The federal government is giving Kentucky tens of millions of dollars in aid as part of the federal government hardest hit fund. The state is going to use the money to make a program that will help people who are unemployed.
The main purpose of this program is to help people who have lost their jobs or had a decrease in income by giving them mortgage relief. It is hoped that this will stop homeowners from having their homes taken away from them through foreclosure.
Homeowners who have lost income due to underemployment or unemployment will receive financial assistance to cover their mortgage payments during that period. Even if the applicant gets a new job, funding may still be provided for up to two months, if further assistance is still needed. This means that if you need more money than the maximum amount, you will have to find another source of income.
How does the Kentucky Unemployment Bridge Program work?
If a homeowner meets the qualifications, the Kentucky Unemployment Bridge Program will help those homeowners who are behind on or delinquent with their mortgage payments. The program can also help those people who anticipate a default on their home loan due to either underemployment or unemployment. The program can help people who have had a decrease in income, or who have had a medical emergency.