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Homebuyer Protection Project Aims to Prevent KY Foreclosures

December 19, 2008

Louisville, KY – Many home buyers and people refinancing home loans will soon have an angel looking over their shoulders. The "Homebuyer Protection Project" is underway in Jefferson County, where attorneys at the Kentucky Legal Aid Society will examine contracts and go with the home buyer to the closing.

Ben Carter is the managing attorney on the project. He says it was started just in time, as housing loan money is expected to start flowing again over the next month. He adds that working with home buyers so closely will help the Legal Aid Society be mortgage industry watchdogs.

"We want to prevent some of the predatory lending that's gone on, and make sure that people can get into sustainable loans that they can handle over the long term."

Carter says home buyers, and those refinancing, over the past few years have been presented with complicated loans that most people, including those in the industry, did not understand in terms of how they would play out over the life of the loan.

"These loan products are pretty sophisticated. If you don't have a degree in higher math, you're at risk for being taken advantage of."

Jefferson Country residents with incomes under $60,000 a year are eligible for the free loan help. Carter says this is a first-of-its kind program, and he hopes it expands throughout the state in the coming months.

Those interested in the loan help can call 800-292-1862.

Deborah Smith/Deb Courson, Public News Service - KY