NEVADA HOUSING DIVISION RECEIVES FUNDS FOR STATEWIDE FORECLOSURE MITIGATION COUNSELING SERVICES
WASHINGTON, D.C. – April 29, 2015 – (RealEstateRama) — The Nevada Housing Division has received a federal grant of $156,210 to support ongoing foreclosure prevention counseling efforts. The funds, awarded by the National Foreclosure Mitigation Counseling Program, will be re-allocated to preapproved statewide nonprofit housing counseling agencies in order to continue providing one-on-one counseling and assistance to Nevada homeowners in danger of foreclosure.
Ranking second in the nation for rate of foreclosures behind only Florida, many Nevadans are still struggling to make their payments and face imminent foreclosure or default. And despite improvement in median housing prices, a recent report by real estate research firm RealtyTrac ranks the Las Vegas Valley number two for its share of underwater homes with 28.4 percent of homeowners owing at least 25 percent more than the property is worth.
Since the inception of the National Foreclosure Mitigation Counseling (NFMC) Program in 2008, NHD has received more than $2.2 million in funds to assist distressed homeowners throughout the state. To date, approximately 6,414 Nevada homeowners have received counseling under the program. The latest round of funding is estimated to provide counseling and assistance to an additional 565 homeowners.
A recent NeighborWorks America study prepared by the Urban Institute looked at the effectiveness of the NFMC program and found that homeowners who work with NFMC counselors were nearly twice as likely to cure a serious delinquency or foreclosure, and nearly three times as likely to receive a modification cure.
“The Nevada Housing Division understands the importance of homebuyer counseling and its direct impact on home retention and in promoting responsible homeownership,” said Sharath Chandra, NHD Deputy Administrator. “This grant will help continue the important work NHD is doing through our partner counseling agencies by helping and advocating on behalf of Nevadans as they navigate one of the greatest housing crises of our times.”
To find a list of the Nevada housing counseling agencies providing foreclosure mitigation assistance under the NFMC program, please visit http://housing.nv.gov.
Contact
Teri Williams
Public Information Officer
702-486-0407
twilliams (at) business.nv (dot) gov
