Senators Call for HUD Secretary’s Resignation

March 27, 2008

There may soon be new administration in the top HUD offices if two senators have their way. They are asking current HUD secretary Alphonso Jackson to resign amidst allegations of improper business conduct. A New York Times editorial explains: “Senior HUD officials have complained that Mr. Jackson instructed them to take into account political ties [...]

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HUD Postpones NY Auction

March 26, 2008

The drama in Syracuse is coming to a close, as HUD has agreed to postpone foreclosure auctions on nine properties. The mayor, who was later supported in a letter from Hillary Clinton, had been urging HUD to allow the local government to choose a qualified landlord. The AP reports: “In a rare move, federal housing [...]

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HUD Considers Selling Multiple Homes in Single Auction

March 25, 2008

A recent Wall Street Journal article says that HUD is considering allowing investors to bid on groups of foreclosed homes. Here’s a blurb: “Another big seller is the Department of Housing and Urban Development, or HUD, which operates the Federal Housing Administration. The FHA insures banks and investors against losses on mortgages, and ends up [...]

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How Much Are HUD Foreclosures Discounted?

March 24, 2008

HUD initially lists foreclosure homes at what they consider a fair market price. According to the Texas Star-Telegram, HUD listings actually start at about 15% below the current value: “The typical starting price for a HUD-owned home is 15 percent below market value. Only people who are planning to live in the home can bid [...]

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Clinton Backs Driscoll’s Request to End HUD Auction

March 21, 2008

As previously reported, Syracuse Mayor Matthew Driscoll is asking HUD to stop foreclosure auctions on seven properties in his area. Now, Senator Clinton has sent a letter of support, urging HUD to comply with the mayor’s request. Central New York News reports: “Clinton wrote a letter to HUD Secretary Alphonso Jackson, asking that he consider [...]

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$100 Down Payments on Montana HUD Foreclosures

March 20, 2008

HUD is currently running a $100 down payment buyer’s incentive for HUD foreclosure homes in Montana. Here’s the small-print from the HUD website: $100 Down Payments! Available to owner occupant homebuyers when purchasing a property at full price and using FHA-insured financing. If you want to take advantage of the Montana incentive, make sure that [...]

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How to Qualify to Purchase HUD Repos

March 19, 2008

In order to buy HUD repos, you need to meet certain qualifications. Preparing in advance can help you be ready when your “dream house” goes up for auction. Here’s what the government requires you to provide before bidding on HUD repos: HUD Bidding Qualifications.

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Syracuse Mayor Asks HUD to Cancel Foreclosure Auctions

March 18, 2008

Matthew Driscoll, a New York mayor, is asking HUD to cancel auctions on seven rental properties in Syracuse. Empire State News reports: “In a letter to HUD officials, Mayor Driscoll asked that the courthouse auction of the seven former Longley Jones properties be cancelled in favor of an RFP process for the properties. The Mayor [...]

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Congress Considering $15,000 Rebate Checks for Home Buyers

March 16, 2008

If you’re excited about this year’s rebate checks, you’re going to love this. Congress is currently considering a $15,000 rebate to every new home buyer. The idea, proposed by Sen. Johnny Isakson, is designed to stem the tide of foreclosures and promote a healthy real estate market. WSOCTV in Atlanta reports: “Congressional budget analysts project [...]

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HUD to Extend Owner-Occupant Bid Period

March 13, 2008

In a Washington Senate hearing earlier today, HUD Secretary Alphonso Jackson said that the HUD owner-occupant bid period would be extended past its current 15-day allotment. The announcement was likely in response to accusations from Senator Charles Shumer, who claims that current HUD policies put foreclosure homes into the hands of slumlords. New Yorks’ Daily [...]

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