With the highest foreclosure rate in the nation, Nevada residents are getting help with a new program called the "Hardest Hit Fund". Nevada was rewarded over $150 million in funds available to be dispersed to qualified recipients through federal grants designed to help struggling home owners.
The Mortgage Assistance Program (MAP), is intended to help the underemployed and the unemployed homeowners who have experienced involuntary job loss and/ or severe reductions in income. The program will pay 1/3 of the principal and interest portion of a homeowner's monthly mortgage payment, up to a maximum benefit of $500 per month. The fastest way to see if you qualify for the program is to call this number 855-428-HELP and they will ask you a series of questions. This is for Nevada residents only.
Below is a list of general eligibility requirements for the MAP program:
- Legal U.S> resident
- Owner Occupied - Primary Residence
- Loan originated 1/1/2009 or earlier
- Financial hardship
- Income not more than 120% of area median income
- Facing default
- Must be currently underemployed or unemployed
- Currently own only one property
- Maximum loan limits
· Clark County: $427,184
· Reno/ Sparks: $431,189
· Rural Nevada Areas: $347,087
Some of the other programs available through the Hardest Hit Fund:
- Short Sale Program
- Counseling
