What is a Foreclosure?
A foreclosure occurs when the lender re-possesses a home when someone has fallen to far behind in their payments. If the property is now worth less than the outstanding payments,
the lender could seek a deficiency judgment against the borrower,
which means that not only would he or she lose their home, but they would
also owe the lender an additional monies.
If someone is facing a foreclosure, they might be able to work
with the lender to get an interest free loan from HUD to bring their
mortgage current. If they qualify, and the lender files a partial claim.
HUD will pay the outstanding amount to the lender.
The borrower signs a promissory note and then a lien will be place
on the property until the promissory note can be paid. Some homeowners may qualify for a pre-foreclosure sale, these are great
opportunities for investors to buy property at a fraction of its value.
To learn more about how to do this, order the Section 8 and Subsidized Housing Online Packet.
In your Section 8 and Subsidized Housing Online Packet,
you will be able to learn more about foreclosed properties and how to apply for various government housing programs. These programs include the Section 8 Housing Choice Voucher Program and Public Housing. You will also be able to apply for the independently owned Section 8 Consolidation Program online.
Landlords can learn how to participate in various government subsidized housing programs like Section 8 and discover the benefits of doing so. Landlords can also list their properties for free on this site (low income or otherwise).