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Nevada Hardest Hit Fund

Several of our clients who have completed short sales have received relocation assistance from the Nevada Hardest Hit Fund. The fund will provide up to 3 months rent to assist in the expense of moving. The fund also provides assistance to those who qualify to remain in their homes

With one of the highest foreclosure rates in the nation, Nevada was selected to be one of the original beneficiaries of the U.S. Treasury’s “Hardest Hit Fund” program. Nevada was awarded over $150 million through a series of federal grants to help Nevada homeowners. The ‘Hardest Hit Program’ is designed to assist low and moderate income families to preserve home ownership and avoid foreclosure, if possible, or assist in the short-sale of a home, if necessary. The Nevada Affordable Housing Assistance Corporation (NAHAC) oversees Nevada’s Hardest Hit Funds. The agency has designed and is executing a plan for distribution of these funds. Through four programs they provide assistance that will help prevent avoidable foreclosures and keep limited income Nevadans in their homes

1. Mortgage Assistance Program – The Mortgage Assistance Program is intended to provide temporary financial assistance for underemployed as well as those unemployed homeowners who have experienced involuntary job loss and/or severe reductions in income. The program will pay 1/3 of the principal and interest portion of the homeowner’s monthly mortgage payment, up to a maximum monthly benefit of $500 per month. Assistance lasts for up to 6 months.

2. Principal Reduction Program – Qualified homeowners can receive a principal reduction of up to $50,000; In order to receive the full benefit, the participating Servicer must provide a dollar for dollar match of the Nevada’s Hardest Hit Funds maximum contribution of $25,000. The program will assist income restricted homeowner candidates to preserve home ownership.

3. Short-sale program – This program is designed to help homeowners who are beginning or need to initiate a short-sale process. It will help ease the transition from unsustainable home ownership to being a renter.

4. Second Lien Relief Program – This program is designed to assist homeowners who have a second mortgage that may be interfering with the refinance, short-sale or modification of their first mortgage. It is expected that homeowners will extinguish their 2nd lien as a result of this program through a combination of funds contributed by both Nevada Hardest Hit Funds and the participating Servicer; the maximum amount that Nevada Hardest Hit Funds will contribute toward 2nd mortgage lien relief is $16,500 per dwelling. In order to receive the full benefit, the participating Servicer must contribute $0.60 for every $0.40 contributed by Nevada Hardest Hit Funds

The website for the Nevada Hardest Hit Fund is

http://nevadahardesthitfund.nv.gov/

To find out if you are eligible to participate in the programs supported by the Fund contact us at  info@lasvegashomespecialist.com and put Nevada Hardest Hit Fund in the subject line.

 

 

 

 

 

 

 

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