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Estate News
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
Three theories exist regarding who has legal title to a mortgaged property
Under the title theory title to the security interest rests with the mortgagee. Most states, however, follow the lien theory under which the legal title remains with the mortgagor unless there is foreclosure. Finally, the intermediate theory applies the lien theory until there is a default on the mortgage whereupon the title theory applies.
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News about real estate cases in Tennessee and nationwide:
Definition:
Also known as settlement, this is the time at which the property is formally sold and transferred from the seller to the buyer; it is at this time that the borrower takes on the loan obligation, pays all closing costs, and receives title from the seller.
After Appraisal
Definition:
Part of the appraisal of a property from which only a portion of that property is acquired for the planned project. This type of acquisition is often referred to as a "partial acquisition."
PMI
Definition:
Private Mortgage Insurance; privately-owned companies that offer standard and special affordable mortgage insurance programs for qualified borrowers with down payments of less than 20% of a purchase price.
If you live in the following cities and need an real estate attorney you should contact
our Real Estate Attorney as soon as possible:
Antioch
Brentwood
Bristol
Chattanooga
Clarksville
Cleveland
Clinton
Collierville
Columbia
Cookeville
Cordova
Dayton
Dyersburg
Elizabethton
Franklin
Gallatin
Goodlettsville
Hendersonville
Hermitage
Hixson
Jackson
Johnson City
Kingsport
Knoxville
Lebanon
Madison
Maryville
Mc Minnville
Memphis
Millington
Morristown
Mount Juliet
Murfreesboro
Nashville
Oak Ridge
Shelbyville
Smyrna
Soddy Daisy
Springfield
Tullahoma
Legal Disclaimers All attorney listings are a paid attorney advertisement, and do not in any way constitute a referral or endorsement by an approved or authorized lawyer referral service. The information provided on Tennessee Real Estate Attorneys.com is not intended to be real estate advice, but merely conveys
general information related to real estate issues commonly encountered.
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