Protecting your home from foreclosure - wave3.com-Louisville News, Weather & Sports

Protecting your home from foreclosure

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LOUISVILLE, KY (WAVE) - America's economic climate has caused a few hardships for some people who are trying their hardest to hold on to one of America's biggest dreams. Some homeowners are delinquent on their home loans, in danger of being late or already in the process of foreclosure. Before giving up your hopes and your home, you need to know there's not only a helping hand, but cash, too.

The good news comes from Louisville Urban League Housing Director Christie McCravy. "This is not one of those scams that we warn about all of the time," McCravy said. "For years we taught in the housing industry, if it sounds too good to be true, walk away, walk away. This is one service that is truly free"

McCravy is a HUD-approved financial and home ownership counselor.The important words for you to always look and listen for are HUD-approved counselor.

Home ownership protection provided by Hardest Hit Funds is a free service and vital to those trying to keep their mortgage and keep from losing their home. Protect My Kentucky Home is doing just that, protecting Kentucky homes from foreclosure by using those hardest hit funds allotted to Kentucky.  Indiana is also part of the program. The United States Treasury selected the states that receive these targeted funds on two key elements: the state's unemployment rate and the states steep home price decline. 

Lessley Wood, a HUD approved counselor from the Housing Partnership Inc., concurs. "This is a legitimate program, and it was designed to help those that were affected by the economy to keep them from losing their homes," Wood said.

At 60 years old, Eddie Davis is one of those folks grateful for Protect My Kentucky Home and the fact he now has a chance at keeping his after being laid off and dealing with a changing workforce.

"At my age technology has changed, the job market has changed," Davis said. "Sooner or later you have to deal with it. You have to bite the bullet. It will not go away."

Lessley Wood encounters people's fear first hand. "It's very, very scary," Wood said. "The longer it goes, the harder is it for us to help."

It may not be the pot of gold at the end of the rainbow, but for some homeowners, it has fixed their foreclosure problems. It is also a forgivable loan if the homeowner stays in the home for five years after receiving the funds. That means the loan never has to be paid back.  But the nation's housing market is still facing huge challenges. 

McCravy offers this important warning to any homeowner in trouble: "If anyone even approaches someone about paying fees. that's really a red flag!"

For additional aid, contact:

Louisville Urban League
1535 West Broadway
Louisville Kentucky 40203
502-566-3360
lul.org

The Housing Partnership
321 Guthrie Green
Louisville, Kentucky 40202
502-814-1048
wearehpi.org

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