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Forum
-> Household Management
-> Finances
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amother
Vermilion
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 Thu, Jul 07 2016, 11:24 am
Hi,
We bought a condominium in a desirable neighborhood several years ago. Unfortunately, we are not doing well financially, and were thinking of selling it. I know that people in my neighborhood have HUD/Section 8, and was wondering if I need to rent in the future, if I would be eligible for it. Who would be able to help me with that? Thanks!
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watergirl
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Thu, Jul 07 2016, 11:29 am
I obviously dont know where you live, but I assume NY. The waiting list across the country for section 8 housing, if the list is even open (its usually closed and they wont accept new applicants unless someone is homeless or in a shelter), it can take over 10 years to get section 8.
If you are living in a desirable neighborhood, you can likely sell your condo and still own property (a house, even) in a "less desirable" neighborhood for MUCH less then what you paid for your current place.
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amother
Bisque
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Thu, Jul 07 2016, 2:16 pm
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HUD doesn't work that way. You have to report the sale of real estate on your application. You need to show where the profit went, checking, savings etc. It sound like you want to be voluntarily homeless in order to jump the HUD list. There are many roadblocks in the HUD application process that could catch someone who is doing this.
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notshanarishona
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Thu, Jul 07 2016, 2:19 pm
Wouldn't it depend if the sale of the house went to pay off debt vs. putting in savings?
I would think if someone owes 1/2 a million dollars and sells their house to pay that then they would still be able to qualify.
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