Louisville Judges and Politicians Launch Foreclosure Prevention Program

An article published in Business First of Louisville discusses a progressive and innovative project to prevent more homes from foreclosure in and around the Louisville area. The report claims that Jefferson Circuit Court Judges, Louisville Metro Mayor Jerry Abramson and U.S. Rep. John Yarmuth joined together to launch what they are calling the Foreclosure Conciliation Project. The program is designed to encourage mortgage lenders to explore alternatives to foreclosure that will help more Louisville-area residents to keep their homes. Louisville area judges have agreed not to require the sale of a foreclosed home before the homeowners have a chance to meet with the lenders. Not only will the program help homeowners remain in their homes, fewer foreclosed homes will also help Louisville neighborhoods by reducing vacant houses that are frequently targets of vandalism. Homeowners who get involved with the Foreclosure Conciliation Project will learn about options that they can pursue to keep their home such as forbearance agreements, loan modifications and other alternatives to foreclosure. In a press release issued by Louisville Mayor Abramson, he said, “Having a clear plan to follow will make this process less traumatic and more educational for homeowners.” In 2008, 3264 Jefferson County home foreclosures were filed that led to 2408 homes being sold at foreclosure sales. This year is looking even grimmer for foreclosures, and experts claim that if current trends continue, foreclosure filing will near 5,000 before the end of 2009. Chief Judge Jim Shake said in the press release, “A foreclosure sale displaces families, disrupts neighborhoods and drains wealth from our community. If we can use our resources to encourage communication, offer alternatives and prevent significant losses to families and neighborhoods, then we as a community have a responsibility to do that.” Anyone interested in investing in Louisville foreclosed properties or other types of Louisville homes for sale can contact Louisville Properties by filling out a contact form for a timely response or calling 502.744.9504.

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James Powell

Jim Powell has over 20 years of experience buying and selling luxury real estate in Louisville, KY and Managing over hundreds or rental properties across the city.
Jim Powell (License #191501)

Lauren Ghanavatian

Lauren Ghanavatian attended Assumption High School and the University of Louisville. Growing up in Louisville gave her a sense of the unique and diverse communities this city has to offer.

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Louisville Properties is a full service Louisville Real Estate Company for buyers and sellers of real estate. We offer the following services
3418 Frankfort Ave #100 Louisville, KY 40207 Louisville, KY 40207
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Phone: 1-502-744-9504

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