Nevada has seen a great deal of difficulty in their housing market as many homeowners have either experienced foreclosure, problems related to unemployment, and as is the case with many properties across the nation, underwater home loan difficulties have arisen. However, Nevada is one of the states that has received assistance from the federal Hardest Hit Fund to implement state-specific programs which could be helpful to homeowners in need.
The Nevada Affordable Housing Assistance Corporation has proposed various mortgage assistance plans which may help homeowners who face the loss of their home through foreclosure because of outside factors. Some of these proposed programs come in the form of principal reduction initiatives, second mortgage reduction plans, assistance for homeowners who are attempting to short sell their home, and a program provided to homeowners so that they can remain current on their home loan payments.
Obviously, many homeowners across the nation have attempted to work with major mortgage servicers in order to take advantage of programs like the Obama home loan modification plan, but it’s hoped that these state-specific assistance initiatives will bring more opportunities to homeowners who face foreclosure. While some of these programs which are being implemented in various states have not begun or are only working in limited areas, it’s believed that in the coming months if these programs are implemented correctly more homeowners will be able to keep their home until economic conditions improve.
Again, factors like unemployment and the loss of property values have caused a substantial amount of trouble for homeowners who simply cannot meet their mortgage payment obligation, but were previously able to afford their home loan. While some homeowners have simply thrown their hands up and walked away from their mortgage, homeowners who are attempting to keep their home but may be struggling are those who are believed will benefit from these HHF programs which were created from federal funding.
While, the Nevada mortgage assistance program may benefit various homeowners across the state, those who are currently struggling to make their mortgage payments are still being advised to contact their mortgage servicer or a HUD housing counselor so that the proper mortgage assistance plan for their situation may be found and foreclosure may be prevented.