FHA Makes Change for Certain Post-Foreclosure Sales
The Federal Housing Administration on Thursday added a 30-day buyer preference for certain home sales from its default inventory, and it could put more of those in the hands of owner-occupants, nonprofits and governmental entities.
The change would give these buyers first crack at properties in the claims without conveyance of title process. CWCOT involves a post-foreclosure sale where the property is not conveyed to the Department of Housing and Urban Development in exchange for insurance benefits.
Exclusively offering such homes to these buyers for 30 days is in line with an increasing number of initiatives the Biden administration had added aimed at making more affordable housing accessible to homeowners who might otherwise compete with investors.
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