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U.S. Treasury Offers Las Vegas Foreclosure Help to Struggling Nevada Homeowners
U.S. Treasury Offers Las Vegas Foreclosure Help to Struggling Nevada Homeowners
"Hardest Hit Fund" awards Nevada over $150 million to help homeowners avoid foreclosure.
Las Vegas,
NV,
United States of America
(sardnews.org)
21/11/2011
After the U.S. Treasury created the “Hardest Hit Fund” program designed to help homeowners avoid Las Vegas foreclosure, the state of Nevada became one of the first states to receive funding through the program. With more than $150 million awarded to the state through a series of federal grants, the state was able to create the Nevada Affordable Housing Assistance Corporation (NAHAC). Through the NAHAC, homeowners who qualify for the program receive financial assistance as well as help with conducting short sales and taking other steps to avoid foreclosure.
“For some homeowners who are underwater on their homes, it may seem like going into foreclosure is inevitable,” said Dale Snyder, who is the CEO and founder of The Snyder Group at Keller Williams Realty Las Vegas. “The truth is that there are other options available, and the NAHAC program helps homeowners explore these options.”
With the funds that have been provided by the Hardest Hit Fund, the NAHAC has developed four different programs to help Nevada residents prevent foreclosure and keep their limited income. According to officials, approximately 22,000 income-restricted Nevada homeowners are currently in need of assistance to help them keep their homes.
“Las Vegas real estate was once one of the hottest commodities in the country,” continued Snyder. “Due to the housing bubble, many homeowners suddenly found themselves underwater on their homes. Of course, unemployment problems only made this problem worse. The NAHAC program can help many of these homeowners stay in their homes. For those who simply cannot hold onto their homes, the program helps streamline the process of conducting a Las Vegas Short Sale so the homeowner can get out from under the debt.”
When conducting a short sale, the homeowner sells the home for less than what is still owed on the mortgage loan. The remaining balance is then forgiven by the lending institution. To conduct a short sale, the lending institution must agree to the arrangement. Since this results in a loss of money, getting a lending institution to agree to a short sale can be a challenge.
“For some owners, doing a short sale is the only viable option,” said Snyder. “The NAHAC program helps increase the chances of getting a lending institution to agree to such an arrangement.
To learn more about the NAHAC program, visit the Nevada’s Hardest Hit Fund website. Learn more about the Las Vegas real estate team of The Snyder Group at Keller Williams Realty Las Vegas, visit the agency’s website.
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About The Snyder Group
To learn more about the NAHAC program, visit the Nevada’s Hardest Hit Fund website. Learn more about the Las Vegas real estate team of The Snyder Group at Keller Williams Realty Las Vegas, visit the agency’s website.
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