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Tuesday, January 19, 2010
Friday, October 3, 2008
Anatomy of a Short Sale
Often, in today's real estate market, many homeowners who are in foreclosure or a position of needing to sell their property find out that they actually owe more to their lender(s) than what they can actually sell the home for. In this scenario, one of the more popular solutions is to conduct a short-sale. A short-sale is simply negotiating with the home owner's current lender(s) to accept an amount that is less than they are owed.
A properly structured short-sale transaction can be an attractive alternative and beneficial for all parties to the transaction. The homeowner is able to sell the property, get out from under the stress and strain of a foreclosure, and move on with their lives. The person buying the property, whether an investor or home buyer, is able to purchase the property, usually at a substantial discount, and the bank that is taking the short is able to avoid the high costs of the foreclosure and the risk of the property reverting back to them at auction, which results in additional costs to secure and upkeep the property.
It is said that every foreclosure property that ends up as an REO (Real Estate Owned by the bank) costs the lender approximately $50,000.
To many, that may sound simple enough. However, negotiating a successful short-sale is a complicated and time-consuming endeavor. While all banks and lenders require typically the same documentation on every short-sale package, each lender has their own specific requirements or procedures. When negotiating with lenders, it is critical to learn those procedures and follow them to the "T". Before an investor can even contact the bank to start the process, the investor must have certain required documentation from the seller of the property.
The first and most important document is the signed Letter of Authorization (LOA) from the seller authorizing their lender to discuss their loan with the investor or negotiator. Once in hand, the LOA must be faxed to the bank (sometimes several times) before the lender will discuss any aspect of their customer's loan.
In addition to a signed letter of authorization, the investor needs to compile many other documents to submit to the lender. Every bank mitigator will require the following:
A fully executed purchase and sale agreement contingent upon the lenders approval of the short sale. Note: Lenders want as clean an offer as possible. Therefore, do not add a lot of contingencies or other subject-to's.
An estimated HUD-1 settlement statement showing an accurate statement of costs and a net-payoff to the lender.
A hardship letter from the seller accurately describing the reasons why they are in foreclosure and why they are not able to make the mortgage payment in the future.
A financial declaration spreadsheet from the seller itemizing their monthly income and expenses.
3-6 months of seller bank statements.
Two years of seller's tax returns.
A property condition and repair estimate. (It is best to have a licensed contractor provide this estimate)
It is important to submit all the documents at one time. Do not piecemeal the paperwork to the mitigator. First, it can easily be misplaced by the lender and never find its way into the file and secondly, you need to make the mitigator's job as easy as possible. If he or she only has a partial package, he cannot go to management with your offer and it will just sit in purgatory.
Once the lender has a complete package submitted, they will request a Broker's Price Opinion (BPO) to be completed. It is critical that the investor be the point of contact with the person conducting the BPO. The investor should be prepared to give the lender's representative comps of similar homes in the area that support the value the investor is hoping to achieve as well as point out all of the defects or repairs that need to be done and give them copies of any repair estimates that you have.
By following the above steps, you should be able to navigate the realm of short sales successfully. While no one will have a 100% acceptance rate, you will certainly do much better than your competition, who are going through the process blind.
For bank owned listings, go to http://www.thenoteservice.com
A properly structured short-sale transaction can be an attractive alternative and beneficial for all parties to the transaction. The homeowner is able to sell the property, get out from under the stress and strain of a foreclosure, and move on with their lives. The person buying the property, whether an investor or home buyer, is able to purchase the property, usually at a substantial discount, and the bank that is taking the short is able to avoid the high costs of the foreclosure and the risk of the property reverting back to them at auction, which results in additional costs to secure and upkeep the property.
It is said that every foreclosure property that ends up as an REO (Real Estate Owned by the bank) costs the lender approximately $50,000.
To many, that may sound simple enough. However, negotiating a successful short-sale is a complicated and time-consuming endeavor. While all banks and lenders require typically the same documentation on every short-sale package, each lender has their own specific requirements or procedures. When negotiating with lenders, it is critical to learn those procedures and follow them to the "T". Before an investor can even contact the bank to start the process, the investor must have certain required documentation from the seller of the property.
