I am deeply concerned about the effects that widespread foreclosures have had on Nevadans and the national economy. The housing crisis is at the core of the financial crisis and I remain committed to working on ways to stabilize the housing market and bring relief to families. For answers to some of the most frequently asked questions about the foreclosures and the federal government’s response to the housing crisis please click here.
Senator Reid's Home Foreclosure Prevention Clinic
Senator Reid invites struggling homeowners who have a loan with one of the participating lenders (listed above) to attend his foreclosure prevention clinic. Attendees will have an opportunity to sit down with representatives from their lender and a HUD approved housing counselor to discuss work-out options that may be available for them in order to avoid foreclosure.
The following servicers will be attending this event:
Saturday, July 20th, 2013
For more information or to RSVP, please email HomeEvent_Reid@reid.senate.gov
RSVP is required to attend this limited space event.
For struggling Nevada homeowners, my staff will work to get you in contact with those who may be able to help with financial counseling, legal aid and other services. My goal is to ensure Nevadans are able to access as much information as possible in order to prevent foreclosure whenever possible. To request assistance, please download and complete a privacy release form (Spanish).
Nevadans looking for more information may call (702) 388-5020 in Southern Nevada and (775) 686-5750 in Northern Nevada.
Foreclosure Prevention Counseling for Nevadans
If you are at-risk of foreclosure and need help, communication is key. Here are two numbers you can call for assistance. And, as always, you can contact any of my offices for additional help.
Consumer Credit Counseling Service
(888) 995-HOPE is available:
(888) 995-HOPE offers:
When a constituent calls (888) 995-HOPE:
If you need more information:
Contact Local HUD Offices
Las Vegas Field Office
Reno Field Office
Considering a Forensic Mortgage Audit?
Stop Foreclosure Fraud. To visit the Nevada Foreclosure Taskforce, click here.
Please be advised that the Nevada Division of Mortgage Lending is urging borrowers to be extremely wary when considering contracting with forensic mortgage audit companies. A forensic mortgage audit is a review of the borrower’s mortgage loan documents to determine whether or not the lender complied with state and federal mortgage-lending laws, such as the Federal Truth in Lending Act.
The Division cautions that many of these services, which are marketed as tools that borrowers can use to get better loan terms or to influence loan modifications, are in fact scams. Furthermore, even if the audit is performed by a trained forensic auditor, a mortgage professional or attorney, there is no indication that paying for this service will help borrowers obtain a better or faster loan modification. The decision to modify a loan ultimately rests with the lender or mortgage loan servicer.
If you do choose to pay for loan modification services, please check the Nevada Division of Mortgage Lending’s list of licensed and bonded companies. If you think you are a victim of a forensic mortgage audit scam, you can file a complaint with the Nevada Division of Mortgage Lending. If your complaint concerns an attorney offering this service, you can file a complaint with the State Bar of Nevada.
Making Home Affordable
The Obama Administration established the Making Home Affordable program to help provide viable refinancing options for responsible homeowners, loan modifications for distressed homeowners, and incentives to ensure that lenders work to stabilize the housing market one home at a time.
Millions of responsible homeowners are unable to take advantage of historically low mortgage rates because they have lost value in their homes as a result of the downturn in the housing market. The Making Home Affordable program will help those homeowners that took out conforming loans owned or guaranteed by Fannie Mae and Freddie Mac to refinance into more affordable rates.
Millions more struggle to stay current on their mortgage payments in the face of depleted household income. The Administration has proposed a comprehensive strategy to establish loan modifications that create a shared effort between the government and the lender to reduce the borrower’s monthly mortgage payment to as low as 31 percent and no more than 38 percent of income. This program requires institutions that receive government assistance to follow clear guidelines for preventable foreclosures and will help at-risk homeowners by implementing the following measures:
Additionally, the Administration recently improved the Hope for Homeowners (H4H) program, another mortgage-modification program that especially helps homeowners facing negative equity in their mortgage, a problem that unfortunately too many Nevadans face. This program allows homeowners to be placed in a fixed-rate, federally guaranteed mortgage in return for the mortgage holder agreeing to reduce the principal owed on the mortgage to a level below the current value of the home.
Most recently, the Administration expanded the Making Home Affordable program to help incentivize short sales. For many Nevadan homeowners trapped in a mortgage with negative-equity, a short sale is often a practical and economical solution. This new initiative will encourage lenders to pursue this avenue by:
The Making Home Affordable program will also strengthen confidence in Fannie Mae and Freddie Mac by increasing the Treasury Departments funding commitment to these institutions. This will help stabilize the housing market and keep mortgage rates low. The Administration will also work with Fannie and Freddie to support state housing finance agencies serving homebuyers. This initiative will help millions of families maintain the American Dream of homeownership.
For information and resources about programs to help make your mortgage affordable, please go to http://makinghomeaffordable.gov/.
Helping Families Save Their Homes Act
The Helping Families Save Their Homes Act, which has been signed into law, includes several provisions to prevent foreclosures, protect tenants and combat mortgage scams. This law:
Fraud Enforcement and Recovery Act
Mortgage fraud is one of the biggest factors of the current economic crisis. Unfortunately, as the government increased efforts to help families losing their homes, the prevalence of fraud rose simultaneously. There are many companies claiming to be government-approved and charging for services that should be free. Further, these companies are also continuing to offer consumers extremely risky loans or tricking them out of their homes. In 2001, 6,400 cases of fraud were reported across the country. In 2008, the number of fraud cases almost quadrupled to 63,173 cases (FBI and Democratic Policy Committee). To resolve this problem, I help lead the Senate to pass the Fraud Enforcement and Recovery Act of 2009 which has been signed into law. This law:
If you think you are a victim of mortgage fraud please contact the Nevada Attorney General’s Bureau of Consumer Protection at in Las Vegas 702. 486.3194or 775.684.1180 in Carson City. A complaint form, as well as other valuable information on consumer protection is also available on the Attorney General’s web site at www.ag.state.nv.us.
RenoBruce R. Thompson
Courthouse & Federal Bldg
400 S. Virginia St, Suite 902
Reno, NV 89501
Washington DC522 Hart Senate Office Bldg
Washington, DC 20510
Toll Free for Nevadans:
Carson City600 East William St, #304
Carson City, NV 89701
Phone: 775-882-REID (7343)
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South, Suite 8016
Las Vegas, NV 89101