Consumers In The Dark About Federal Relief Programs

While much of the country is currently facing problems related to debt and missed mortgage payments, Nevada has the hardest hit areas by the current foreclosure epidemic, leading the nation with the highest home repossession rate.

However, a new study by Nevada Association of Realtors suggests many homeowners in the state may be unaware about many government programs that can offer assistance.

In the study, researchers found that more than 50 percent of state residents facing foreclosure did not know anything about federal and state relief programs.

Under the Making Home Affordable initiative, consumers can apply for assistance from the Home Affordable Refinancing Program and the Home Affordable Modification Program, which can help homeowners lower their monthly interest rates. However, HARP can only be used by consumers who have a loan through Fannie Mae or Freddie Mac.

The Home Affordable Foreclosure Alternatives program is another relatively unknown program that offers consumers $3,000 in cash while they relocate to affordable housing. As a result, consumers in Nevada and across the nation who are struggling with their current mortgage debt load may benefit by researching and exploring whether they qualify for these initiatives.