I-Team: More Help Could Be on Way for Nevada Homeowners - 8 News NOW

I-Team: More Help Could Be on Way for Nevada Homeowners

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On the same day Nevada Attorney General Catherine Cortez Masto announced a new hotline, major banks said they will pay several billion dollars to homeowners. On the same day Nevada Attorney General Catherine Cortez Masto announced a new hotline, major banks said they will pay several billion dollars to homeowners.

LAS VEGAS -- Nevadans confused about the mortgage help programs out there now have one phone number to call.

On the same day Nevada Attorney General Catherine Cortez Masto announced a new hotline, major banks said they will pay several billion dollars to homeowners.

Bank of America, Wells Fargo and eight other banks agreed to pay a total of $18 billion nationwide Monday.

The money is meant to help homeowners who were in any stage of foreclosure in 2009 or 2010.

It is unclear how much of that money will land in Nevada.

The Home Again Nevada phone bank officially opened Monday.

The phone bank is meant as a one-stop shop for Nevadan homeowners to call and get paired up with one of several non-profit or government mortgage help programs.

The help is free and is run by Cortez Masto's office.

The new settlement between Bank of America and Fannie Mae, and a separate agreement between 10 major banks and federal regulators has Cortez Masto hopeful more help is on the way.

"The particular settlement with Bank of America against Fannie and Freddie is one that I'm hoping we see money coming into this state," she said. "I'm not sure it's going to happen."

That uncertainty is because it is not clear how the new settlement money will be divided.

Even the federal regulators the I-Team reached Monday said it will take some time to count how much is coming Nevada's way.

In a statement, Wells Fargo said "this settlement will bring resolution to more customers in an expedited manner."

Bank of America declined to comment, but in a previous statement claimed its legal obligation to help homeowners would end by this spring.

Bottom line, there are programs out there able to help homeowners with principal reduction and short sales, but that help is running out fast.

The Home Nevada Hotline phone number is 1-855-457-4638 or you can visit http://www.homeagainnevada.gov/

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