Nevada to get $57 million to help avoid foreclosures

By Erin Dostal

Wednesday, Sept. 29, 2010 | 1 p.m.

Nevada is set to receive an additional $57 million from the “Hardest Hit” fund – federal money to help homeowners avoid foreclosure.

With this latest addition, the total amount received by the state will be $194 million, officials said.

President Obama announced the fund in February during a visit to Las Vegas. The five states that received aid through the fund had a decrease of 20 percent or more in average home prices.

“This boost in funding is great news for Nevada homeowners who are still struggling to stay in their homes,” Senate Majority Leader Harry Reid said in a statement this morning. “I am glad that President Obama continues to respond to the need for more help in Nevada.”

The fund is intended to help avoid foreclosures by giving money to mortgage modification programs and providing assistance to people who can’t afford their house payments. The fund also helps unemployed people make payments, and provides aid in the event of short sales.

“When families lose their homes and our neighbors and loved ones can’t find work, the whole community suffers,” Rep. Shelley Berkley said in a statement.

Rep. Dina Titus called her district “ground zero of the foreclosure crisis" and said the federal funds will help residents stay in their homes.