HUD-Held Vacant Loan Sale 2017-1 – Sale Results Thank you to all the teams that participated in the November 30th, 2016 offering. The results from the sale can be found here.
HUD-Held Vacant Loan Sale 2017-1 – BIP Supplement Posted A BIP Supplement has been posted for Qualified Bidders for the HVLS 2017-1 sale.
HUD-Held Vacant Loan Sale 2017-1 – BIP and Updated ALD Posted The BIP and an updated ALD have been posted for Qualified Bidders for the HVLS 2017-1 sale.
HUD-Held Vacant Loan Sale 2017-1 (HVLS 2017-1) Washington D.C. – The U.S. Department of Housing and Urban Development, (“HUD”) has announced the first of a new offering type, the HUD-Held Vacant Loan Sale 2017-1 (“HVLS 2017-1”).
On November 30th, 2016, HUD will offer multiple residential mortgage pools consisting of approximately 1,700 notes and an aggregate broker price opinion of approximately $220 million. The sale will consist of due and payable Secretary-Held loans. The loans are first liens secured by 1 to 4 unit, vacant residential properties where the last surviving borrower is deceased.
Entities interested in participating can contact the Asset Sales Office’s Single Family Transaction Specialist at 1-844-709-0763 or email HUDsales@VerdiAssetSales.com for more information.
Verdi Asset Sales Platform – Service for Bidder Registration and Asset Bidding
The Verdi Asset Sales (“VAS”) system provides an opportunity to conduct mortgage loan sales under the U.S. Department of Housing and Urban Development’s (“HUD”) Single Family Loan Sale (“SFLS”) initiative. The SFLS program, instituted in 2010 by the Federal Housing Administration (“FHA”) within HUD helps to sell distressed mortgages prior to foreclosure and property conveyance to FHA, thereby avoiding costly and potentially lengthy foreclosures. As part of the sale process, the VAS solution offers quick and reliable access to the Participants/Bidders interested in the competitive auctions conducted by HUD. Participants can acquire assets at competitive prices to service the assets and provide homeowners with the opportunity to prevent costly foreclosures. The FHA sales structure offers for purchase of defaulted single-family mortgages in large national pools as well as loan pools in designated geographical areas that are aimed at a Neighborhood Stabilization Outcome (“NSO Pools”). The VAS platform allows for investors to bid all assets within an individual or aggregate Mortgage Loan Pool when qualified. Interested bidders can register to become authorized bidders and submit all related documentation for the bid and adhere to the bid terms. Authorized bidders can thereby participate on the Bid Day to make an offer to purchase the assets within HUD specified timeframes and guidelines.
Distressed Asset Stabilization Program – Rolling NSO Qualification
The rolling NSO qualification for non-profits and units of state and local government generic qualification statement can be found through this Link. There will also be a required specific sale recertification qualification statement.