New Initiative To Speed The Sale Of HUD Homes

Posted by Orb Staff on July 12, 2010 No Comments
Categories : Mortgage Servicing

partment of Housing and Urban Development (HUD) has announced a temporary initiative that gives state and local governments and nonprofit organizations participating in HUD's Neighborhood Stabilization Program (NSP) preference to acquire homes from the department's inventory of foreclosed properties, commonly known as ‘HUD homes.’ A notice outlining this temporary initiative will be published later this week in the Federal Register. According to HUD, the notice will detail how the sale of HUD homes under the [link=http://www.hud.gov/offices/hsg/sfh/np/firstlooknotice.pdf]Federal Housing Administration's (FHA) First Look Sales Method[/link] will align NSP and FHA requirements to provide NSP grantees an exclusive option to purchase HUD homes before they are marketed to other purchasers. ‘This First Look initiative is a marriage of two programs to accelerate our effort to confront property abandonment in communities struggling to overcome the effects of the foreclosure crisis,’ said HUD Secretary Shaun Donovan, who announced the initiative in a speech at the National Council of La Raza annual conference in San Antonio, Texas. ‘By essentially giving our NSP grantees a first bite at the apple, we hope to accelerate the sale of FHA's foreclosed properties while supporting the Obama Administration's neighborhood stabilization efforts.’ SOURCE

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