The Irving, TX-based servicer Saxon Mortgage Services, Inc. has signed up with the National Community Stabilization Trust “First Look” program, which gives participants priority access to distressed properties for sale.
It is a venue “to support the responsible disposition of REO properties to non-profits” and stabilize communities that were harder hit by the foreclosure crisis, the company said.
The program enables grantees of HUD’s Local National Stabilization Program to obtain a “first look” at REO properties before they are more broadly marketed. It is designed to endorse housing developers whose strategic goal is to “acquire, renovate and reuse foreclosed and abandoned property” as a way to stop depreciation in problematic areas.
Saxon added the program extending a one-year partnership it had already established with HUD into a two-year partnership that adds NSP “First Look” grantees.
HUD’s “First Look” program is available in 40 states.
