HUD News Regarding Foreclosure
San Jose bankruptcy attorney discusses changes with HUD's definition of Foreclosure
HUD, the Federal Agency announced last Friday that they have tweaked their definition of floreclusre and the redlined version includes "properties in default and abandoned to include uninhabitable homes with lingering code violations."
Starting now, HUD is classifying a floreclosure as "any property that is at least 60 days behind on the mortgage or the property owner is 90 days or more delinquent on tax payments."
Additionally, they have extended the description of abandoned property to include homes where no mortgage or tax payments have been made by the property owner for at least 90 days or a code enforcement inspection has determined that the property is not habitable and the owner has taken no corrective actions within 90 days of notification of the deficiencies.
The new language will assist communities with the foreclosure process including aquisition, rehabilitation, and resale, said HUD officials, as well as expodite those practices.
If you have a question regarding Bankruptcy in San Jose please contact us at 408.279.2288 or visit www.bkanswers.com and we can connect you with one of our experienced San Jose Bankruptcy Attorneys. After you have spoken with one of our San Jose bankruptcy attorneys we can schedule you a free face to face appointment in our office location nearest you. Our team of San Jose Bankruptcy Lawyers can assist you with all aspects of your case. If you have questions about filing a chapter 7 bankruptcy, a chapter 11 bankruptcy, a chapter 13 bankruptcy, lien stripping, cram down, stopping a foreclosure or wage garnishment, discharging debt, etc. we can help! We have bankruptcy attorneys located throughout California who can assist your financial needs. Please feel free to complete our free bankruptcy evaluation and we can quickly determine if you are a qualified candidate for bankruptcy.
