Posted by Rob FL on June 06, 1999 at 19:55:15:
This is the classic HUD owned property. For more information goto www.hud.gov
What does this mean? - Posted by Jaime Rocha
Posted by Jaime Rocha on June 06, 1999 at 19:44:44:
While I was driving through a neighborhood I came across a classic vacant property. Lawn is over-grown, newspapers in the drive way, and notices on the door. When I moved in to take a closer look, I saw this notice on the front window.
Notice:
FHA Case Number:XXX-XXXXXX
Address:XXXX Anywhere lane
This property is under the management of the company listed below. When it is available for sale, arrangements to inspect the property may be made through any real estate broker of your choice. The property may not be entered until it is offered for sale. Any condition requiring attention should be reported to
Real Estate Compay, Ince
Somewhere
123-555-1111
I asked the next door neighbor about the house, and he said the house has been vacant since the beginning of the year. Is there anything I can do with this property, or am I too late? I?m a newbie with a lot of enthusiasm.
Re: What does this mean? - Posted by Evil Roy
Posted by Evil Roy on June 09, 1999 at 22:36:36:
In my area (NY), owner info can be gotten from county records. You should be able to call the locality (smallest of: Village, Town) and ask “Who is the Owner of Record”, and armed with this you then go to the County Center and research the Judgements (FC:foreclosure, LP:Lis Pendens) information to learn How Much $ was owing and when the foreclosure was finalized. Be polite and people are pleased to assist the newbie.
Depending on where the property is there may be a period of redemption during which the person(s) who lost the property could redeem it, in which case you may be able to work something with the former owners. Be aware that Other debt may apply in such case (IRS, social services, &tc)
Otherwise, you just have to wait until the property is made available for bidding. Watch the HUD site for your area
( HUD http://www.hud.gov/local/sams/ctznhome.html )
Other web sites of possible interest:
Fannie Mae (http://www.fanniemae.com/homes/index.html) and
Freddie Mac (http://www.homesteps.com/hfinder.html).
Good Luck.
Re: What does this mean? - Posted by Irwin
Posted by Irwin on June 07, 1999 at 08:19:00:
It means that it is a HUD insured loan that is somewhere in the foreclosure process. You can’t tell where, without analyzing the actual forclosure case. Can anything be done now? It depends on 1) finding the owner; 2)learning how much the debt is, and 3)if the foreclosure process hasn’t gone too far to prevent a private sale.