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Additional Bank Owned Residential Homes and Foreclosure Help for NV



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By : John Cutts    99 or more times read
The state of Nevada is set to receive additional federal funds worth $57 million under the U.S. government's Hardest Hit initiative designed to help neighborhoods suffering from huge supplies of foreclosures and bank owned residential homes.

According to local officials, the funds will be used to help residents facing foreclosures, including those who are at risk of losing their properties to Las Vegas bank owned homes. The additional money will also be used to help people who have lost their jobs and are having trouble paying their mortgages.

The recent aid announced by Congresswoman Shelley Berkley came right after the August federal aid worth $34 million issued under the Hardest Hit program. Like the one before it, the most recent federal assistance will be used to revitalize communities with high numbers of Nevada bank owned homes and foreclosures.

So far, the state has received $194 million from the Hardest Hit initiative of the U.S. government since February 2010. The state has been provided with some of the highest shares of government financial assistance mainly because it has the highest number of properties under foreclosure and bank owned property list.

According to housing market officials, the decision of selecting the areas that will receive additional funds was based on the number of bank owned residential homes and size of population. Although the money came from the federal government, states are usually given free rein on how they will use the funds to help neighborhoods and when the funds will be made available to property owners and loan borrowers.

Among the strategies used by states and local governments to alleviate foreclosure impacts on neighborhoods is providing monetary assistance to homeowners facing difficulties in paying their loans due to loss of job, reinstatement aid for those who are delinquent in their loans to help them make the loans current and reduction of principal for those who have underwater mortgages. Second lien and short sale-related assistance are also used in some areas.

Berkley has applauded the federal government's decision to provide Nevada with additional funding, stating that the additional financial help will greatly aid unemployed state residents and will assist in preventing further increases in the number of bank owned residential homes in the state that cause neighborhood decline.
John Cutts has been educated in the finer points of the foreclosure market over 5 years.

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