CARSON CITY - Governor Brian Sandoval, in conjunction with the Department of Business and Industry, recently announced the State has kicked-off the Nevada Home Retention Program.
The state-affiliated nonprofit organization, Home Means Nevada, has finalized an agreement with the U.S. Department of Housing and Urban Development (HUD) to purchase a pool of mortgages to launch the State of Nevada's homeowner assistance program.
Funds for the program come from the National Mortgage Settlement Agreement brokered by the Nevada Attorney General's Office and approved for use by the 77th Nevada Legislature.
The program aims to stabilize property values and preserve neighborhoods by acquiring pools of delinquent notes and refinancing the loans to current market value. If the borrower owes more on the home than the current market value, the principal balance would be reduced, providing the homeowner an opportunity to begin building equity. For those borrowers that are unable to qualify, transition assistance and support will be offered.
Homeowners whose loans are part of the mortgage pool purchased by the program can expect to receive communication from their current loan servicer informing them of the transfer to a new servicer as soon as mid-May. Wingspan Portfolio Advisors will act as the new servicer for all loans acquired by the Nevada Home Retention Program. Once the notes have been officially transferred, homeowners will receive official correspondence in a golden envelope from the program, informing them of their potential eligibility for a loan modification and outlining the next steps. Borrowers will also be contacted by the Financial a Guidance Center, a HUD certified housing counseling agency, to begin the loan modification qualification process.
For more information about the Home Means Nevada Home Retention Program, visit www.homemeansnevada.nv.gov.[[In-content Ad]]
