.....Advertisement.....
.....Advertisement.....

Foreclosure Intervention Program secures rescue funds

-A A +A
By The Staff

 

Through a cooperative effort between two partners of the Spencer County Foreclosure Intervention Program, rescue funds – funds which can be used to facilitate a modification or reinstatement of a mortgage with a lender – are now available to Spencer County homeowners.  Recently, The Housing Partnership, Inc. (HPI), the foreclosure counseling agency administering the program, signed an agreement to disburse funds received by The Multi-Purpose Community Action Agency through a Community Service Block Grant.  The grant is available to eligible homeowners in Spencer, Shelby and Bullitt counties.  One Shelby County homeowner has already benefitted from the grant.  Bill Heinz, Vice-President of HPI, noted that rescue funds are one of the missing pieces in saving homes, because lender and servicers want some good faith on the part of the homeowner.  The Multi-Purpose Community Action Agency has committed $80,000 of their grant for this purpose.  While there are some eligibility restrictions, the first steps by a homeowner at risk of losing their home is to connect with the Foreclosure Prevention Program as soon as possible.  It can be reached by calling (888) 814-8149 or E-mailing jhenning@WeAreHPI.org.  Certified counselors are assigned to work with each homeowner in a confidential manner.  All of the Foreclosure Intervention Program’s services are provided at no cost to the homeowner.  Even the rescue funds are disbursed directly to the lender or servicer by HPI after a deal has been negotiated and accepted by both parties.  Bill Drury, magistrate on Spencer County’s Fiscal Court and member of the task force overseeing the program, believes that continuing the momentum of the county-endorsed program through promotion and sharing success stories is the best way to raise awareness and interest and ultimately save homes.