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In both cities, most of the funding will likely be distributed to people to buy foreclosed homes in those neighborhoods.
When the mortgagor is not personally liable for debt repayment, the full amount outstanding--even if it exceeds the property's fair market value-is considered realized when the property is voluntarily reconveyed, foreclosed or abandoned.
The deal includes foreclosed homes in California, Florida, Arizona, Texas, Pennsylvania and Georgia.
After city officials complained about Bank of America's lack of response for all its other foreclosed properties, the bank stepped forward and registered another 98 properties during the past week, along with posting the required $5,000 bond for each property, according to the city manager.
RealtyTrac, a firm which specializes in tracking foreclosed properties, has reported that foreclosed homes accounted for 24% of home sales in the U.
The car wash was foreclosed on in March 2009 and sold to First Federal for $636,000.
and collected from county Register of Deeds offices around the state--shows that nearly half the homes foreclosed on last year were sold by the end of the first quarter of 2009.
An estimated 4,000 people reside in rental homes foreclosed on by Fannie Mae.
The total number of foreclosed homes available for sale in the United States climbed 1.
Gregory Park was built in the 1960's as a rental property with financing through HUD, and when the developer defaulted in the early 1980's, HUD foreclosed and became the owner of the property.