Foreclosure counseling in Kentucky from Community Ventures Corporation.
Homeowners in Kentucky who have received a foreclosure notice, or who are behind on their mortgage, can contact Community Ventures Corporation for free or low cost counseling and prevention services. The non-profit has locations in Louisville, Bowling Green, Campbellsville, Paris and Henderson Kentucky, and hundreds of families receive foreclosure assistance every year.
The service they provide is known as National Foreclosure Mitigation Counseling (NFMC), and it is run in partnership with NeighborWorks America. While hundreds of people in Kentucky benefit from the resources every year, if you factor in the entire county, over 1 million borrowers have received foreclosure help from NeighborWorks America over the last several years. Community Ventures Corporation is one of the states’ largest nonprofit housing organizations.
Community Ventures and many other specialists say that the foreclosure situation continues at an unacceptable pace in Kentucky. It is always highly recommended that homeowners facing financial difficulties reach out for help very early in the process, and connect early with a housing counselor from CVC.
Many in Kentucky continue to think the state and the entire nation is starting to get ahead of the curve on this foreclosure crisis. However it seems as if as soon as one factor seems to get resolved or as soon as one program seems to be successful, then some other issue (such as robo-signing) shows up. Or maybe the economy slows down once again and results in another round of job losses.
Assistance offered by Community Ventures Corporation
The National Foreclosure Mitigation Counseling program has been very successful, and has had a really positive effect on families across the state. For example, the average homeowner who is qualified and receives help from the NFMC program will save up to $2,100 per year on mortgage interest and/or fees. The savings result from loan modifications, interest rate deductions and other solutions. These savings are compared to someone who doesn’t work with a NFMC counselor. In total, it is estimated that homeowners across the state of Kentucky save more than $370 million annually (and counting) because of the work of the entire NFMC program organization as well as Community Ventures Corporation. Read more on the services offered by National Foreclosure Mitigation Counseling.
Many clients who turn to the non-profit have lost their jobs or had a reduction in income. This is the leading reason that families in Kentucky are falling behind on their home loans. The reduction, or total loss of income, is becoming one of the biggest barriers in people receiving assistance on their mortgage. A lower income unfortunately limits the number of possible solutions to homeowners. It becomes challenging to prevent a foreclosure when your income just doesn’t support any form of housing payments.
Community Ventures Corporation faces other obstacles when trying to find solutions. In addition to the income issue as mentioned above, while the mortgage servicing industry and various banks have significantly increased their outreach tactics, response times, and overall partnership with CVC, communication and response time are still a challenge. However the non-profit continue to try to work through this barrier using a variety of tactics.
While no organization, including CVC, is perfect, many experts continue to say that that the best resource for Kentucky homeowners in danger of foreclosure is a federal government HUD-approved housing counselor. Many borrowers qualify for free, or very low cost, assistance from NeighborWorks America or other agencies. In general homeowners should not pay for foreclosure prevention services. Or if they do pay, the fees should be very minimal. Most organizations who charge a fee are scams, so be cautious in who you deal with.
To apply for help, or to get more information about foreclosure assistance and other housing services offered by Community Ventures Corporation, dial 1-800-299-0267. They have several offices around the state of Kentucky.