The first and most important document is the signed Letter of Authorization (LOA) from the seller authorizing their lender to discuss their loan with the investor or negotiator. Once in hand, the LOA must be faxed to the bank (sometimes several times) before the lender will discuss any aspect of their customer's loan.
In addition to a signed letter of authorization, the investor needs to compile many other documents to submit to the lender. Every bank mitigator will require the following:
A fully executed purchase and sale agreement contingent upon the lenders approval of the short sale. Note: Lenders want as clean an offer as possible. Therefore, do not add a lot of contingencies or other subject-to's.
An estimated HUD-1 settlement statement showing an accurate statement of costs and a net-payoff to the lender.
A hardship letter from the seller accurately describing the reasons why they are in foreclosure and why they are not able to make the mortgage payment in the future.
A financial declaration spreadsheet from the seller itemizing their monthly income and expenses.
3-6 months of seller bank statements.
Two years of seller's tax returns.
A property condition and repair estimate. (It is best to have a licensed contractor provide this estimate)
It is important to submit all the documents at one time. Do not piecemeal the paperwork to the mitigator. First, it can easily be misplaced by the lender and never find its way into the file and secondly, you need to make the mitigator's job as easy as possible. If he or she only has a partial package, he cannot go to management with your offer and it will just sit in purgatory.
Once the lender has a complete package submitted, they will request a Broker's Price Opinion (BPO) to be completed. It is critical that the investor be the point of contact with the person conducting the BPO. The investor should be prepared to give the lender's representative comps of similar homes in the area that support the value the investor is hoping to achieve as well as point out all of the defects or repairs that need to be done and give them copies of any repair estimates that you have.
By following the above steps, you should be able to navigate the realm of short sales successfully. While no one will have a 100% acceptance rate, you will certainly do much better than your competition, who are going through the process blind.
For bank owned listings, go to http://www.thenoteservice.com
Sunday, July 27, 2008
How to Buy A Foreclosure
The price may be right, but be prepared for the hassles.
Michael Lappano knows a home bargain when he sees one. Last year, the Bellevue, Wash., real estate agent purchased a condominium for only $255,000 (including an outstanding lien). That's $65,000 less than what comparable units were selling for, he says. To get the steep discount, he bid on the home at an auction for foreclosures. "The location was perfect, just two traffic lights from my office," says Lappano. He now lives in the sunny two-bedroom, two-bathroom condo with his new wife, Stephanie. And the property is still worth about $315,000, even in the face of a nationwide slump in home prices.
Just over a year after Lappano purchased his home, buyers looking for bargains are eyeing an unprecedented selection of foreclosed luxury houses and condos, in addition to more modest homes. Foreclosures were up 60% in February from a year earlier, according to RealtyTrac, an online listing service. Arizona, California, Florida and Nevada have been hit hardest, but foreclosures are on the increase just about everywhere.
Rick Sharga, marketing director for RealtyTrac, says he hears from brokers that many buyers now begin their home search with a request to look at foreclosures and bank-owned properties. But there's no guarantee that buying a foreclosure will save money compared with buying the traditional way. Discounts vary tremendously depending on where you live. In fact, many foreclosed homes are priced higher than their true value because sellers are trying to pay off the mortgage and cover taxes and transaction costs.
Plus, buying a foreclosure involves homework, patience and often a good measure of luck. If you're buying at auction, you usually need to pay cash. You may face long waiting periods to take possession of the property and move in, and the property could require extensive repairs. Sometimes the former occupants strip the house of all appliances and vandalize the property.
You may also have problems getting accurate information before you buy, says Seattle real estate attorney Richard Llewelyn Jones. "There could be judgments and liens attached to the property or more than one note or deed of trust being foreclosed." In the end, most buyers are turned off by the risks. "If you don't know what you're doing, you could lose your shirt," says Jones.
Getting a discount. If you're game, find an agent who deals with foreclosures. Your agent can locate properties and establish their market value -- which could be very different from the asking price. You will have to pay for any repairs, so build in a generous estimate of what they could cost. Also, you may need a lot of cash because traditional financing may not be an option.
