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Hud Housing Program
The Uniform Act, passed by Congress in 1970, is a federal law that establishes minimum standards for federally funded programs and projects that require the acquisition of real property (real estate) or displace persons from their homes, businesses, or farms. The Uniform Act's protections and assistance apply to the acquisition, rehabilitation, or demolition of real property for federal or federally funded projects. 49 CFR Part 24 is the government-wide regulation that implements the URA.
HUD Handbook 1378 provides HUD policy and guidance on implementing the URA and 49 CFR Part 24 for HUD funded programs and projects. This module covers URA requirements as they apply to HUD programs.
What are the URA's objectives?
To provide uniform, fair and equitable treatment of persons whose real property is acquired or who are displaced in connection with federally funded projects
To ensure relocation assistance is provided to displaced persons to lessen the emotional and financial impact of displacement
To ensure that no individual or family is displaced unless decent, safe, and sanitary (DSS) housing is available within the displaced person's financial means
To help improve the housing conditions of displaced persons living in substandard housing
To encourage and expedite acquisition by agreement and without coercion
Stopping foreclosure with a special forbearance can be done
Your lender may be able to arrange a repayment plan based on your financial situation and may even provide for a temporary reduction or suspension of your payments. You may qualify for this if you have recently experienced a reduction in income or an increase in living expenses.
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News about real estate cases in Illinois and nationwide:
Definition:
A separate account into which the lender puts a portion of each monthly mortgage payment; an escrow account provides the funds needed for such expenses as property taxes, homeowners insurance, mortgage insurance, etc.
Equity
Definition:
An owner's financial interest in a property; calculated by subtracting the amount still owed on the mortgage loon(s)from the fair market value of the property.
Debt-to-income ratio
Definition:
A comparison of gross income to housing and non-housing expenses; With the FHA, the-monthly mortgage payment should be no more than 29% of monthly gross income (before taxes) and the mortgage payment combined with non-housing debts should not exceed 41% of income.
If you live in the following cities and need an real estate attorney you should contact
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Arlington Heights
Aurora
Bartlett
Berwyn
Bolingbrook
Buffalo Grove
Carol Stream
Chicago
Chicago Heights
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Glenview
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Joliet
Lockport
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Palatine
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Waukegan
Wheaton
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general information related to real estate issues commonly encountered.
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