A new program called Nevada's Hardest Hit Funds, sponsored a non-profit organization that will help struggling homeowners in Clark County pay their mortgages with up to $500 a month for six months. They will send the money directly to the mortgages companies on behalf of the homeowners.
“Lots of people have to choose between food, medicine or paying the mortgage,” says Lon DeWeese of Nevada’s Hardest Hit Funds program, which is using $194 million in federal funds.
The goal of the program, DeWeese says, is to help people stay in their homes, with the premise being that, after 6 months, they will have found a way to pay their mortgages. That may depend largely on whether the employment situation improves or continues its dismal prospects. One would hope that such a program will not simply delay the inevitable.
The program will help an estimate 17,000 people in Clark County, which is located in the southern region of the state, containing the city of Las Vegas. Homeowners who think they may qualify can contact the program by calling (855)-428-HELP. The call center can reportedly handle up to 300 simultaneous calls, and there is little doubt they will regularly get that many callers and possibly more. Those interested can also visit the program's website, nevadahardesthitfunds.com
Nevada has been particularly hard hit by the foreclosure crisis in the U.S., due largely in part to their 14 percent unemployment rate, higher than any other state. Clark County, in particular, has the highest foreclosure rate in the nation. Four other states in similar situations will receive the same federal grant from the U.S. Department of Treasury. Those states, Arizona, California, Florida and Michigan, are also drowning in foreclosures.