rental house in Birmingham AL.. cant maitain it. can i donate it to the govt.? section 8 buy it?
2006-07-24 09:09:30 · 4 answers · asked by tydurham 1 in Business & Finance ➔ Renting & Real Estate
What is the problem? Section 8 is a government subsidy sponsored by HUD. They don't purchase or hold property. It is designed to get people out into the private sector and out of government housing. The property has to meet minimal condition guidelines (no lead paint, ADA access, etc.)
If there is a lien on the property you can't donate it. You might check with Habitat for Humanity or someone like that. They might consider buying it for the lien value! Or just sell it outright to whoever is renting it now.
I am a real estate agent. Contact me if you have any questions.
2006-07-24 09:32:35 · answer #1 · answered by Sam B 4 · 0⤊ 0⤋
I've never heard of anyone being able to donate something they still owe a mortgage on.
Have you looked at other solutions such as refinancing to lower your payments? I would need more information on your situation to see if there was anything I could do to help.
I suppose you could sell it to your local housing authority so they could use it as low income housing, but that would depend on their needs, and how much you owe on the property still...
2006-07-24 09:29:31 · answer #2 · answered by ReggieWjr1 4 · 0⤊ 0⤋
you cannot donate it if you do not own
2006-07-24 09:13:06 · answer #3 · answered by JULIE 7 · 0⤊ 0⤋
what kind of shape is it in??
what is the worth ??
2006-07-24 09:30:57 · answer #4 · answered by Scanless1999 3 · 0⤊ 0⤋