The Federal Housing Administration is holding another Neighborhood Stabilizing Outcome sale in November.
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Under the terms of the sale, the winning bidders of NSO pools may not foreclose for six months.
Additionally, 50% of the nonperforming loans purchased must achieve Neighborhood Stabilizing Outcomes, such as a successful loan modification, a short sale to another owner-occupant, sale to an NSP grantee, or holding the property as a rental for a period of three years.
Friday's story on the NSO sale incorrectly said winning bidders could not foreclose on the properties for three years.
