LAS VEGAS -- The details of President Obama's revamped HARP plan -- to help underwater homeowners -- are still emerging.
UNLV economists say 70 percent of Nevadans could fall in the category of eligibility as long as the homeowners remain current on their loans.
Read the news release on the revamped plan
Bonita Hills near Sahara Ave. and Hollywood Blvd. is an east Las Vegas neighborhood much like others in the area. There are some empty homes and some rental homes. Most of the families have not lived in the neighborhood more than a year.
Pasiano Alvarez bought his home six years ago for $175,000. Now with less construction work, he can barely make the payments.
"My payment is $1,340," he said. He said paying more than $1,000 a month is nearly impossible for him.
"I talked to the bank, but he said he's not going to help," Alvarez said.
President Obama visited Bonita Hills Monday to unveil Project Rebuild which is designed to lift the barriers that prevent homeowners from refinancing if they're more than 25 percent underwater on their loans.
"With the President coming out here, hopefully it will inspire the private sector to make more advances and put that effort out there to help these people who are desperately needy," Eric Chavez with Housing for Nevada said.
The Federal Housing Finance agency says eligibility is limited to those who's homes are owned and guaranteed by Fannie Mae or Freddie Mac. Only 3,700 Clark County homes are outright owned by those two companies. However, many people with home loans from private banks may also be backed by Fannie Mae and Freddie Mac.
Jose Grijalba's home is paid off but he supports Obama's effort to keep his neighbors in their homes.
"They start moving, going out fast," Grijalba said. He says it hurts his neighborhood.
Obama says he may have to pass this provision through executive order which means families may need to wait until the beginning of next year to apply.
