Comment suggesting amending this proposal to include bank foreclosure sales submitted by Teddi Sharp, American Mortgage Service Company

Document ID: HUD-2004-0020-0002
Document Type: Public Submission
Agency: Department Of Housing And Urban Development
Received Date: January 06 2005, at 12:00 AM Eastern Standard Time
Date Posted: January 6 2005, at 12:00 AM Eastern Standard Time
Comment Start Date:
Comment Due Date: February 22 2005, at 11:59 PM Eastern Standard Time
Tracking Number: 8008aab0
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This is comment on Proposed Rule

FR-4798-P-01: Housing Counseling Program; Proposed Rule

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Agency : HOUSING AND URBAN DEVELOPMENT DEPARTMENT Title : Housing Counseling Program Subject Category : Grants: Housing Counseling Program Docket ID : CFR Citation : 24 CFR 214 Published : December 23, 2004 Comments Due : February 22, 2005 Phase : PROPOSED RULES -------------------------------------------------------------------------------- Your comment has been sent. To verify that this agency has received your comment, please contact the agency directly. If you wish to retain a copy of your comment, print out a copy of this document for your files. Please note your REGULATIONS.GOV number. Regulations.gov #: EREG - 1 Submitted Jan 06, 2005 Author : Ms. TEDDI SHARP Organization : AMERICAN MORTGAGE SERVICE CO. Mailing Address : 75 E. WILSON BRIDGE RD, SUITE C6 WORTHINGTON, OH 43085 US Attached Files : Comment : The new change does not go far enough. The rule was to challenge predatory selling & lending. It should be amended to include bank foreclosure sales as exception. A borrower can negotiate for a foreclosed property at lower than market values when purchased within 90 days of title transfer which also reduces FHA risk. The 90 day rule makes no sense when a property is being purchased below market value. American Mortgage Service Company