Category: Foreclosure

24 CFR 206.125 HUD Requirements.

4/2/2012

HECM Servicing Frequently Asked Questions (FAQs)

With more and more HUD, Fannie May and other Government held foreclosures on the market it is becoming much more common to see homes listed with the phrase...
"PROPERTY IS BEING SOLD SUBJECT TO 24CFR 206.125" So I have attached here the Frequently asked questions document from HUD to help explain this convoluted mess.

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Government to turn forclosed homes into rentals!

2/14/2012

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NEW YORK (CNNMoney) -- Federal officials hope to launch a pilot program in early 2012 to convert government-owned foreclosures into rental properties.The program, which was cited by Federal Reserve Chairman Ben Bernanke last week as one way to address the housing crisis, would sell foreclosed homes now owned by Fannie Mae and Freddie Mac to investors in bulk. The properties would then be converted into rentals.

The story reads on, but somewhere in this mix, there are yet a number of questions to be resolved.

Who will establish the rental rates?
Who will clean and prepare the properties for the rental market?
Who will market the properties to prospective renters?
Who will maintain the properties until they are sold?
Who will screen the tenants, collect the rent and proceed with eviction if needed?

Property Managers! Fannie, Freddie and the FHA, which hold about 250,000 properties, according to Bernanke. It looks like Ben Bernanke may be in the market to hire a few thousand experienced residential property managers to take care of the glut of homes. And with as many as Two Million more hanging in the lurch of the foreclosure process there is no end in site!

Read the rest of the story from (CNNMoney)

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24 CFR 206.125 HUD Requirements.

Government to turn forclosed homes into rentals!

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