Hi, this may sound like a dumb question; but I bought my home for 0,000 3 years ago, since then pretty much 80% of the houses in my community have been forclosed on due to idiots signing up for sub-prime mortgage lenders. after the forclosure HUD buys out the bank note and then sells the homes for like ,000 – ,000 each!! according to an appraisal based on this my home is now only worth 0,000 (based on HUD selling the homes around me for next to nothing) is there anything I can do? I feel terrible for the idiots who got caught up in sub prime lending but what about the people with excellent credit who always pay their bills on time?
Can you sue HUD (housing and urban dev.) for killing your home value?
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No you cannot successfully sue HUD. This unfortunate scenario is considered 'market conditions'. Sorry bout the subprime lenders. This has made an impact in my are as well.
Excellent Luck