Homebuyer Tax Credit Changes
Q: Existing homeowner credit: Must the new house cost more than the old house?
A: No. Thus, for example, individuals who move from a high cost area to a lower cost area who meet all eligibility requirements will qualify for the $6500 credit.
Learn What You Can do to Protect Your Home
- New Mediation Program Aims to Keep Families in Their HomesThe Foreclosure Mediation Program was established as a result of the Assembly Bill 149, passed during the 2009 session of the Nevada Legislature. Its purpose is to address the foreclosure crisis head-on and to help keep Nevada families in their homes.The new law establishes a Foreclosure Mediation Program for owner-occupied residential properties that are subject to foreclosure notices filed on or after July 1, 2009.A homeowner who receives a foreclosure notice may request an opportunity to sit down with the lenders and a trained mediator and explore whether a mutually agreeable resolution, such as a loan modification, can be reached. For answers to common questions about the mediation program, click here. http://foreclosure.nevadajudiciary.us/index.php/faqs
- If you feel like you may be in danger of facing foreclosure and need immediate help, call 888-995-HOPE or visit www.995hope.org. Homeowner’s HOPE™, a counseling service provided by the Homeownership Preservation Foundation, can work with you to find a solution.
- How to Avoid Foreclosures and Keep Your Home (PDF: 1.7Mb)
You’re not alone if you’re having trouble paying your mortgage. The housing boom led to a record homeownership rate of nearly 70 percent, but some home owners now face problems making their mortgage payments and can’t refinance their loans. This brochure will help you understand your options and give you tips on how to avoid losing your home–regardless of what kind of mortgage you have. Text-only version available (PDF: 71Kb)
GLVAR Endorses the Home From Work Program
Credit Counseling is Available
- HUD Housing Counselors: A list of counseling agencies in Nevada
- NeighborWorks® America: Find a NeighborWorks® counseling organization in your community
Under a partnership with NeighborWorks® America, NAR is a founding sponsor of the NeighborWorks® Center for Homeownership Education and Counseling (NCHEC). NCHEC’s mission is to work with industry partners to train, certify, and support home buyer educators and housing counselors nationwide.
Smart Home Financing
- Consumer literacy
- Educational brochures
- Avoiding predatory lending
Federal Programs Help with Refinancing, Modifications and Short Sales
The Home Affordable Refinance Program gives homeowners with loans owned or guaranteed by Fannie Mae or Freddie Mac an opportunity to refinance into more affordable monthly payments. The Home Affordable Modification Program commits $75 billion to keep homeowners in their homes by preventing avoidable foreclosures.
The consumer website,
, provides homeowners with detailed information about these programs along with self-assessment tools and calculators to empower borrowers with the resources they need to determine whether they might be eligible for a modification or a refinance under the program. Through this website, borrowers can also connect with free counseling resources to help with outstanding questions; locate homeowner events in their communities; find a handy checklist of key documents and materials to have ready when making that important call to their servicer as well as FAQs from borrowers in similar circumstances; and much more.
To find out if your mortgage is owned by Fannie Mae or Freddie Mac, use this link:
Homeowners who meet minimum eligibility for the Home Affordable Modification program but don’t qualify for a modification or do not fulfill the three-month trial period may qualify for the Foreclosure Alternatives Program, which encourages the loan servicer to consider a short sale. (A short sale occurs when the loan amount owed on the home exceeds the home’s fair market value.) The servicer must give the homeowner at least 90 days to market and sell the property, or up to one year depending on the market conditions.
For a brochure that answers a seller’s most common questions about short sales,
click here. (Note: the brochure is specially formatted to print on a “1-to-2 sided” setting on a copier or printer.)