMS) Program
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.
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.
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
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.
Contact Information
www.ProtectMyKYHome.org___________________________
(866) 830-7868