Nevada Hardest Hit Fund Program Offers Homeowners Assistance On Their Mortgage In State With Highest Unemployment

Reports on the unemployment rate in various states as of September indicate Nevada is the state with the highest level of unemployment as the rate currently stands at 13.4%, and this has obviously led to many problems in the lives of men and women who, in some instances, are having trouble meeting debt obligations like their mortgage. Yet, consumers are still being made aware of plans in Nevada like the Hardest Hit Fund, which may be able to offer different programs to help homeowners through these difficult financial times where income may be scarce and debts may seem overwhelming.

The Nevada housing agency that has been charged with setting up these programs have made available specific plans for homeowners who may be in a negative equity position, may need help with a second mortgage, or who may simply need aid when it comes to making their mortgage payment as a result of unemployment. The Mortgage Assistance Program in Nevada through the HHF has been put in place in hopes of helping provide some financial assistance for unemployed homeowners who have either completely lost their job or have seen cutbacks as this program may make payments on a homeowner’s mortgage for up to six months.

Furthermore, homeowners in a negative equity position in Nevada, which is common as housing values saw a great deal of distress in this particular state, may have options through either principal reduction help or short sale programs, as some who qualify for these assistance options could benefit from the forgiveness of their principal or the opportunity to take an image of a short sale program. In some cases, homeowners who may benefit from a principal reduction could potentially see up to $50,000 forgiven, but this will depend on a mortgage servicer participating in this program to help a homeowner in Nevada before aid may be given.

Yet, homeowners may also be able to use a short sale programs from either the Nevada Hardest Hit Fund or from federal programs, as homeowners who are in a negative equity position and may run the risk of defaulting or having to file bankruptcy could potentially benefit from selling their home at a loss as those who may have both a primary and secondary mortgage, or homeowners with just one mortgage on the property, could sell their home at a loss and alleviate themselves of the financial burden that may have been dragging them down for quite some time.

However, for homeowners who do have a second mortgage, there is also a state-specific plan in Nevada that may offer help for those who are in a second lien situation where relief needs to be found or else foreclosure may occur, but again, all of these factors depend on the homeowners situation, their servicer, and if they qualify for the specifics of this Nevada Hardest Hit Fund plan. As always though, homeowners can talk with mortgage servicers, representatives from their state’s housing agency, or housing counselors that may be available from federal programs like the Department of Housing and Urban Development or the HOPE Hotline, as the sources of aid have helped some in the past when it comes to better understanding what options are available for their situation and how they may specifically help a homeowner in need.