Re: Affordable Housing Foreclosure
Posted by NJD on December 21, 2008 at 12:24:19:
In Reply to: Affordable Housing Foreclosure
Posted by FP on December 21, 2008 at 10:47:33:
I would check with the applicable housing authority, and bring this matter to its attention.
We had a situation in New Jersey awhile back where an affordable unit was refinanced by a lender who failed to read or respect the deed restriction... and placed a mortgage against the property which exceeded its statutory limit.
Another situation included the sheriff's sale auctioning of an "affordable" condominium unit
with a sales price which equalled the statutory limit.
The purchasers, unaware of the deed restricted resale price, made about $50,000 in upgrades to the basic unit before placing it on the market... at the inmproved, fair market value.
There were some surprises at closing.
Follow Ups:
- Re: Affordable Housing Foreclosure - FP 14:19:47 12/21/08
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