Home Affordable Modification Program
The Home Affordable Modification Program is designed to help as many as 3 to 4 million financially struggling homeowners avoid foreclosure by modifying loans to a level that is affordable for borrowers now and sustainable over the long term. The program provides clear and consistent loan modification guidelines that the entire mortgage industry can use.
Borrower eligibility is based on meeting specific criteria including:
After determining a borrower’s eligibility, a servicer will take a series of steps to adjust the monthly mortgage payment to 31% of a borrower’s total pretax monthly income:
Note: Servicers may elect to forgive principal under HAMP on a stand alone basis or before any modification step in order to achieve the target monthly mortgage payment.
The Home Affordable Modification Program includes incentives for borrowers, servicers and investors – these incentives are detailed in the documents found in the HAMP website.
Nevada Hardest Hit Fund
Nevada is one of the nation’s hardest hit housing markets.With one of the highest foreclosure rates in the nation, Nevada was selected to be one of the first five states’ Housing Finance Agencies to receive funds from the U.S. Treasury’s “Hardest Hit Fund®”. The State of Nevada was awarded over $150 million in funds available to qualified recipients.
The U.S. Treasury approved the nonprofit Nevada Affordable Housing Assistance Corporation (NAHAC) to oversee the ‘Fund’ serving as a support arm for the Nevada Housing Division, Nevada’s Housing Finance Agency.Nevada Hardest Hit Fund® provides four programs to assist Nevada homeowners who are at high risk of default or foreclosure.
Programs offered through Nevada Hardest Hit Fund®:
NOTE: These programs are only available to homeowners whose mortgage servicing company agrees to the terms and conditions governing the use of these funds.
IMPORTANT!!! FOR BORROWERS: A borrower cannot apply assistance while in active bankruptcy. Homeowner must be current on mortgage for last 12 months, and The HHF has requested that income ceilings for this program be removed; however, no official approval from U.S. Treasury has been received.
The Nevada Hardest Hit Fund® partnered with a number of Servicers. In order to participate in the Mortgage Assistance Program and the Principal Reduction Program, your Servicer must be participating. See a list of participating Servicers and which programs they are currently offering.
While Servicer cooperation is a requirement, your Servicer does not need to be listed as a participating Servicer in order to receive assistance through the Short Sale Acceleration Program and the Second Mortgage Reduction Program.
Counselors for Southern NV:
- Financial Guidance Center—702-364-0344
- Women’s Development Center—702-796-7770
Recently Sold Homes In The Las Vegas Valley
Contact The Dulcie Crawford Group
Serving the Las Vegas and Henderson Real Estate Community. Fill out the form below for complimentary real estate advice.