This
program is designed to assist income restricted
homeowners who have a second lien interfering with
short selling their home or the
refinance/modification of their first mortgage.
It is
expected that homeowners will extinguish their 2nd
lien as a result of this program through a
combination of funds contributed by both Nevada
Hardest Hit Fund®
and the
participating Servicer; the maximum amount that
Nevada Hardest Hit Fund®
will contribute toward 2nd mortgage lien relief is
$16,500. In order to receive the full benefit, the
participating Servicer must contribute $0.60 for
every $0.40 contributed by Nevada Hardest Hit Fund®.
Eligibility
Criteria
•
Legal US Resident
• Loan originated
1/1/2009 or earlier
• Home is
currently owner occupied
• Must have only
one existing mortgage and a 2nd lien
• Borrower does
not own any other real property
• Current income
does not exceed 150% or AMI as published by HUD
• Hardship
Affidavit
• Post-assistance
mortgage payment (principal, interest, taxes and
insurance) must be reduced to
43% or less of the homeowner’s gross income
• Mortgage
balance must not exceed:
- Clark
County: $427,184
-
Reno/Sparks SMSA: $431,189
- Rural
Nevada Areas: $347,087
•
Borrower must be
facing imminent default (no contrived defaults)
•
Servicer must
issue a written waiver of their right to pursue a
deficiency judgment against the
borrower
Homeowners that receive benefit assistance are
required to own and occupy the subject property for
5 years following the date assistance was initiated,
except when the borrower is pursuing a short sale.
Homeowner will be required to sign a promissory note
which will be recorded for the amount of assistance
received. This note bears zero percent interest and
is forgiven over a five year period which commences
when assistance is provided.
Bank, Servicers, Counselors,
Nevada Hardest Hit Fund®,
and Information Sources... All Available for a
One-Stop Help Center for those Homeowners
Facing the Possibility of
Losing their Homes.
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