Thursday, November 1, 2012

HUD and Hurricane Sandy

Homeowners and potential homeowners have already suffered a great deal these last few years with the crash of the housing market and problems with the economy, which affects resale value and makes paying the mortgage more difficult. The devastating effects of Hurricane Sandy have taken an already stressed population, and left them with a tremendous need of assistance. Purchasing HUD homes will be an increasingly viable option for many such individuals, as part of the government’s targeted relief effort towards helping those caught up in such unfortunate circumstances and bringing the fractured East Coast back together.

HUD homes (homes foreclosed by the House and Urban Development) are in many cases properties the original homeowners lost through foreclosure and have become part of a property inventory. The original aim of HUD homes and their associated organization was promoting community development and giving more people in need the opportunity for homeownership and the associated stability. Today, in the wake of Hurricane Sandy, there will likely be HUD homes for sale to support the victims. The U.S. Department of Housing and Urban Development is working with FEMA and the state governments to identify available housing units. Federal disaster assistance and support to low-income renters and homeowners in Connecticut, New York, and New Jersey are particular priorities, as are all specific areas most affected by the storm. Homeowners interested in available discount HUD homes for sale should consult RealtyStore online.

Buying HUD homes is in part a matter of qualifying for financing. Buyers must first get their credit details sorted out, and then consider which homes will be affordable for them given their current financial situations. The HUD homes for sale will make this easier for many of the victims of Hurricane Sandy, particularly in the wake of such a terrible disaster.

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