Homeowners struggling to make their mortgage payment in Nevada may be in a position where, as a result of continued high levels of unemployment, decreases in their homes value, or other problems, they have begun seeking out mortgage payment assistance plans that can help with foreclosure prevention through offering more affordable monthly mortgage payments. It was reported here in October that, for Nevada, the unemployment rate is currently standing at 13.4%, which is obviously one of the higher unemployment rates that we are seeing on a state-to-state basis, as the national unemployment level has remained at 9.1%. Yet, some good news was recently released by the Treasury Department as reports here in October indicate Nevada has seen more success in the area of modifications.
Obviously, all modifications have not been beneficial for homeowners in every area, but in particular states like Nevada where financial distress has been a problem, it is helpful to know that homeowners may still be able to avoid the loss of their homes through even traditional modification plans despite the fact that there have been problems with this federal program in the past. Yet, homeowners who are in an active trial modification in Nevada did decrease between July and August as this number dropped from 2,532 to 2,489, but the number of permanent modifications that had been tracked increased from 17,180 to 17,470 between July and August.
Nevada homeowners need to remember that they also may have options from state-specific programs as the Hardest Hit Fund has been set in place in various areas where high levels of unemployment have been a problem and homeowners are in need of financial aid when it comes to keeping their home and finding help through difficult times where, once again, factors like unemployment may be in place. Understandably though, homeowners will have to deal with their servicer or state housing agency, and in some cases there have been problems when it comes to homeowners working with the financial institution that services their home loan as some have seen a great deal of miscommunication, lost paperwork, or problems arise it may make acquiring a home a modification much more difficult.
Homeowners do need to be aware of these alternative plans though, or also it can be beneficial for homeowners to simply understand what the modification process entails as this too could lead to a more successful modification application process, as housing counselors and advisers may be able to direct homeowners as to what will be required of them so that problems that have been seen in the past between these homeowners and mortgage servicers in the modification program may not hinder current homeowners who are distressed and seeking home loan assistance.