HUD house goes to the highest bidderHudson hasn’t escaped the problem of people losing their homes to foreclosure. A one-and-a-half-story rambler at 802 Second St. is a case in point.
By: Randy Hanson, Hudson Star-Observer
Hudson hasn’t escaped the problem of people losing their homes to foreclosure.
A one-and-a-half-story rambler at 802 Second St. is a case in point.
The U.S. Department of Housing and Urban Development put it up for sale to the highest bidder after the owner defaulted on their government-backed mortgage.
According to a property listing at www.best-assets.com, the reduced asking price for the four-bedroom house built in 1900 was $215,000.
The Web site said the property was eligible for HUD’s 203K Streamline loan, which may allow a buyer to borrow an additional $35,000 to make repairs or improvements.
A notice in the window of the house said it had a mold problem.
The BestAssets Web site included listings of HUD-repossessed homes in six Midwestern states. The listings included between 150 and 200 houses in Wisconsin, and about the same number of houses in Minnesota.
Sunday was the deadline for submitting a bid on the house at 802 Second St.