Foreclosure prevention in N.Ky.

WILLIAMSTOWN, Ky. - Brighton Center's Kristi Sullivan presented opportunities for homeowners to be able to prevent foreclosure on their property in Williamstown, Ky. Tuesday.

Sullivan traveled to the Grant County because there were nine foreclosures there in November. In the previous 10 months there had been five.

"It is an idea to help educate homeowners who are unemployed or underemployed through no fault of their own," said Sullivan.

One of the options presented was the "Protect My Kentucky Home" program. It allows home owners to borrow up to $25,000 and the loan is forgivable should the borrower live there for five years. However, should the borrower only remain at their residence for three years, then 20 percent of the loan must be reimbursed for every year the borrower does not remain in the home.  For example $4,000 would need to be repaid on a $20,000 loan.

"The whole ultimate goal is to keep Kentucky homeowners in their home," said Sullivan. "If you don't qualify for that program, there are other programs you might qualify for to help you out."

Some of the basic criteria is that the applicant not have six months of house payments available in liquid-able assets, be unemployed or unemployed by no fault of their own, and a mortgage under a quarter million dollars.

You can get more information on Kentucky foreclosure prevention at: http://www.kyhousing.org/protect/ and http://www.brightoncenter.com/home/index.php .