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Department of Housing and Urban Development
Office of Multifamily Housing Programs
What is sold: When an owner of a multifamily property (5 or more units) with a HUD-insured mortgage defaults on the mortgage, the mortgagee generally assigns the mortgage to HUD in exchange for the payment of insurance benefits. When HUD becomes the mortgagee, it can sell the note or foreclose if the mortgage is in default.
Examples of these properties include multifamily apartment projects, nursing homes, assisted living facilities, mobile home parks, and hospitals.
How items are sold: Note sales and foreclosure sales are generally auction-type sales to the public and are the predominant method of sale. If HUD is the high bidder at the foreclosure sale, HUD becomes owner of the property. City, state, and local public housing agencies have a right of first refusal to purchase HUD-owned properties if they can meet the sales conditions set by HUD. If the property is not sold pursuant to the right of first refusal, it is generally sold to the public through a competitive process, either by sealed bid, auction, or request for proposals.
HUD-held multifamily mortgage loans are usually offered for sale in pools according to various criteria such as performance status, collateral type, loan type, and geography. Bidders must meet specific qualifications. A Bidder Information Package is available to all qualified bidders, which details the loans offered for sale and the bidding process. The loans are sold servicing-released, without FHA insurance and, except as expressly provided in the loan sale agreement, without any representation or warranty, whether express, implied or created by operation of law.
How sales are advertised: Foreclosure sale information is available on the Internet, in the Wall Street Journal every Wednesday, and in local and regional newspapers where properties for sale are located. HUD also maintains a mailing list of persons and firms who have indicated a desire to be informed of all sales--an Invitation to Bid is e-mailed to everyone on the mailing list for each property advertised for competitive sale.
Note: sales are advertised in financial newspapers such as the Wall Street Journal and on the Internet. This site is updated as Note sales are scheduled.
Special restrictions/conditions: Apartment projects located in areas where there is a need for affordable housing are usually sold with a condition that they be maintained as affordable housing for at least 20 years. HUD does not offer financing to purchase properties. HUD may impose deed restrictions to assure that an apartment project is repaired to HUD standards and maintained as affordable housing, generally for at least 20 years after the repairs are completed. Some projects are sold with a requirement that they be partially or totally demolished.
Subsidized mortgage loans are sold with protections for the tenants. Unsubsidized mortgage loans are generally sold without any restrictions.
Some of the more common auction items include:
used autos • marine vehicles • jet skis • aircrafts • homes • real estate • commercial property • farm equipment • industrial • business • electronics • computers • antiques • art • coins • stamps • appliances • guns • travel • collectibles • clothing • crafts • boats • bikes • motorcycles • mobile homes • jewelry • toys • cars • trucks • mopeds • bicycles • cameras • televisions • clocks • furniture • unclaimed property • abandoned property • personal property • office furniture • condominiums • town homes • commercial property • vacant land • single family homes • machinery • tools • hardware • building supplies
and much, much more...
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