WHO ARE THEY KIDDING - NOT ALLOWED TO FORECLOSE ON PROPERTIES FOR 3 YEARS.. PLEASE .. ONCE BOUGHT THEY RUN TO THE COURTS . SO SICK OF THIS DAMN GOVERNMENT AND NOT PROTECTING THE PEOPLE WHO WERE HARMED.
The FHA held its last “national sale” on June 26 when it accepted bids on nearly 15,470 nonperforming loans with an unpaid principal balance of $2.4 billion. The winning bids totaled $1.26 billion or 53.4% of the UPB of the loans, which are no longer insured by FHA. There were 13 pools and eight winning bidders.
In September 2012, FHA conducted a sale of 5,300 nonperforming loans and the winning bids totaled $368 million or 39% of the UPB. An improving housing market has helped increase FHA recoveries.
FHA servicers generally select their worst loans—where they exhausted all loss mitigation options—for these note sales. Under the terms of the sale, the successful bidders cannot foreclose for six months. This restriction is designed to give the new servicer a chance to restructure the loan and keep the borrower in their home.
In early November, FHA will conduct another Neighborhood Stabilization note sale. The winning bidders of these notes cannot foreclose for three years.