Mortgage Relief Options for Nevada Homeowners

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Many Nevada homeowners are having a tough time keeping up with their mortgage payments. If you feel identified, it’s likely you’re wondering how you can get help. Fortunately, in these trying times, there are a number of go mortgage relief options available to you.

This post will provide you with all the information you need about these programs. We will also provide you with contacts for organizations that can assist you in applying for assistance. The important thing to remember is that It’s not too late, and there is hope! Read on to learn more.

Getting Started

The best way to achieve mortgage relief is to speak with your lender about your financial circumstances. Lenders are often willing to work with homeowners who have difficulty making their monthly payments. A HUD-approved housing counselor can offer valuable advice if you are unsure of what to say to your lender.

Types of Mortgage Relief Available

In Nevada, there are many options available for mortgage relief. Mortgage payments can be made, interest rates can be lowered, and loan terms can be modified with several programs.

  • Mortgage Modification: You may qualify for a loan modification if you are having difficulty making your payments on time. When you modify your mortgage, your lender negotiates a new payment plan based on your current financial situation. Some cases may even allow for a lower interest rate to be negotiated.
  • Forbearance: A forbearance program may be available to you in case of temporary financial difficulty. By making reduced or no payments for a period of time, you may be able to regain financial stability.
  • Principal Reduction: If your home is worth less than you owe, you may be able to lower your principal. Therefore, your loan balance would be reduced in accordance with your home’s market value.
  • Loan Refinancing: It may be possible to refinance at a lower interest rate if you are having trouble making your mortgage payments. You may be able to lower your monthly payments if you qualify.
  • Short Sale: Short sales refer to the sale of a home for an amount less than what is owed on the mortgage. After the sale, the sale proceeds are used to repay the debt.

Mortgage Relief Programs in Nevada

Homeowner Assistance Fund (HAF)

The Nevada Homeowner Assistance Fund Program assists income-eligible homeowners facing pandemic-related hardships in avoiding mortgage delinquencies, defaults, displacements, and foreclosures.

How it Works

Nevada homeowners affected by the COVID-19 pandemic may qualify for funding up to $100,000 per household.

Eligibility Requirements

Only those who experienced financial hardship following the Coronavirus outbreak in 2020 are eligible for this program.

You must also meet the following qualifications:

  • Be unemployed or underemployed
  • Be experiencing a significant reduction or loss of income
  • Be facing significant increases in expenses due to the pandemic
How to Apply

Register and apply here. Proof of financial hardship, a mortgage statement, and housing-related documents may also be required.

Foreclosure and Its Impact

It is important for Nevada homeowners facing foreclosure to understand how the process works and the consequences it brings. Defaulting on your mortgage could lead to the loss of your home.

To maintain a good credit score, you should also avoid foreclosures at all costs. In addition, foreclosures can have devastating effects on communities. Crime may increase if property values decline as criminals target vacant homes.

Avoid Foreclosure in Nevada with Favor Home Solutions’ Save My Credit Program

You can avoid foreclosure effectively and easily by reaching out to Favor Home Solutions! Our goal is to restore your peace of mind and protect your credit. Our ‘Save My Credit’ Program takes over your mortgage payments, so you don’t have to list your home for sale or worry about a foreclosure mark on your credit report. 

You might even be able to pocket some money at the end: no fees, no gimmicks, and no obligations. Contact us today to get started!


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