Individuals and families receive the tools needed to gain financial control of their future.
Foreclosure prevention services at Brighton Center provide assistance to homeowners currently delinquent or in danger of becoming delinquent on their mortgage. Services may include help with stopping the foreclosure process, intervening with lenders & attorneys, and applying for assistance for those homeowners living in the State of Kentucky or three counties in Indiana (Dearborn, Ripley, and/or Switzerland).
Homeowners who are currently unemployed, struggling to meet mortgage payments, or leaving their home due to short-sale, deed-in-lieu of foreclosure, or foreclosure may have options available to avoid these negative experiences.
- The Kentucky Unemployment Bridge Program (UBP) is a forgivable loan option for eligible applicants to assit them in making their mortgage payments. To be eligible, the applicant must have experienced a loss of income due to unemployment or a reduction in income due to substantial underemployment or permanent disability. The maximum amount of assistance is $15,000 or 12 months, whichever comes first. The maximum $15,000 may be use dor reinstatement and all related fees and payments to bring your loan(s) current, if needed.
- The Indiana Housing and Community Development Authority (IHCDA) offers a forgivable loan option for eligible Indiana homeowners to assist them in making their mortgage payments. To be eligible for assistance the applicant must have experienced one of the following; job loss, a reduction of income due to changing economic conditions, a divorce or a medical hardship.
- Loss mitigation is the process of working with delinquent home buyers who may be facing foreclosure and their lender in an attempt to find a favorable outcome for homeowners. Our counselors are knowledgeable about the options which may be available such as a; loan modification, forbearance, deed-in-lieu and short sale which helps borrowers to obtain a financially sustainable solution to remain in their home and avoid foreclosure.
- Making Home Affordable offers possible solutions, such as Home Affordable Modification Program, Home Affordable Refinance, Second Lien Modification Program and others.
Why We Do It
The negative impacts of foreclosure on communities are far reaching. Local news accounts, reports from local officials and data from non-profit agencies paint a picture of the effects of foreclosure. When people lose their homes, communities suffer economically, physically, and socially. Foreclosures cause property values in the neighborhood to drop, leading to a smaller tax base and often increased crime rates. Community members become vulnerable to financial scams. Youth experience stress and instability. It is estimated that over 1.95 million youth are affected by foreclosure. Displaced residents struggle to find shelter and often move in with relatives and friends or emergency shelters, and still others add to the homeless population.
The following is a list of documents which will be required in order to complete an application:
The Kentucky Unemployment Bridge Program: To enroll please call 859-491-8303 ext. 2314
Making Home Affordable and other home retention options: Click Here
Indiana Foreclosure Network: 1-877-GetHope or www.877gethope.org
Additional Supporting Documentation Needed:
- Most recent monthly mortgage statement
- Other correspondence and/or legal paperwork regarding mortgage
- Household Income:
- Paystubs for the last 30 consecutive days
- Documentation of award letter if you receive income from other sources (alimony, child support, social security, etc.)
- Unemployment: Determination Letter and proof of unemployment income
- If self-employed, the most recent quarterly or year-to-date signed profit and loss statement
- Last two years of tax returns and W2’s
- Two most recent bank statements
- Proof of ownership (a loan note, deed, recorded mortgage)
- Spending Plan
- Hardship letter, signed and dated
- Information about other mortgages on your home