Housing Chief States That HUD Homes Need More Protection

According to Shaun Donovan, Secretary of the Housing and Urban Development department of the United States of America, even though the real estate market of the country is on the up, the government still has to forward more help to many homeowners. Shaun Donovan, who recently had a round table meeting with D – Miramar’s Alcee Hastings and the leading professionals from Consolidated Credit Counseling Services, went on to add that the number of owners of HUD homes who need help to avoid foreclosures and are not getting it is too high.

It seems that Shaun Donovan is encouraging the government to pass the series of reforms that have been tabled by the President of the country, Barack Obama. While there have been many reforms forwarded by Obama, one that stands out and may help in preventing short sales of HUD homes and foreclosures is the bill of rights. The bill of rights is designed to keep lenders from including hidden fees and default penalties in the borrower’s contracts along with encouraging them to use simpler mortgage applications.

The proposal from Obama is expected to be considered by the Congress this month. It is expected by many sellers and buyers of HUD homes and foreclosures to ease the pressure on them a little.