Q: Who can participate in the “buy-back” program?
A: Mirasol homeowners and participants of the Lease/purchase program as of April 1, 2007, are eligible to participate in this “buy-back” program
Q: I just want my home repaired, I want to stay in my home, what do I do?
A: To start the process of getting the repairs done, you would need to contact the Task Force Operations Director at 210-828-6251 and request a home inspection. Once the inspection is requested, the process has begun to repair your home.
Q: How will SAHA determine Fair Market Value (FMV) for my home?
A: FMV will be determined by taking the average of 2 real estate appraisals done by state certified Appraisers, chosen by the homeowner and SAHA, respectively, with the cost of each appraisal paid by SAHA. Also, SAHA has said appraisals done on the homes will reflect its current condition, and, one based on the corrected condition of any items identified within the home.
Q: How does the HUD “buy-back” program effect me?
A: If you are the homeowner of record as of April 1, 2007, and have indicated issues with your home, you may be able to have your home bought back.
Also, if you are a lease/purchase participant of record as of April 1, 2007, you too may be eligible to participate. You have 3 options:
Option 1: If you wish to continue to work toward qualifying for the purchase of your present home, SAHA will complete all repairs;
Option 2: If you would rather buy a different home, SAHA will transfer your Capital Accumulation Account towards the purchase of any home of the your choosing, including homes not owned by SAHA; or
Option 3: If you choose NOT to proceed toward homeownership, you are unable to qualify for a mortgage, or unable to close the purchase transaction for any reason by the end of the lease/purchase period, SAHA will place you within its Public Housing program, or provide you with a Housing Choice Voucher (SAHA will maintain the Capital Accumulation Account balance for the remaining period of their lease purchase agreement, without any further accumulation).
Q: Who is an “eligible homeowners of record?”
A: All homeowners and lease/purchase participants who were residents within the Mirasol developments before April 1, 2007, and indicated they may have been having issues with their homes.
Q: How does the HUD buy-back program differ from the SAHA re-purchase program?
A: The programs are similar, except for the “forgiveness” of the SAHA 2nd mortgage. SAHA did not have the authority to “forgive” the 2nd mortgage, which many homeowners utilized to obtain financing for their home purchase. However, HUD has approved the “forgiveness” of this debt in the HUD approved “buy-back” program.