The federal government is providing Kentucky tens of millions of dollars in aid as part of the federal government hardest hit fund. The state will be using the money to create the Kentucky Unemployment Bridge Program.
The primary goal of this program will be to provide mortgage relief to people who have lost their jobs, or who have had a reduction in income. It should hopefully prevent homeowners from losing their homes to foreclosure.
Financial assistance will be provided to homeowners who have experienced a loss of income due to underemployment or unemployment, and the money will be used to pay the families mortgage payments during the period of unemployment and/or underemployment. Even after the applicant to the program gets a new job, funding may still be provided for up to two months after reemployment, if further assistance is still needed. There is a maximum amount of cash that will be provided as part of the Unemployment Bridge Program.
If a homeowner meets the qualifications below, the Kentucky Unemployment Bridge Program will help those homeowners who are behind on or delinquent with their mortgage payments and the program can help those people who anticipate a default on their home loan due to either underemployment or unemployment. The program can even help people who just have had a loss of income, from either reduced working hours or a medical emergency.
The maximum amount of assistance provided per household will be set at $10,000. In addition to the maximum dollar amount, there is also a time constraint. The time limit set for the program is 12 months for households to utilize the mortgage assistance. So to summarize, the mortgage assistance provided will end at either the earlier of 12 months, or when up to $10,000 in aid has been provided. The assistance is provided in the form of a zero percent interest loan. Dial Kentucky Housing at (800) 633-8896 to learn more about the program, or contact the Homeownership Protection Center.
There will be several qualifications and criteria that need to be met. A sampling of them are below.
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