The Nevada Home Retention Program has signed an agreement with the federal government to begin operating the state homeowner-assistance program.
The money to manage the program comes from the National Mortgage Settlement Agreement put together by the attorney general and the 2013 Legislature. Sen. Harry Reid, D-Nev., helped get the state money from the federal government to fund buying underwater mortgages that can be refinanced.
The program is designed to help families keep their homes and preserve neighborhoods by buying up delinquent mortgage notes and refinancing loans to current market value.
Once the loans are officially acquired by the program, homeowners will be informed of their potential eligibility for a loan modification, adjusting the value of their home to current market value.
Gov. Brian Sandoval said that even though the economy is recovering, there are still many Nevadans facing the possible loss of their home. He said the program will help them keep their homes and stabilize neighborhoods and communities across the state.