There is a new loan option for homeowners that have hit hard times. The Kentucky Unemployment Bridge Program (UBP) is a new forgivable loan option to help homeowners make their mortgage payments.
The maximum amount of assistance available is $25,000 or 12 months, whichever occurs first. Of that $25,000, the maximum amount that can be used for all related fees and payments to bring loans up-to-date is $12,500.
To be eligible for the program, the applicant must have experienced a job loss or reduction in income due to changing economic conditions, through no fault of their own. The applicant must demonstrate a need for assistance as well.
The job loss or reduction on employment income must have occurred within the three-year period prior to the date of the application submitted.
Applicants must also meet several guidelines and the mortgage must be with a participating servicer. One guideline is that the maximum amount of liens on the property cannot exceed $275,000.
The applicant cannot have more than two liens on the property. Applicants cannot own more than one property. Applicants must also sign a hardship certification acknowledging the reduction in income due to no fault of their own.
Those eligible for the UBP do not have to pay any money back for participating.
According to kyhousing.org, The UBP is not for job or income loss due to divorce, death or disability.
Those wanting more information can visit kyhousing.org or call 866-830-7868. Locals can receive information about the program from Bell-Whitley Community Action Agency.
Anyone who has property in Tennessee can contact Jackie Mayo at 888-588-9129.