HUD Plans Sale of Reverse Mortgage Notes Secured by Vacant Homes

The U.S. Department of Housing and Urban Development (HUD) plans to sell a series of Home Equity Conversion Mortgage (HECM) loan pools secured by empty properties at the end of this month.

On November 30, 2016, HUD will offer five residential mortgage pools consisting of approximately 1,700 notes with a total loan balance of approximately $360 million, according to a release issued Monday by HUD.

The sale will consist of due and payable Secretary-Held loans, which comprise first liens secured by 1- to 4-unit, vacant residential properties.

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The upcoming HUD-Held Vacant Loan Sale 2017-1 transaction contains pool geographies in the Northeaster U.S., Western U.S., Southeastern U.S., Southern Florida and Southern California.

Entities interested in participating are asked to contact HUD’s Asset Sales Office’s Single Family Transaction Specialist.

Written by Jason Oliva

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