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What Is Conveyance Condition?

This is from Exhibit A, Section 2 "Acceptable Conveyance Condition," from HUD's Mortgagee Letter 2010-18.

Conveyance Condition is the condition that a foreclosed FHA insured property needs to be in before the bank can give it to HUD.  There are a many things that need to happen for a property to be in CC that are beyond the scope of P&P, like a clear title.  The following is what we are concerned with.

At the time of conveyance to HUD, a property must be undamaged by fire, flood, earthquake, hurricane, tornado, or mortgagee neglect . . .

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Paul Williams
Paul Williamshttps://foreclosurepedia.org
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