MORTGAGE FORECLOSURE

1
MORTGAGE FORECLOSURE

• Resources for Training

2
by

• Joanne Bankston, Ph.D.
• Kentucky State University
• Cooperative Extension Program

• Joanne Bankston, Ph.D.

3
GETTING STARTED

• Developing programs on mortgage foreclosure for
  Extension assistants and agents
• Explore federal and state resources for
  up-to-date information
• Spreading the word ASAP

4
FEDERAL FORECLOSURE INFORMATION

• Website for seeking solutions to foreclosure
  issues
• www.federalreserve.gov/consumerinfo/foreclosure.ht
  m
• Link to foreclosure centers and housing
  counselors

5
Website links to agency publications

• Department of Housing and Urban Development
• Department of Justice
• Federal Housing Administration
• Federal Trade Commission

6
NeighborWorks America

• Created to preserve homeownership
• Foreclosure counselors around the nation
• Outreach Campaigns to reach struggling homeowners
• Collaborates w/ local leaders to create
  intervention programs

7
Other Foreclosure Resources

• Federal Housing Administration website
• www.fha.gov
• Hope for Homeowners created by Congress to help
  those at risk of default and foreclosure
  refinance into more affordable loans
• www.hopenow.com
• Hope Hotline [phone].HOPE

8
State ResourcesThe KY Housing Corporation

• Provides
• Affordable housing opportunities
• Lower-than market mortgages
• Down payment assistance
• Homeownership education

• Counseling
• Housing production financing
• Rental assistance
• Housing production financing
• Rental assistance
• Programs for homeless
• www.kyhousing.org

9
KY Homeownership Protection Center

• Designed to help KY households avoid foreclosure
  who are on the brink of losing their homes
• Administered by KHC
• Network of counselors and counseling agencies
• Provides information on mortgage foreclosure
  solutions workout plans
• www.protectmykyhome.org

10
KY Hownership Protection Center Works w/ KY
Families

• Helps families to
• Understand foreclosure process and causes
• Develop plan to address
• Find resources to address needs
• Learn to manage finances
• Determine options for preventing foreclosure
• Avoid predatory lending
• Find alternative housing solutions if foreclosure
  occurs