Mortgage debt relief for Nevada homeowners through the Making Home Affordable modification program has been helpful for numerous individuals throughout 2010 as servicers saw an increase across the nation in the number of permanent home loan modifications which have been made through this federal foreclosure prevention initiative. However, recent reports released by HAMP have tracked data in various cities where there have been particularly difficult housing situations to arise causing homeowners financial distress and the possibility of foreclosure.
Nevada has been a particularly hard hit area and, as a result, many homeowners have been in need of foreclosure prevention assistance, as well as, extension plans and alternative homeowner assistance programs. While there are assistance plans offered outside of the federal Making Home Affordable Program, homeowners in various cities throughout Nevada have seen some success in the Making Home Affordable Program as trial and permanent home loan modifications have been extended.
As an example, data tracking statistics from the Making Home Affordable Program in Nevada as of November 2010 report that Las Vegas–Paradise saw 10,849 permanent home loan modifications, Reno-Sparks saw 1,663 permanent modifications, and Carson City had 174. Obviously, homeowners across Nevada saw assistance through home loan modification efforts, but again, Nevada has been one area in our nation which has seen a great deal of trouble related to housing and there are some predictions that home prices and recovery in general may take years before things begin to return to pre-recession levels.
Luckily, homeowners not only have federal home loan modification programs available, but extension programs in place can also address issues like unemployment and underwater mortgages, as well as proprietary home loan modifications may be available to homeowners who do not qualify for the Making Home Affordable initiative. Also, Nevada has been one of the states to be granted funding through the Hardest Hit Fund as a way to address homeowner needs directly from state housing agencies in areas that are in a particularly dire situation in terms of housing.
Nevada has seen their fair share of home loan difficulties, but homeowners who are in trouble are still being prompted to contact their mortgage servicer or consult a reputable housing counselor approved by resources like the Making Home Affordable Program or HUD as guidance through the modification program or general personal financial assistance may be offered through these counseling agencies.
Yet, it’s hoped that since Nevada homeowners do have additional options outside of a traditional home loan modification plan more foreclosures may be prevented in the coming months despite some grim predictions for the housing market in 2011. There are some analysts who feel that housing and overall economic recovery will continue into the new year, but for homeowners still in a tough financial position, these foreclosure prevention efforts are available and can help homeowners who fear the loss of their home through foreclosure.