The spotlight is once again on Syracuse this week, as the mayor is making further requests to change HUD foreclosure auction policies. Previously, the mayor had asked HUD to postpone the sale of nine investment properties so that the city could locate qualified landlords. In an unusual move, HUD agreed and postponed the foreclosure auctions instead of selling the properties online.
Now, the mayor is asking HUD to cancel the foreclosure auctions all together. Local News 10 Now reports:
“Driscoll asked HUD secretary Roy Bernardi in a letter to cancel the April 15th auction so that the city can develop a negotiated sale of the properties. “
The mayor is also asking HUD to allow the foreclosure properties to be sold individually.
As the letter was sent this evening, there has been no immediate response from HUD. Their decision could have a huge impact on the future of HUD foreclosures, however. Should they agree, they may inadvertently give more control to cities and communities. This could result in the loss of funds by keeping properties in the market for an extended amount of time and could also result in reduced inventory for investors.
See Also: Where to Find HUD Homes for Sale