Everyone knows that Nevada has one of the largest foreclosure rates in the nation. Nevada has been awarded over $150 million in funds in the "Hardest Hit Fund" program to help homeowners.
The primary objectives for Nevada Hardest Hit Fund program are:
- Assist low and moderate income families to avoid foreclosure or assist in a short sale.
- Assist about 22,000 Nevada homeowners that need mortgage assistance due to unemployment, underemployment, second liens, or large principle to value
There are four programs invloved:
- Mortgage Assistance Program (MAP)-Intended to help homeowners with involuntary job loss or severe reductions in income. It will pay up to $1000 per month for the first mortgage for up to 9 months. The owner is responsible for paying a minimum of $75 per month toward the payment.
- Principle Reduction Program-Homeowners that qualify, mainly with conventional loans, can get a principal reduction. The program provides up to $50,000 and the loan provider provides a matching contribution making the maximum amount available of $100,000.
- Short Sale Program-Designed to help those in need of a short sale. The program helps owners transition into tenants by paying the landlord fees to get the homeowner moved in.
- Second Lien Relief Program-This program is designed to get the second lienholder to accept payment from the program and in exchange release the homeowner from the lien . The maximum amount contributed by the program is $16,500.
The eligibilty requirements are stiff but about to become eased on 3.1.12. More info to come on that later.
Please contact me if you would like to see if you qualify. I can work with you on short selling your home if that is needed. If not, I can get you started on filing for the correct program.
EXIT Las Vegas Realty Center