The federal agency
HUD's announced Friday that, effective
immediately, it is classifying any property that is at least 60 days
behind on
the mortgage or the property owner is 90 days or more delinquent on tax
payments as a "foreclosed" home.
Officials say the
new wordsmith-ing will help communities acquire
and re-sell foreclosed properties more quickly under the Neighborhood
Stabilization
Program.
For the complete
article visit:
http://www.dsnews.com/articles/hud-redefines-foreclosed-to-include-60-day-delinquencies-2010-04-02