circuitboard
07-25-2013, 08:26 AM
Anyone in here familiar with HUD laws and who to contact to notify of potential illegal transactions?
My concern is my own neighborhood. A forclosed home, was put on the market via HUD. From what I understand, Investment companies and rental house companies can not purchase HUD home, it supposed to be owner occupied. Well I have discovered evidence that the investment company, had an employee purchase a HUD home in my neighborhood and then turn around an sell it to the investment company, and got a little extra cash on the side for doing so. Thus now the house is a rental house that is not being taken care of. In addition the owner of the investment company, also purchased a HUD home as "owner occupied" and 6 months later sold it to his investment company and is now a rental house.
Is this legal? Anything I can do, or appropriate person to contact to report this? I don't want to see property values come down because of some scum businessman.
My concern is my own neighborhood. A forclosed home, was put on the market via HUD. From what I understand, Investment companies and rental house companies can not purchase HUD home, it supposed to be owner occupied. Well I have discovered evidence that the investment company, had an employee purchase a HUD home in my neighborhood and then turn around an sell it to the investment company, and got a little extra cash on the side for doing so. Thus now the house is a rental house that is not being taken care of. In addition the owner of the investment company, also purchased a HUD home as "owner occupied" and 6 months later sold it to his investment company and is now a rental house.
Is this legal? Anything I can do, or appropriate person to contact to report this? I don't want to see property values come down because of some scum businessman.