Officials roll out $11.7 million program for homeowner relief

Nevada Attorney General Catherine Cortez Masto rolled out an $11.7 million program Monday to provide a one-stop resource shop for homeowner relief.

The "Home Again" Nevada homeowner relief program is designed to help distressed homeowners who are facing foreclosure, seeking loan modifications and current on their payments, but underwater on the value of their home.

It's also for those who have already lost their homes to foreclosure and for households working toward homeownership.

"One thing I've learned in the last three years is there are people suffering in this state," Masto said at a news conference at the Sawyer State Building. "I get questions all the time. 'Where do I go for help? I went to my bank and can't get assistance.' I know homeowners have fatigue right now with letters they're getting from people who say they can help."

The service is available free to Nevada homeowners by calling 1-855-457-4638 or by logging onto www.HomeAgainNevada.gov.

Homeowners will be scheduled for an appointment with trained counselors who can evaluate their situation and advise them on assistance available from state and federal programs.

The program is a partnership between the AG's office, Financial Guidance Center, Nevada Legal Services and Legal Aid Center of Southern Nevada.

"Just about everybody in Nevada can benefit from this program, and the process for homeowners is simply one call and they'll be transferred to a HUD-approved counselor to set an appointment for evaluation of their needs," said Michele Johnson, CEO of Financial Guidance Center.

Nearly $1 million is being spent on marketing and advertising in print media and across the state's airwaves, Masto said.

The program will initially create or save 73 jobs. Additional staffing for housing counselors will allow them to assist about 30,000 residents a year, Masto said.

Angela Alcini, who lost her home to foreclosure, said the program helped her with a foreclosure review, though she declined to be interviewed after giving a brief statement at the conference.

The program is funded by the $25 billion National Mortgage Settlement with the five largest banks. Nevada received $1.5 billion, and $57 million was set aside for homeowner relief programs, Masto said.

According to the Office of Mortgage Settlement Oversight's progress report released in August, 5,217 Nevadans have received an average modification of about $98,000 each.

Nevada Legislature's Interim Finance Committee approved a three-year, $33.5 million program in August.

Masto acknowledged federal programs such as the Home Affordable Modification Program, or HAMP, were not much help for Nevada homeowners because the loan-to-value ratio was capped at 115 percent, whereas most Nevadans had 150 percent or higher loan-to-value. Even after the caps were removed, the program failed to achieve expected results.

Nevada's Hardest Hit Fund is "part of the conversation" on homeowner relief, though the fund has stopped taking applications while officials work through caseload issues, the attorney general said.

Highlights of the Home Again program include:

■ Enhancing housing counseling agencies services and efforts to provide financial literacy programs.

■ Enhancing legal aid ability to assist in homeowner foreclosure mediation and deliver legal representation when needed.

■ Supporting law enforcement efforts to investigate, prosecute, litigate and prevent financial fraud or deceptive lending practices.

Contact reporter Hubble Smith at hsmith@reviewjournal.com or 702-383-0491.