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Principal Reductions Increase

In previous blog posts, we have discussed the Nevada Hardest Hit Fund, which was established with funds from the attorney general’s settlement with the largest banks for foreclosure irregularities.  It is now possible to quantify the assistance the Fund has provided.  The Review Journal has reported that nearly $17 million has been paid out through the third quarter of 2012 and is now focusing on principal reductions.

Previously, the focus has been on mortgage assistance to homeowners and paying off second mortgages.  It is my understanding now that the fund will focus on principal reductions and not second mortgages.  To date there have been 52 principal reductions through the second quarter of 2012.  This number should increase as mortgage servicers have changed their policies to assist in these reductions.

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