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The Federal Housing Finance Agency will soon start the implementation of a new pilot program by which it will sell thousands of foreclosed homes owned by Fannie Mae. The geographic areas to be targeted by this program are Atlanta, Chicago, Las Vegas, Los Angeles, Phoenix and parts of Florida.
The homes will be sold in packages to qualified investors through a bidding process. In order to qualify for participation in the program, investors have to demonstrate they have the necessary experience and financial capability to purchase and manage the properties.
This bulk-sales pilot program requires the investors to rent the purchased properties for a specified number of years. Reportedly, the first stage of the program seeks to sell 2,490 homes, 85 percent of which are currently occupied by renters. A total of 775 of those homes are located in Florida.
The program is expected to reduce the backlog of distressed homes, help stabilize home values reduce taxpayer losses, and reduce the number of REO properties in the market. Of the many governmental programs tried to date, this one actually makes sense and could help stimulate the real estate market.
—Craig I. Kelley, West Palm Beach Bankruptcy Attorney of Kelley & Fulton, P.L., represents individual and business debtors and creditors in Chapter 7, 11, 12, and 13 proceedings. He is A.V. rated by Martindale-Hubbell directory, which is the highest rating as voted on by his peers in the legal profession. He is an Adjunct Professor of Bankruptcy Law at Palm Beach Community College and lectures nationally on the subject. You can get more information about bankruptcy from an experienced bankruptcy attorney in West Palm Beach by contacting Craig I. Kelley at 561-491-1200 or by emailing email@example.com.