LAS VEGAS -- If you're one of the thousands of Clark County residents having trouble making your mortgage payment, help may be on the way.
The federal government is rolling out a plan to help people stay in their homes. The Mortgage Assistance Program will provide $38.5 million to more than 12,000 homeowners in Clark County. It is expected to help 22,000 statewide.
The Nevada Affordable Housing Assistance Corporation says it's an ideal plan for those that just need a little financial help to stay in their homes.
"It is designed to help those people that are unemployed or underemployed with their mortgage payments during their time of economic stress," said Lon DeWeese, NAHAC.
The plan will provide homeowners with as much as $500 a month in mortgage assistance. That assistance can last for as long as six months.
President Obama established the "Hardest-Hit" program in Arizona, California, Florida, and Michigan as well as Nevada. The states were chosen because of their high unemployment rates and the steep declines in home prices.
Critics say the plan doesn't do enough and is a waste of money but the NAHAC believes it's better than no help at all.
"I think you have to look at it relative to the number of people we have to serve. This program is designed to help more than 22,000 people. It's very difficult when you get into a budgeting situation where you are trying to serve that many people, you have to spread the butter a little thinner on the bread," said DeWeese.
The program is not for everyone. People must qualify before receiving any financial help.
You can also call 855-428-HELP
To process calls quickly, please have the following information available:
- Mortgage loan information such as current loan balance and the monthly payment amount
- Income information such as a copy or most recent pay stub
- If there are multiple homeowners, have authorization to pull credit for all homeowners on the first mortgage
- Social Security information for all owners
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