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HUD runs out of money

Posted by Jose Rivas (DGRA) CDPE, SFR on April 6, 2011 at 2:57pm

Hello everyone, I just receive one of the most unexpected emails from the HUD title company in my area, the email sounds more like an April fools joke than the news you want to hear from the title company that is handeling a large percentage of your business.

 

"I have some unusual news to report.
 
We have just received word from HUD that we are to cancel any closings we have scheduled for tomorrow. It seems that HUD has run out of funds and cannot do anymore work.  This probably has to do with the budget problems with the Government.  As a result, all closings on Thursday are cancelled until further notice.  You will be contacted when we know closings can resume."
 
 I haven't heard anything in the news or any other blog about this issue.

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Comments

  • Nancy Hughes April 18, 2011 at 10:47am
    OMG can this really be happening??
  • Jose Rivas (DGRA) CDPE, SFR April 11, 2011 at 3:19am
    My closings for Thursday and Friday were cancelled and will be re-schedule at another time, I spoke with the title company and they told me that this week closings are on schedule.
  • Steve Adkins April 9, 2011 at 4:26am

    My question is why are the attorney's offices sending out these notices when the asset management companies are saying Business As Usual?

     

    It's all a moot point now, but it seams the closing attorneys are jumping the gun here! HomeTelos clearly stated yesterday that it will be operating as normal regardless of what congress did.

  • Donna L Brown April 8, 2011 at 1:45pm
    Got similiar message STOP WORK NOTICE from attorney firm.  No explanation.  Everything is on hold.
  • Marcy Moyer April 8, 2011 at 6:55am
    I have a friend who works at HUD in the compliance department. he said they were told if there is a shut down they are to come to work Mon and leave messages on phones and e-mails saying they are closed. However, nothing will happen til mon so it may be that by then it will be settled.
  • Steve Adkins April 8, 2011 at 5:13am

    Hot off the press, was just posted to facebook by HUD:

    http://portal.hud.gov/hudportal/documents/huddoc?id=hudcontingencyp...

     

    I have not read the whole document yet so I'm still unsure what's going to happen.

  • Marcy Moyer April 7, 2011 at 4:49pm
    I know FHA loans will be halted but have been wondering about Fannie and Freddie since they are now owned by the government.
  • Jose Rivas (DGRA) CDPE, SFR April 7, 2011 at 3:06am

    Well here is an update, due the possibility of a government shut down due to budget and  the fact that HUD like the rest of the government doesn't have a working budget, HUD has put on hold all closing until further notice I hope our elected officials stop this party war and think about their constituents and can get to an agreement soon. 

    I don't like to express political opinions here, but this has to stop, both parties need to give in and do what is right for the country, what will happen to the buyers who have a lock expiring during this HOLD, or that has giving the landlord notice to move out this weekend or by the end of the month. 

    What about the federal employees? National security? 

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