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Tag Archives: HUD

HUD, Trust Title headaches throb in North Carolina (access required)

Raleigh resident Michael Pennington is mad at Trust Title. The real estate broker's client was under contract with the Department of Housing and Urban Development to purchase a property in Durham. The contract was signed in August, and the closing was to occur no later than Nov. 10. Pennington's client remitted an earnest-money deposit of $1,000 to HUD's contractor, Reston, Va.-based Trust Title - but the deal never closed.

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Attorneys: HUD forcing NC lawyers to break its own rules (access required)

The Department of Housing and Urban Development says it is eager to offload an unprecedented inventory of North Carolina residential real estate, but its own rules and contractors are inhibiting closings on sales of HUD-owned properties, attorneys say. "My experience with HUD has been that they have established some rules which have made it very difficult for them to liquidate real estate in my opinion," said Monroe attorney Lewis R. Fisher. "To further complicate matters, HUD has representatives who don't understand real estate law in North Carolina," he said.

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