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  • Perhaps you have found yourself in the same predicament as many of your hardworking Nevada neighbors, and are struggling to survive under a tough economy. If this is the case, then your mortgage may have become an overwhelming financial monster that is threatening to take away your family’s stability. Here are some helpful options to help you get back in the game while you get back on your feet.
    A wonderful federal program available through your lending institution is the Home Affordable Modification Program (HAMP) http://www.makinghomeaffordable.gov/ . Under this provision, the homeowner and the lender are both trying to save the loan and avoid foreclosure. The basic idea is that a debt to income formula will help to establish whether some adjustments to the loan will get you back on track with your payments, to everyone’s satisfaction. Modifications to the original loan agreement are created, making regular payments possible once again. The terms can be changed by lowering the interest rate, stretching the loan out over a longer period of time, changing to a fixed rate mortgage if you didn’t have this already, or incorporating already missed payments back into the loan. Any of these options, or a combination of them may be just what you need to be able to start paying your loan on time again.
    In order for this to work for you, remember that you must show in the first three months after modification, that you are able to make the agreed upon payments on time. At this point the contract changes are officially instituted.
    For further options and counseling, a great resource is the Homeowner’s HOPE hotline 888-995-HOPE  .  Provided by The Homeownership Preservation Foundation (HPF) http://www.995hope.org/   , this independent, non profit organization is endorsed by  U.S. Department of Housing and Urban Development and the Department of the Treasury as a valuable link to council and options for families faced with foreclosure on their homes.
    Another option would be to go directly to the U.S. Department of Housing and Urban Development site, where you can request foreclosure avoidance counseling. A list of HUD housing counseling agencies located in Nevada can be found right on the website, listed with their telephone numbers. http://hud.gov/offices/hsg/sfh/hcc/fc/
    Keep in mind that there are plenty of fraudulent offers of help out there. All of us know that quick solutions that sound too good to be true often are. Desperation can cause any of us to make poor choices that leave us completely dry financially, and Nevada has been plagued by plenty of scam artists that take advantage of our natural desire to save our homes. Stick to correct lending institutions and avoid a lot of headache. Check out the helpful information provided about Nevada scams on the Nevada Department of Business and Industry site http://foreclosurehelp.nv.gov/
    The bottom line is, there are good options out there. Try reaching out to these appropriate resources , and you may find just the right amount of financial relief needed to keep your family secure, while you focus on moving forward.

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