The I.Q.D. Team Connection
  • Welcome
  • Iraq News Current
  • PRE & POST RV Information
  • Market Place
  • Twitter Feed
  • Join Our Mailing List
  • Future Of Iraq Project & Other Links
  • The IQD Team Connection Blog & Announcements
  • Quick Links
  • Conf Calls: Recordings
  • Contact Us
  • Financial Planning
  • How to Choose A Financial Advisor
  • Private Bankers: Contacts & Websites
    • Private Bankers - Articles of Interest
  • Computer Security
  • Dinar Dealer & Exchange Info
  • Public Record Sites - Background Checks FREE
  • Real Estate
    • Landlord Tenant Laws & Information
  • Documents: Gifting
  • In Loving Memory of Tim
  • Health & Wellness Blog
  • Health Wellness Products

FHA extends waiver to help resell foreclosed homes

1/7/2012

 
_December 28, 2011 1:31 PM

FHA extends waiver to help resell foreclosed homes

By
    Ilyce Glink


(MoneyWatch)

In response to high foreclosure rates and a continually sluggish housing market, the Federal Housing Administration (FHA) announced today they will extend the temporary waiver of FHA's anti-flipping regulations through 2012.

The waiver, which was first announced in 2010 and set to expire in December 2011, will permit buyers to use FHA-insured financing to purchase HUD-owned properties, bank-owned properties or properties resold through private sales. The goal is to help stabilize communities that have been devastated by the foreclosure crisis.

In a press release announcing the move, Carol Galante, acting FHA commissioner, said that the "extension is intended to accelerate the resale of foreclosed properties in neighborhoods struggling to overcome the possible effects of abandonment and blight."

"FHA remains a critical source of mortgage financing and stability and we must make every effort to promote recovery in ever responsible way we can," she added.

To protect consumers, the waiver contains strict conditions and guidelines to prevent what FHA calls "the predatory practice of property flipping, in which properties are quickly resold as inflated prices to unsuspecting borrowers."

Housing market predictions for 2012
FHA's financial condition worsened in October
Fewer homeowners underwater, but number is still high

According to today's release from the Department of Housing and Urban Development (HUD), the waiver is limited to sales that meet the following conditions:

-- All transactions must be arms-length, with no identity of interest between the buyer and seller or other parties participating in the sales transaction. In other words, buyers and sellers are acting of their own accord and have no relationship with one another.

-- In cases in which the sales price of the property is 20 percent or more above the seller's acquisition cost, the waiver will apply only if the lender meets specific conditions, and documents the justification for the increase in value.

-- The waiver is limited to forward mortgages, and does not apply to the Home Equity Conversion Mortgage (HECM) for purchase program.

The extension is effective through December 31, 2012, unless otherwise extended or withdrawn by FHA.

SOURCE LINK




Comments are closed.
    Health Products Favs
    Health Books
    Picture
    filterfluoride
    IGNITEChewable Energy
    Get younger skin the natural way with Chews-4-Health™
    Picture
    Picture
    Liquid Zeolite
    Health Books
    Health Products FAV
    Picture
    Get 50% off Vetisse Jimin Ointment

    Categories

    All
    Articles Of Interest
    Automobile
    Banking
    Banking Laws
    Banking Tools
    Books
    Budget Tips
    Business Start Up
    Calculators
    Calling Help Google
    Cashing In
    Cashing In Info
    Cdars
    Changing State Residency
    Charities
    Check Authenticity Of Dinars
    Computer Security
    Con Men
    Credit
    Credit Cards
    Currency Classifications
    Currency Exchange
    Currency Trading Forex
    Debt
    Delarue
    Dinar Dealers - Check Out License
    Dinar Information
    Email Accounts Set Up
    Entities
    Entities Help
    Fair Debt Collection Practices Act
    Financial Planning
    Financing
    Fincen
    Forex & Currency Converters
    Fractional Banking
    Free
    Free Calling
    Fun
    Gifting
    Health & Wellness
    Home Ownership Help
    Home Safety
    Identity Protection
    Insurance
    Internet Crime Center
    Investing
    Iraq Investing
    Iraq News
    Iraq Stock Exchange Isx
    Lop
    Misc
    Modern Money Mechanics
    Money
    Money Financial Planning
    Money. Financial Planning
    Mortgage Scams
    Mr Anonymous
    Music & Inspiration
    News Sources
    Phone Security
    Post Rv Checklists
    Preparedness
    Pre & Post RV Daily Postings
    Privacy
    Private Banking
    Questions To Ask Professionals
    Real Estate
    Retirement
    Rfid Be Aware
    Safes
    Scam & Fraud
    Scam & Fraud
    Security
    Self Help
    Sent In By Our Listeners
    Shopping
    Straight Talkin Mike
    Sudden Wealth
    Tag Account
    Taxes
    Telephone
    Travel
    Twitter
    Veterans Assistance
    Words Of Wisdom

    Garden of Life