Each state has its own rules governing foreclosures: whether the transaction goes through the court system, what taxes you pay and how much cash you need upfront. To get a summary of your state's law, visit the resource center at online listing service ForeclosurePoint.com.
Also, you generally cannot get title insurance until you take ownership, nor can you expect the title warranties that usually kick in during a traditional home purchase. You need to inspect the title thoroughly, which means paying several hundred dollars for a title search and combing through it to ferret out all outstanding debts. Even so, says Jones, there may be title problems that aren't of record or that appear on the record between the time of your title search and the public sale. Be prepared to pay off old tax liens attached to the home -- and to buy title insurance as soon as you take ownership.
Three ways to buy. Wherever you live, there are three ways to buy a foreclosure: in a presale (before the lender forecloses), at auction or directly from the bank. In a presale, you negotiate with homeowners directly, before their home goes into foreclosure. Although the discount can be as much as 20% to 40% off the property's value, a presale is the riskiest way to buy because deals frequently fall through and title problems are rife. And pre-foreclosure buyers have to add in the cost of an inspection and fork over real estate excise tax, as do those who buy bank-owned property. (Buyers at auction may avoid these costs in some states.)
Buying at a public auction is the most common type of foreclosure purchase. Buyers can expect a discount of 10% to 25% compared with buying a home through traditional channels, says Dean Street, an agent and 30-year veteran of foreclosure buying in the western U.S. But the road to auction can be bumpy, too. For starters, you often cannot inspect the interior of the home. Street says it's vital to see the property even if you can't gain entry. "If there is 300 pounds of garbage in the front yard, there is probably 600 pounds inside," he says. One way to research the interior is to check the local building department's permit records, or have your agent see if a recent listing has information on appearance, layout and previous remodelings.
Another hassle: Most foreclosures that go to auction get postponed, usually due to bankruptcy or loss mitigation (when the bank tries to compromise with the borrower), says Chris Matty, marketing director of ForeclosurePoint.com. He notes that opening bids also change frequently, especially as home values are marked down further.
The winning bidder will pay for the property and take ownership within a set period of time, which varies according to state law. But you're not out of the woods yet. Some states, such as North Carolina, give former homeowners a chance to buy the property back. Sometimes foreclosure buyers have to start eviction proceedings; once the house is vacant, you usually have to schedule repairs.
Work with the lender? If no one buys a property at the auction, it usually ends up back with the bank. Banks have a lot of these real estate owned, or REO, properties in their portfolios and are actively trying to sell them through agents. And unlike buying at auction, you can usually get a traditional mortgage for an REO. Unfortunately, lenders often list the property at or near market value to recover the outstanding loan amount along with legal fees, property taxes and maintenance costs.
But an experienced foreclosure broker can negotiate aggressively with a bank, especially when the property has been listed for a year or more. Plus, banks trying to sell foreclosures sometimes offer highly competitive financing packages to buyers, including low down payments and attractive rates. As home values decline, some lenders are willing to negotiate a "short sale," in which the property is sold for less than the debt owed on the house. That's one way foreclosure buyers can profit. In some markets, the discount is as much as 25%; but where there's less inventory, the discount can be smaller.
You can find REOs through real estate agents. Or approach local banks or mortgage brokers directly and let them know you are prepared to buy a property "as is" with cash and request a discount from the asking price. Banks sometimes pay to remodel properties to improve their value. But with so much inventory on their books right now, most lenders want to unload foreclosed homes quickly, without having to refurbish them.
Michael Lappano knows a home bargain when he sees one. Last year, the Bellevue, Wash., real estate agent purchased a condominium for only $255,000 (including an outstanding lien). That's $65,000 less than what comparable units were selling for, he says. To get the steep discount, he bid on the home at an auction for foreclosures. "The location was perfect, just two traffic lights from my office," says Lappano. He now lives in the sunny two-bedroom, two-bathroom condo with his new wife, Stephanie. And the property is still worth about $315,000, even in the face of a nationwide slump in home prices.
