The COVID-19 pandemic not only impacted our day-to-day lives, but the way we handle our finances as well. In Nevada, that impact was greatly felt as the state had one of the highest unemployment rates in the country, and for some Nevada homeowners, making their mortgage payments became very difficult.
Thanks to initiatives like the Nevada Homeowner Assistance Fund, mortgage reinstatement and assistance with monthly mortgage payments is available to qualified homeowners. Homeowners impacted by the pandemic can receive financial aid to prevent home loans from going into default and ultimately foreclosure. In addition to providing financial assistance, insightful advice is available for those looking to become more knowledgeable about homeownership and avoiding foreclosure in the state of Nevada.
Below are some of the tips recommended by the Nevada Affordable Housing Assistance Corporation (NAHAC):
Address the problem head on.
When it comes to the possibility of losing your home, immediate action is warranted. Do not wait to contact your servicer and reach out to NAHAC or a HUD approved Housing Counseling Agency. HUD Housing Counseling Agencies can be found at NAHAC.org under Resources. It is imperative that you acknowledge the problem from the onset to avoid becoming further behind in your payments.
Know your rights.
The more knowledge you have about your situation, the better. Take the time to learn about the foreclosure laws in Nevada and thoroughly read your loan documents to get a better understanding of your specific situation.
Prioritize your finances.
It’s incredibly valuable to rearrange your finances and figure out where you can save on expenses to prevent foreclosure on your home. See what changes you can make to continue making payments such as eating in, limiting purchase of luxury items, cancelling subscriptions and more.
Don’t fall victim to foreclosure scams.
There are a multitude of scam artists looking to take advantage of homeowners. To not fall victim, make sure you never sign a document without reading and understanding the terms and conditions. A HUD approved Housing Counseling Agency can assist homeowners with understanding home loan documentation.
Reach out to NAHAC.
We are here to help! We encourage all those facing foreclosure to reach out to see if you qualify for one of the home retention programs here or call us at (888) 320-6526.