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Riverside County Neighborhood Stabilization program

Back in 2010 I signed into a NSP. What I understood after taking the full day class was that they would give me up to 30% of the home’s value towards a down payment. In my case it was around 74K. I understood that the program term was that I had to stay in the home for 15 years and at that time the silent second would be forgiven. I was under the impression that if we sold the house prior to the 15 years, but after 10, I would only have to pay that money back. My contract language is not easy to understand, so I'm having a hard time determining what the penalty would be for selling prior to the 15 years. I’ve heard that prior to 10 years I would have to pay back the full 74K, plus 50% of the proceeds from the sell. To me this seems a bit wrong. What I thought if we sold the home we would have to pay the 74K plus a penalty fee. (3-5%) or something reasonable. I guess to make a long story short and ask the question. What happens if I sell my home prior to 10 years? The reason I ask is because I work for the Federal Government and I hope to transfer out of state to another agency, and If I do what are my options? If it matters i am also a disabled veteran at 90% working hard to get to the 100 mark.

Thank you.


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Last answer by mikenicassio (review)  |  Written  1 week ago Last answer
Back in 2010 I signed into a NSP. What I understood after taking the full day class was that they would give me up to 30% of the home’s value towards a down payment. In my case it was around 74K. I understood that the program term was that I had to stay in the home for 15 years and at that time the

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"Riverside County Neighborhood Stabilization program "

Lake Elsinore Real estate attorneys

Written by mikenicassio (review)
Tue, 03/12/2019 - 18:07

Back in 2010 I signed into a NSP. What I understood after taking the full day class was that they would give me up to 30% of the home’s value towards a down payment. In my case it was around 74K. I understood that the program term was that I had to stay in the home for 15 years and at that time the silent second would be forgiven. I was under the impression that if we sold the house prior to the 15 years, but after 10, I would only have to pay that money back. My contract language is not easy to understand, so I'm having a hard time determining what the penalty would be for selling prior to the 15 years. I’ve heard that prior to 10 years I would have to pay back the full 74K, plus 50% of the proceeds from the sell. To me this seems a bit wrong. What I thought if we sold the home we would have to pay the 74K plus a penalty fee. (3-5%) or something reasonable. I guess to make a long story short and ask the question. What happens if I sell my home prior to 10 years? The reason I ask is because I work for the Federal Government and I hope to transfer out of state to another agency, and If I do what are my options? If it matters i am also a disabled veteran at 90% working hard to get to the 100 mark.

Thank you.

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