Just over a year after Lappano purchased his home, buyers looking for bargains are eyeing an unprecedented selection of foreclosed luxury houses and condos, in addition to more modest homes. Foreclosures were up 60% in February from a year earlier, according to RealtyTrac, an online listing service. Arizona, California, Florida and Nevada have been hit hardest, but foreclosures are on the increase just about everywhere.
Rick Sharga, marketing director for RealtyTrac, says he hears from brokers that many buyers now begin their home search with a request to look at foreclosures and bank-owned properties. But there's no guarantee that buying a foreclosure will save money compared with buying the traditional way. Discounts vary tremendously depending on where you live. In fact, many foreclosed homes are priced higher than their true value because sellers are trying to pay off the mortgage and cover taxes and transaction costs.
Plus, buying a foreclosure involves homework, patience and often a good measure of luck. If you're buying at auction, you usually need to pay cash. You may face long waiting periods to take possession of the property and move in, and the property could require extensive repairs. Sometimes the former occupants strip the house of all appliances and vandalize the property.
You may also have problems getting accurate information before you buy, says Seattle real estate attorney Richard Llewelyn Jones. "There could be judgments and liens attached to the property or more than one note or deed of trust being foreclosed." In the end, most buyers are turned off by the risks. "If you don't know what you're doing, you could lose your shirt," says Jones.
Getting a discount. If you're game, find an agent who deals with foreclosures. Your agent can locate properties and establish their market value -- which could be very different from the asking price. You will have to pay for any repairs, so build in a generous estimate of what they could cost. Also, you may need a lot of cash because traditional financing may not be an option.
Each state has its own rules governing foreclosures: whether the transaction goes through the court system, what taxes you pay and how much cash you need upfront. To get a summary of your state's law, visit the resource center at online listing service ForeclosurePoint.com.
Also, you generally cannot get title insurance until you take ownership, nor can you expect the title warranties that usually kick in during a traditional home purchase. You need to inspect the title thoroughly, which means paying several hundred dollars for a title search and combing through it to ferret out all outstanding debts. Even so, says Jones, there may be title problems that aren't of record or that appear on the record between the time of your title search and the public sale. Be prepared to pay off old tax liens attached to the home -- and to buy title insurance as soon as you take ownership.
Three ways to buy. Wherever you live, there are three ways to buy a foreclosure: in a presale (before the lender forecloses), at auction or directly from the bank. In a presale, you negotiate with homeowners directly, before their home goes into foreclosure. Although the discount can be as much as 20% to 40% off the property's value, a presale is the riskiest way to buy because deals frequently fall through and title problems are rife. And pre-foreclosure buyers have to add in the cost of an inspection and fork over real estate excise tax, as do those who buy bank-owned property. (Buyers at auction may avoid these costs in some states.)
Buying at a public auction is the most common type of foreclosure purchase. Buyers can expect a discount of 10% to 25% compared with buying a home through traditional channels, says Dean Street, an agent and 30-year veteran of foreclosure buying in the western U.S. But the road to auction can be bumpy, too. For starters, you often cannot inspect the interior of the home. Street says it's vital to see the property even if you can't gain entry. "If there is 300 pounds of garbage in the front yard, there is probably 600 pounds inside," he says. One way to research the interior is to check the local building department's permit records, or have your agent see if a recent listing has information on appearance, layout and previous remodelings.
Another hassle: Most foreclosures that go to auction get postponed, usually due to bankruptcy or loss mitigation (when the bank tries to compromise with the borrower), says Chris Matty, marketing director of ForeclosurePoint.com. He notes that opening bids also change frequently, especially as home values are marked down further.
The winning bidder will pay for the property and take ownership within a set period of time, which varies according to state law. But you're not out of the woods yet. Some states, such as North Carolina, give former homeowners a chance to buy the property back. Sometimes foreclosure buyers have to start eviction proceedings; once the house is vacant, you usually have to schedule repairs.
Work with the lender? If no one buys a property at the auction, it usually ends up back with the bank. Banks have a lot of these real estate owned, or REO, properties in their portfolios and are actively trying to sell them through agents. And unlike buying at auction, you can usually get a traditional mortgage for an REO. Unfortunately, lenders often list the property at or near market value to recover the outstanding loan amount along with legal fees, property taxes and maintenance costs.
