New Blog 3: Hud Foreclosures For Sale

Wednesday, 14 November 2012

Hud Foreclosures For Sale

The program is available only in certain states, but the $100 down payment is a clear sign that the federal government is getting aggressive, maybe even desperate, to unload the foreclosed properties. Insiders say the government is bracing for a new wave of foreclosed homes that were owned by Countrywide Mortgage, which was bought out by Bank of America. That alone could mean up to 40,000 new foreclosures on the market. (Bing: Learn about foreclosure laws in your state)

Here’s the deal: From now until October 2012, consumers can plop down $100 and buy a HUD-owned foreclosed home. The previous minimum down payment amount was 3.5% of the home’s assessed value. If you buy, you have to live in the residence — that’s to discourage house flippers — and get financing through the Federal Housing Administration.