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Posted by shirlenda daniels on August 25, 2003 at 11:11:08:
In Reply to: About HUD Houses posted by Billie on July 04, 2003 at 23:30:04:
: The majority of "HUD house" (s) have been given back (let go) by the buyers - due to "undisclosed deficiencies" before/during closing.
: HUD does not enforce their own rules and guidelines very well.("Lender Accountability":
: "UD's Policy on Lenders' Accountability for Appraisals"
: ......"HUD issued mortgagee letters to lenders that reiterated its policy that lenders were equally responsible for the quality of appraisals. Also, HUD's Deputy Assistant Secretary for Single-Family Housing instructed HUD staff that in cases in which appraisers missed serious repair conditions or significantly overvalued properties, HUD should request that the lenders who selected the appraisers pay for the needed repairs or pay down the mortgages by the amounts the properties were overvalued. and...
: The Deputy Assistant Secretary also indicated that the failure of a lender to voluntarily resolve the appraisal deficiencies raised by HUD would result in enforcement action against the lender, including probation and suspension."
: (This Lender Accountability has been in effect for years. - President Bush also recently signed in to bill, a "new" Lender Accountability to the Lender (Property Flipping; Predatory Lending.) It supposedly strengthens, the Lender Accountability that was already in effect.
: -There is also the HUD "Homebuyer Protection Plan" (put in to effect in 1999 "to protect the FHA homebuyer from gettin a lemon, due to bad appraisals.")
: This "protection plan" is still in effect.
: However, previously...a Senate panel ordered HUD to take off their T.V. commercials about the Homebuyer Protection Plan, which stated it protected consumers, "because the ads bordered on deceptive advertising."
: MANY of the HUD houses are just that...Deficient houses - with undislosed problems - that the buyers have "given back" to the lender, which in turn get their money from HUD.
: HUD is then left with these houses.
: Some of the houses...if they are not sold within 6 months, they are then offered to different cities, in different states, for $1.
: They allow a city to buy the house for $1.
: (And in turn...all of these homebuyers have been put through hell, due to these fraudulent activities.)
: When buying these HUD houses...Are the sellers then disclosing the problems of the houses, to the "new" buyers? (I know in many cases, they are not.)
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