Governor Beshear Announces Kentucky Homeownership Protection Center

Protection Center to Help Kentuckians in Danger of Losing Their Homes

Kentucky Governor Steve Beshear announced at a press conference in Owensboro today the creation of the Kentucky Homeownership Protection Center established by the 2008 Kentucky General Assembly to address the foreclosure crisis in Kentucky.  The Protection Center will help Kentuckians in financial trouble become more proactive in keeping their homes.

The Protection Center provides counseling at no cost to the homeowner.  It also has also formed a partnership with Legal Aid to help those who qualify and cannot recover from their circumstances through counseling.

“The Kentucky Homeownership Protection Center provides a central location for all information pertaining to affordable housing in Kentucky,” said Governor Beshear.  “Based on the nationwide trends, we are working to stay ahead of the curve before we are in the same devastating situation as many neighboring states.”

The Protection Center is a joint effort of the Department of Financial Institutions, Kentucky Housing Corporation (KHC) and many other organizations across the state.  The Protection Center is administered by KHC, under the direction of Governor Steve Beshear, to provide support and guidance to homeowners who are in default or in danger of default on their mortgage loan.  KHC will be collecting and reporting data on the results to the Governor’s Office.

“Residents cannot win this fight alone,” said Representative Tommy Thompson.  “With this information, we will be able to identify what is causing the foundation of Kentucky’s housing industry to rot and discover how we can repair the damage before any more Kentuckians are hurt.  We all have to band together to protect our families from the companies that prey on the desperate and unlearned.”

Each homeowner who contacts the Protection Center through the Web site, www.ProtectMyKYHome.org, or through the toll-free number, (866) 830-7868, will be referred to a counseling agency serving their area.  That agency will review the client’s current situation and may assist them in meeting their goals.

“By providing these resources, the Protection Center empowers homeowners to learn how to protect themselves and how to work their way out of bad situations,” said Richard L. McQuady, interim chief executive officer of KHC.  “We at Kentucky Housing are proud to be part of this program, working with Governor Beshear and we will do everything we can to make sure people stay in their homes.  Kentucky is a strong state and having this program in place only makes us all stronger.”

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The Kentucky Homeownership Protection Center was established by the 2008 Kentucky General Assembly to address the foreclosure issue here in Kentucky.  The Kentucky Homeownership Protection Center is a joint effort of the Department of Financial Institutions, Kentucky Housing Corporation and many other agencies and groups across the state.  The Kentucky Homeownership Protection Center is administered by Kentucky Housing Corporation.