But an experienced foreclosure broker can negotiate aggressively with a bank, especially when the property has been listed for a year or more. Plus, banks trying to sell foreclosures sometimes offer highly competitive financing packages to buyers, including low down payments and attractive rates. As home values decline, some lenders are willing to negotiate a "short sale," in which the property is sold for less than the debt owed on the house. That's one way foreclosure buyers can profit. In some markets, the discount is as much as 25%; but where there's less inventory, the discount can be smaller.
You can find REOs through real estate agents. Or approach local banks or mortgage brokers directly and let them know you are prepared to buy a property "as is" with cash and request a discount from the asking price. Banks sometimes pay to remodel properties to improve their value. But with so much inventory on their books right now, most lenders want to unload foreclosed homes quickly, without having to refurbish them.
Friday, July 11, 2008
Fannie Mae and Freddie Mac and Oil, not the perfect threesome
U.S. stocks tumbled Friday as fears about the stability of the top two home financing providers Freddie Mac and Fannie Mae, combined with oil at a record above $147, clouded the economic outlook.Fannie Mae fell 22.4 percent to $10.25, off a session low at $6.68, and topping the list of the New York Stock Exchange's biggest percentage losers. In contrast, Freddie Mac slipped 3.1 percent to $7.75, off a session low at $3.89. Earlier, Freddie Mac turned positive and hit an intraday high at $8.57 in volatile trading.Friday's slide capped a tumultous week, in which the S&P 500 joined the Nasdaq and the Dow in a bear market. It was the Nasdaq and the S&P 500's sixth straight weekly decline, their longest weekly losing streaks since 2004.The broad market ended Friday's session down 1 percent as investors worried that the two pillars of the U.S. housing market could run short of capital, placing the fragile U.S. economy at even greater risk.Fannie Mae and Freddie Mac traded erratically and ultimately ended lower. Pressure mounted for the U.S. government to act more swiftly to prevent the housing crisis from dragging down the nation's top mortgage finance agencies, as Treasury Secretary Henry Paulson indicated that a bailout was unlikely.A jump in U.S. crude oil prices to a record above $147 per barrel further soured investor sentiment on concerns about the impact of higher fuel costs on corporate profits and consumer spending."The bottom line is that we're in the middle of a financial tsunami. This is a storm the likes of which this country hasn't seen," said Peter Kenny, managing director at Knight Equity Markets in Jersey City.The Dow Jones industrial average fell 128.48 points, or 1.14 percent, to 11,100.54. For the week, the Dow dropped 1.7 percent, its fourth straight weekly decline.The Standard & Poor's 500 Index slid 13.90 points, or 1.11 percent, to 1,239.49. For the week, it fell 1.9 percent.The Nasdaq Composite Index dropped 18.77 points, or 0.83 percent, to 2,239.08. It shed 0.3 percent for the week.But all three indexes ended off their session lows. At one point, all three indexes were down more than 2 percent, with the Dow briefly dipping below the 11,000 level for the first time since July 2006. In a volatile session, major indexes also briefly turned positive in the late afternoon.U.S. crude for August delivery rose $3.43, or 2.4 percent, to settle at $145.08 a barrel on the New York Mercantile Exchange, after earlier hitting a record of $147.27.Senator Christopher Dodd, who chairs the Senate Banking Committee, said the U.S. Federal Reserve was considering allowing Fannie Mae and Freddie Mac to borrow directly from the central bank, spurring speculation that the Fed may take action as early as this weekend. That helped the two stocks come off their lows during afternoon trading, with Freddie Mac at one point fleetingly turning positive.Financial shares were among the biggest drags on the S&P 500 as new signs of distress in financial market spooked investors. An S&P financial index fell 2.6 percent.Shares of American International Group Inc fell 3.8 percent to $23.08 as investors worried the giant insurer, already beaten down by mortgage write-downs, could post more losses.Citigroup cut its estimates and price targets on several U.S. banks, including JPMorgan Chase & Co and Bank of America Corp, on higher assumed losses on credit card, home equity, residential construction, and a sustained weak