By U.S. Senator Catherine Cortez Masto
Homeowners across Nevada are facing uncertainty in the midst of the coronavirus pandemic. Many are finding themselves without a job, working reduced hours, or otherwise struggling due to the economic consequences of coronavirus. That’s why I’ve put together a comprehensive Disaster Resource Guide that includes helpful information for homeowners seeking relief.
Nevadans should be aware that the federal government has issued guidance halting all evictions and foreclosures for homeowners whose mortgages are insured or guaranteed by the federal government. This includes those held by the Federal Housing Administration (FHA), the Department of Housing and Urban Development (HUD), the Federal Housing Finance Administration (FHFA), Fannie Mae, and Freddie Mac. Some private mortgage lenders, such as Bank of America, Chase, and Wells Fargo, are also offering relief like payment forbearance upon request. My Disaster Resource Guide explains how you can determine who guarantees your loan to find out if you qualify for mortgage relief. The Nevada Affordable Housing Assistance Corporation also has resources to help homeowners with no limits on the type of mortgage.
Homeowners have other options if they can’t make their full monthly payments. Home refinancing replaces your current loan with a new one and can lower your monthly payments. Homeowners can also pursue a loan modification that changes the terms of their home loan and lowers their monthly payments, but this might cost more money in the long run. Agencies and organizations across the state, including Money Market International, Neighborhood Housing Services of Southern Nevada, and Chicanos Por La Causa, provide mortgage counseling to help homeowners make the right choice for them and their families. All of these resources are included in my Disaster Resource Guide.
While Governor Sisolak announced a statewide moratorium on evictions this week, anyone facing eviction after a foreclosure should consult my guide for a list of organizations that provide legal assistance on a sliding fee scale.
These are extraordinarily difficult times for Nevada homeowners. That’s why I fought to get homeowners the relief they need and to bring more resources to the Silver State as Congress passed its third legislative package to address the coronavirus pandemic. I’m also working to provide Nevadans with the information that will help them get through this crisis. As officials make more help available, my office will be updating my Disaster Resource Guide, as well as sharing information on my website, www.cortezmasto.senate.gov. If you have any questions or need help navigating a federal housing agency, reach out through my website or by calling one of my offices in Nevada or Washington, D.C. I’m here to help.
Money Market International: 866-232-9080 • https://www.moneymanagement.org
Chicanos Por La Causa Inc.: (702) 207-1614 • www.cplc.org
Neighborhood Housing Services of Southern Nevada: (702) 649-0998 • www.nhssn.org
Nevada Affordable Housing Assistance Corporation: (888) 320-6526 • https://nahac.org