CARSON CITY, Nev. (AP) - A homeowner assistance program that will help about 450 Nevadans stay in their homes with loan modifications has been given final approval and is underway.
Officials on Friday announced that a state-affiliated nonprofit group, Home Means Nevada, has finalized an agreement with the U.S. Department of Housing and Urban Development to purchase a pool of mortgages. The nonprofit will then determine if those homeowners qualify for a loan modification.
If a homeowner owes more than current market value, the principal balance may be reduced. For borrowers unable to qualify, they will be provided transitional assistance.
About half of the $100 million program is being funded with money Nevada received in a mortgage settlement with lenders. Other funds come from federal sources.
Copyright 2015 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.