capital markets environment. JPMorgan shares fell 3.9 percent to $33.16, while Bank of America shares slid 3.1 percent to $21.67.Lehman Brothers shares slid 16.6 percent to $14.43, a day after shedding 12 percent on discredited rumors of customers pulling back their exposure to the investment bank.Chevron Corp shares fell 4.2 percent to $92.25, ranking as the top drag on both the Dow and the S&P 500, after the second-largest U.S. oil company said it expects its refining and marketing operations to post a loss in the second quarter, somewhat restraining earnings that will be mostly driven by record oil and natural gas prices.Airlines' and retailers' stocks were among those most adversely affected by soaring oil prices. An airline index fell 5.6 percent, while an index of retailers shed 2.1 percent.General Electric was unable to hold on to gains amid the broad sell-off, ending up a mere 0.1 percent, or 2 cents, at $27.66, a day after it posted second-quarter profit in line with Wall Street expectations.Shares of Anheuser-Busch Cos Inc, an S&P 500 component, soared 8.6 percent to $66.50 after a source said the maker of Budweiser beer and Belgian-Brazilian rival InBev NV have begun negotiations for a friendly merger.On the economic front, the Reuters/University of Michigan Surveys of Consumers showed U.S. consumer confidence rose unexpectedly in June with the help of retail discounts.Trading was fairly active on the New York Stock Exchange, with about 1.73 billion shares changing hands, below last year's estimated daily average of roughly 1.90 billion, while on Nasdaq, about 2.38 billion shares traded, above last year's daily average of 2.17 billion.Declining stocks outnumbered advancing ones on the NYSE by 2 to 1 and by about 15 to 14 on the Nasdaq.
Sunday, July 6, 2008
Home Equity Late Payments Rise
Late payments on U.S. home equity lines of credit rose to a 21-year high in the first quarter of 2008, due to continued stress in the housing market and general weakness in the economy, the American Bankers Association said Wednesday.Home equity lines that were more than 30 days past due rose to 1.1 percent from 0.96 percent the prior quarter, the highest rate since the ABA began collecting data in 1987.ABA Chief Economist James Chessen said delinquencies are likely to remain elevated in the near term."The tax stimulus is helping to boost personal income, but persistently high gas and food prices will eat away at overall resources," Chessen said.
Friday, June 20, 2008
Pacman Jones, Home being foreclosed
Pacman is looking for money, and the mortgage company is the blue monsters. Can Pacman Jones get to the power pellet full of money before his home is sold on the auction block. A foreclosure sale has been published involving the home of former Tennessee Titan Adam “Pacman” Jones.
Jones has defaulted on the terms and conditions of a mortgage with U.S. Bank, according to a notice of foreclosure sale published Thursday in The Tennessean newspaper in Nashville.
The home and 30 acres, located in a Nashville suburb, will be sold June 27 on the steps of the old Williamson County Courthouse.
Jones, a cornerback, was traded to the Dallas Cowboys this year. He missed all of the 2007 season while serving an NFL suspension that hasn’t been completely lifted.
Tax records show he purchased the property in July 2006 for $1.5 million.
For foreclosure listings, go to http://www.thenoteservice.com
Jones has defaulted on the terms and conditions of a mortgage with U.S. Bank, according to a notice of foreclosure sale published Thursday in The Tennessean newspaper in Nashville.
The home and 30 acres, located in a Nashville suburb, will be sold June 27 on the steps of the old Williamson County Courthouse.
Jones, a cornerback, was traded to the Dallas Cowboys this year. He missed all of the 2007 season while serving an NFL suspension that hasn’t been completely lifted.
Tax records show he purchased the property in July 2006 for $1.5 million.
For foreclosure listings, go to http://www.thenoteservice.com
Sunday, May 11, 2008
HUD makes $1 billion available in grants through 35 programs
The U.S. Department of Housing and Urban Development today published its Fiscal Year 2008 "SuperNOFA," an annual funding notice that makes available more than $1 billion in grants through 35 programs (see attached list). HUD intends to offer an additional $1.5 billion in homeless grants later in the year through a new electronic application process that will significantly streamline funding of thousands of homeless assistance programs nationwide.
