Hi, this may sound like a dumb question; but I bought my home for $140,000 3 years ago, since then pretty much 80% of the houses in my community have been forclosed on due to idiots signing up for sub-prime mortgage lenders. after the forclosure HUD buys out the bank note and then sells the homes for like $75,000 - $80,000 each!! according to an appraisal based on this my home is now only worth $110,000 (based on HUD selling the homes around me for next to nothing) is there anything I can do? I feel terrible for the idiots who got caught up in sub prime lending but what about the people with good credit who always pay their bills on time?
2007-05-20 09:20:21 · 6 answers · asked by Drew W 2 in Business & Finance ➔ Renting & Real Estate
No you cannot successfully sue HUD. This unfortunate scenario is considered 'market conditions'. Sorry bout the subprime lenders. This has made an impact in my are as well.
Good Luck
2007-05-20 09:28:40 · answer #1 · answered by devil dogs 4 · 0⤊ 0⤋
No. A doctrine called Soveriegn Immunity protects the government from being used unless the government decides you can sue it. Believe it or not, there are many things for which you can sue the governemnt because it said you can. This is not one of them, however.
I hate to tell you this, but your house was never really worth the price you paid. Loans were given to people who never should have been given loans. That drove prices artificially higher than they should have been.
Count your blessings. Home prices in my neighborhood have already fallen more than $200,000.00 and nothing is selling. Almost 3/4 of the homes in my area have been for sale for over 9 months. Not one home has sold.
2007-05-20 17:48:04 · answer #2 · answered by mcmufin 6 · 1⤊ 0⤋
No, you can't sue HUD or anyone else for the decline in your home's value. It's unfortunate, but just a fact of life.
2007-05-20 09:31:18 · answer #3 · answered by Judy 7 · 0⤊ 0⤋
HUD is the dep. of Housing and city progression. it is a cabinet point enterprise of the U. S. government. i've got self belief it became started interior the Nineteen Sixties as component to Kennedy and Johnson's great Society classes. extremely they provide classes for low income housing for families and seniors. additionally they reposess residences in foreclosure and re-sell them. additionally they have grant classes for cities and cities to help strengthen housing situations etc.
2016-11-25 19:25:14 · answer #4 · answered by Anonymous · 0⤊ 0⤋
Buy them urself? even if u buy the bank notes or fm HUD?
2007-05-20 09:28:33 · answer #5 · answered by Dotr 5 · 0⤊ 0⤋
you cannot win against the government
2007-05-20 09:28:46 · answer #6 · answered by debbie2243 7 · 0⤊ 0⤋