Foreclosure Prevention Program in Nevada

Are you facing a foreclosure in Nevada? You might qualify for money from the state's Hardest Hit Fund program, which could help you save your home.

The Nevada Hardest Hit Fund is a federally-funded program that provides foreclosure avoidance assistance to eligible homeowners. If you qualify for the program, you’ll get money to lower the principal balance of your first mortgage, make your mortgage payments, help you get caught up on payments if you’re behind, or eliminate a second lien.

To get a better understanding about these programs, learn how much assistance is available, and find out if you’re potentially eligible, read on.

What’s the Federal Hardest Hit Fund?

In 2010, the U.S. Department of the Treasury established the Hardest Hit Fund to give targeted aid to homeowners in those states most affected by the foreclosure crisis. As part of this program, $7.6 billion in aid was allocated to 18 states, including Nevada, as well as Washington D.C., which suffered excessive home price declines and extreme unemployment rates due to the economic crisis.

In 2016, the Hardest Hit Fund states collectively received another $2 billion so they could continue with their foreclosure prevention programs. (To learn more about the Hardest Hit Fund in general, including which states have Hardest Hit programs, see Save Your Home From Foreclosure: Hardest Hit Fund Programs.)

Nevada Hardest Hit Fund: Four Programs

With funds from the federal Hardest Hit Fund, Nevada started its own Hardest Hit Fund programs offering up to $100,000 per qualifying household. The four types of assistance available to eligible homeowners are:

Principal Reduction Assistance

If you owe more on your mortgage loan than your home is worth (you’re “underwater”), you might qualify for up to $100,000 to pay down the principal balance of your first mortgage. The assistance may be connected with a loan recast (reamortization) or modification, or it might be a stand-alone curtailment (reduction).

Unemployment Mortgage Assistance

This program provides temporary financial assistance of up to $54,000 (the lesser of $3,000 per month or 100% of your mortgage payment including principal, interest, taxes, insurance, and association fees) for up to 18 months. To qualify, you must have suffered a reduction of income due to unemployment or underemployment.

Mortgage Reinstatement Assistance

The Mortgage Reinstatement Assistance program provides money to homeowners who are behind in mortgage payments so they can get current on the loan. (Bringing the loan current is called “reinstating” the mortgage.) The maximum amount you can get under this program is $54,000.

Second Mortgage Reduction

This program provides up to $50,000 per household to homeowners who’ve suffered an eligible financial hardship to:

How to Qualify for Assistance

The eligibility requirements for each program vary and are quite extensive. Generally, you must meet the basic eligibility criteria below, along with various other requirements.

  • You must be a legal U.S. resident or lawful permanent U.S. resident.
  • You must be a Nevada resident.
  • You must have suffered a hardship.
  • You must own and occupy the property.

Among other exclusions, you aren’t eligible for assistance in the following situations.

  • You have filed bankruptcy and the bankruptcy is active. If you previously filed bankruptcy and it was dismissed or discharged, then you’re eligible to apply.
  • You own a mobile home and it’s not permanently affixed to the real property. (Mobile homes are generally eligible if they’re permanently affixed to the real property.)
  • You have more than one home.

To find out the specific requirements and exclusions for the different programs, go to the Nevada Hardest Hit Fund website and click on the program links at the bottom of the page. You can also answer some online questions on the Nevada Hardest Hit Fund website to learn what programs you’re likely to qualify for.

Watch Out for Scams

You don’t have to pay a fee to get assistance from the Nevada Hardest Hit Fund. If someone offers to help you apply to the program—or offers counseling services or loan modification services—for a fee, it’s a scam. (To learn about foreclosure rescue scams, see Foreclosure Rescue Scams to Avoid.)

Getting Help

To apply for assistance from the Nevada Hardest Hit Fund or get more information, contact the Nevada Affordable Housing Assistance Corporation (NAHAC), which administers the programs. You may contact the NAHAC by calling 888-320-6526 or by using this contact form.

If you need information about the Nevada foreclosure process or want to learn about possible defenses to a foreclosure in your situation, consider talking to a foreclosure attorney. If you want to learn more about different alternatives to foreclosure, like loan modifications, short sales, and deeds in lieu of foreclosure, consider talking to a HUD-approved housing counselor.

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