Nevada to Receive $102 million for More Loan Mods from Feds

The Obama Administration signed off on state plans to use $1.5bn in foreclosure-prevention funding for states hardest-hit by home price declines.

Nevada, which receives $102.8m, will create a modification program using a combination of principal forgiveness and forbearance with the goal of reducing principal to a less than 115% loan-to-value ratio, and lowering payments to within 31% of a borrower’s debt-to-income ratio. The state will also offer aid to reduce or eliminate second liens with earned forgiveness over a three-year term. Nevada will grant aid for appraisal and transaction fees and moving fees, as well as a legal allowance for up to three months, for borrowers and servicers that pursue short sales.

About Stout Law Firm

James Stout has practiced law in Orange County since 1995 and is highly regarded by the business community. He has passed three bar exams, California, Arizona and Nevada.
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