To make funding opportunities available to the public as soon as possible, HUD is posting its SuperNOFA electronically through www.grants.gov in advance of the Federal Register publication on May 12, 2008. Applicants are strongly encouraged to read funding notices thoroughly and to follow the registration information available in the General Section of the SuperNOFA published in the Federal Register on March 19, 2008.
"Each year we try to make the process of applying for grants as user-friendly as possible," said HUD Deputy Secretary Roy A. Bernardi. "HUD continues to be a leader in moving toward e-government and later this year, we'll take another giant step forward as we launch a new electronic application process for our homeless grant programs."
For the past four years, HUD has required nearly all grant applications to be submitted electronically through http://www.grants.gov/. This year, applicants for funding through HUD's Continuum of Care homeless assistance programs will submit their applications electronically through the HUD e-snaps system (electronic-special needs assistance programs system). A Notice explaining the e-snaps registration process for Continuums of Care was published in the Federal Register on April 30, 2008. HUD's Continuum of Care Notice of Funding Availability is expected to be published no earlier than July 1, 2008.
The electronic grant submission process is critical element of President Bush's management agenda to increase funding opportunities for states, local governments and nonprofit grassroots organizations that house and serve lower income families living in their communities. Last year, more than 4,600 applicants successfully submitted their applications electronically.
HUD is continuing to provide help so that every applicant can successfully meet this year's electronic submission requirements. HUD's Desktop User's Guide provides easy-to-follow instructions to guide applicants through the electronic submission process. In addition, HUD also offers training via webcast. For a list of training programs, visit HUD's website.
###
HUD is the nation's housing agency committed to increasing homeownership, particularly among minorities; creating affordable housing opportunities for low-income Americans; and supporting the homeless, elderly, people with disabilities and people living with AIDS. The Department also promotes economic and community development and enforces the nation's fair housing laws. More information about HUD and its programs is available on the Internet at http://www.hud.gov/ and espanol.hud.gov.
To make funding opportunities available to the public as soon as possible, HUD is posting its SuperNOFA electronically through www.grants.gov in advance of the Federal Register publication on May 12, 2008. Applicants are strongly encouraged to read funding notices thoroughly and to follow the registration information available in the General Section of the SuperNOFA published in the Federal Register on March 19, 2008.
"Each year we try to make the process of applying for grants as user-friendly as possible," said HUD Deputy Secretary Roy A. Bernardi. "HUD continues to be a leader in moving toward e-government and later this year, we'll take another giant step forward as we launch a new electronic application process for our homeless grant programs."
For the past four years, HUD has required nearly all grant applications to be submitted electronically through http://www.grants.gov/. This year, applicants for funding through HUD's Continuum of Care homeless assistance programs will submit their applications electronically through the HUD e-snaps system (electronic-special needs assistance programs system). A Notice explaining the e-snaps registration process for Continuums of Care was published in the Federal Register on April 30, 2008. HUD's Continuum of Care Notice of Funding Availability is expected to be published no earlier than July 1, 2008.
The electronic grant submission process is critical element of President Bush's management agenda to increase funding opportunities for states, local governments and nonprofit grassroots organizations that house and serve lower income families living in their communities. Last year, more than 4,600 applicants successfully submitted their applications electronically.
HUD is continuing to provide help so that every applicant can successfully meet this year's electronic submission requirements. HUD's Desktop User's Guide provides easy-to-follow instructions to guide applicants through the electronic submission process. In addition, HUD also offers training via webcast. For a list of training programs, visit HUD's website.
###
HUD is the nation's housing agency committed to increasing homeownership, particularly among minorities; creating affordable housing opportunities for low-income Americans; and supporting the homeless, elderly, people with disabilities and people living with AIDS. The Department also promotes economic and community development and enforces the nation's fair housing laws. More information about HUD and its programs is available on the Internet at http://www.hud.gov/ and espanol.hud.gov.
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