A student had a very interesting question regarding HUD properties and whether if two names appear on the title that both have to live there. According to LAW:
They believe so. There may be exceptions for special cases but normally whoever is on the deed should be living there.
HUD always offers houses to owner occupants first and only to investors after the house has been on the market for a while.(30-90 DAYS) This has meant the investors often never got a chance at buying these houses.
The reason for this occupant rule is that some investors in the past would have a relative/friend occupy the house. They would then buy up a number of HUD properties this way when a person is really only supposed to be able to buy one as an occupant.
I would contact HUD direct and outline the situation to see if this rule would apply in this situation. This tends to be case by case.
A student had a very interesting question regarding HUD properties and whether if two names appear on the title that both have to live there. According to LAW:
They believe so. There may be exceptions for special cases but normally whoever is on the deed should be living there.
HUD always offers houses to owner occupants first and only to investors after the house has been on the market for a while.(30-90 DAYS) This has meant the investors often never got a chance at buying these houses.
The reason for this occupant rule is that some investors in the past would have a relative/friend occupy the house. They would then buy up a number of HUD properties this way when a person is really only supposed to be able to buy one as an occupant.
I would contact HUD direct and outline the situation to see if this rule would apply in this situation. This tends to be case by case.