COVID-19 foreclosure avoidance programs have provided welcome relief for residents of Nevada during the pandemic. Avoiding foreclosure is on the minds of many. There are programs available to Nevadans that can help. The Home Means Nevada programs and the Hardest Hit Fund are two opportunities that may fit Nevada homeowners’ needs.
Does Nevada Have a Home Foreclosure Moratorium?
Nevada’s home foreclosure moratorium ended on September 1, 2020. However, there is a United States foreclosure moratorium for federally-guaranteed mortgages through June 20, 2021. Approximately two-thirds of residential mortgages in the United States are federally guaranteed.
In addition to the moratorium, United States law extends mortgage forbearance windows, and borrowers may receive extra forbearance for up to six months.
What Help Is Available for Nevada Residents Who Can’t Pay Their Mortgages Due to COVID?
Although homeowners may still face foreclosure if they cannot pay their mortgage, some programs can help. The Homeowner Connect (THOC) is part of Home Means Nevada, Inc. It is a non-profit organization affiliated with the State of Nevada that provides mortgage relief for qualifying applicants. Also, mediation is available as a matter of right under Nevada law 107.0861 if the property subject to foreclosure is owner-occupied.
What Nevada Mortgage Assistance Programs Are Out There?
Helpful Nevada mortgage assistance programs include:
- Home Means Nevada, The Homeowner Connect
- Hardest Hit Fund
- Legally required mediation under Nevada Revised Statutes 107.086
- Unemployment Mortgage Assistance Program (UMAP)
- Home Is Possible
- Mortgage Credit Certificate Program
There may be other programs for which a homeowner may qualify. It’s essential to explore all programs and opportunities in order to find the best options for the owner’s needs and circumstances.
What Is Home Means Nevada for Foreclosures?
Home Means Nevada, Inc. is a program that can help individuals who are struggling to pay their mortgages. Highlights of the program include:
- Access to a trained and HUD-approved counselor. The counselor assists users to understand what programs they may qualify to use
- A state-affiliated program to help owners access opportunities and resources for mortgage relief
- Forbearance if qualified
- Referrals to relief programs the applicant may be eligible for
- A secure portal to upload documents and data. Mortgage companies can also access documents and information through the portal
- The requirement of responsiveness and transparency from participating lenders
- Meditation with a qualified and neutral mediator even if the owner does not qualify for financial assistance
- The program keeps a record of communications between the parties
- There is no cost to use the portal
What Is Mediation for Foreclosure in Nevada?
Nevada law 107.086 gives homeowners the right to have mediation before the finalization of the foreclosure process. The law applies in cases where the owner occupies the property in question. In meditation, the parties discuss options other than foreclosure, such as modifying the loan, a short sale, deeding the property and a repayment plan.
A mediator is trained and impartial to help homeowners find solutions to stay in their homes. Mediation for foreclosure in Nevada is a required process in qualifying cases in order to help homeowners find ways to avoid foreclosure.
Does Nevada Have Hardest Hit Funds?
Yes, Nevada has Hardest Hit Funds. The program helps qualifying individuals address missed mortgage payments and become current on their mortgages. Working in conjunction with the United States Treasury, the program sets money aside to help when funds are available. However, funds are limited. There are a variety of relief programs that may assist individuals.
Applications are accepted by phone.
How Do You Qualify for the Hardest Hit Fund?
You qualify for the hardest hit fund with one or more of the following circumstances:
- Owing more than your home is worth
- Having trouble making payments because of unemployment or underemployment
- Past-due payments because of financial hardship that is out of the owner’s control
Do You Have To Pay Back Hardest Hit Fund Payments?
Hardest Hit Fund payments may be forgiven. Although the funds are a loan, there is generally no requirement to pay the funds back if the owner continues to hold the property for 10 years or more after receiving assistance.
If the owner sells, they must use the funds they receive to repay the loan. A person who qualifies for Hardest Hit Fund relief should fully understand the terms and conditions applicable to the programs.
What Should I Do if I’m Unable To Pay My Mortgage Because of COVID?
If you’re unable to pay your mortgage because of COVID, there may be help available. Understand that laws and programs are changing quickly because of the pandemic. New programs may become available, while existing programs may have varied openings. It’s vital to be proactive in your search.
Begin working on relief programs as soon as you suspect that you may have trouble paying your mortgage. Just like there are programs available for people who need help paying their rent, there is also assistance for homeowners. In order to receive support from these programs, you must meet qualifications and apply to participate.
Can Bankruptcy Save Your Home During COVID?
In addition to other options that may be available to you, filing for bankruptcy may help you stay in your home. In a Chapter 13 bankruptcy, you may be able to make up missed payments and become current on your loan.
In addition, if you begin Chapter 7 proceedings while current on your home mortgage, it may be exempt from bankruptcy liquidation. Bankruptcy may help you discharge some debts to make it easier to make your mortgage payments. However, it’s critical to understand how bankruptcy can help save your home during COVID in order to proceed in the best possible way for your individual circumstances.
Las Vegas Attorneys for Help With Mortgage During COVID
There may be programs available to help with your mortgage if you’re struggling due to COVID. Various programs are available, and a skilled expert for COVID mortgage assistance can help you sort it all out. Also, an attorney can help you explore whether bankruptcy is the right path for you.