There is still help for distressed homeowners

Home Again and other programs can provide Las Vegans assistance

Though foreclosures in Nevada have decreased significantly since the peak of the recession, more than 20,000 homeowners are still either delinquent on their mortgage or in the foreclosure process.

On June 10, the Greater Las Vegas Association of Realtors (GLVAR) joined forces with the state attorney general’s office to educate its membership about the Home Again: Nevada Homeowner Relief Program.

More than 200 people gathered at the Four Seasons Ballroom to learn about the free public service, which is designed for Nevadans who are looking for mortgage resolution or foreclosure prevention services, refinancing through the Home Affordable Refinance Program (HARP 2.0), seeking credit restoration, first-time homebuyers or down payment assistance.

“The housing market is in much better shape than it was just a few years ago,” GLVAR President Scott Beaudry said. “Still, we know that thousands of local homeowners are still underwater and could be considered distressed homeowners, and we want to do all we can to make sure our members and homeowners have all the information about all the resources that are available to them.”

While new foreclosures in Nevada are at 373, a substantial decrease of 6,704 from November 2010, Brian Gordon, principal at Applied Analysis, said foreclosures remain a looming issue for many homeowners in the Silver State.

“Sales volumes have remained respectable, supply-side conditions have been relatively reasonable at approximately three months of effective inventory and pricing has trended within a somewhat tight range for nearly a year now,” Gordon said. “Price appreciation rates going forward are more likely to reflect the rate of income growth as opposed to the double-digit gains during previous periods that were sourced to elevated buyer speculation.”

Gordon added, “Importantly, the mix of sales taking place is less about distressed activity and more about sellers that aren’t turning to their bank for an approval in a short sale, or worse, a foreclosure.”

Since the Home Again: Nevada Homeowner Relief Program launched in January 2013, the attorney general’s office has received more than 20,000 inquiries from Nevadans seeking assistance, said Monica Moazez, deputy director of communications.

She added that the program puts callers in touch with a housing counseling agency. The agency makes homeowners aware of all available programs and services, and assists with problems that might require legal assistance through Nevada’s nonprofit legal service providers.

“Home Again housing counselors provide foreclosure prevention, housing counseling and financial literacy education,” Moazez said. “The program’s legal service partners have provided free legal services, educational outreach and hundreds of Ask a Lawyer sessions as well as foreclosure mediation assistance.”

Moazez said there are numerous lender specific, federal and state programs such as the Hardest Hit Funds program to assist homeowners as well as credit restoration programs such as Credit Report Review. For more information, visit homeagainnevada.gov or call 1-855-457-4638.