For those looking to buy a home, today's economy can work to their advantage, since there are a lot of good deals right now. But recently, some folks trying to buy homes, Housing and Urban Development (HUD) homes in particular, are experiencing some real frustration. It’s frustration that’s completely out of their control.

Indiana HUD officials tell Newscenter 16 that there are at least 100 people in the northern Indiana area that are fully-approved to buy their homes, are ready to close, but can't-- simply because HUD doesn't have a title company.

Village Title, HUD's closing agent, had its license temporarily revoked last week. Right now, HUD doesn't have an immediate backup plan in place for it's customers.

Wednesday night, Newscenter 16 sat down with a frustrated Rochester man who was supposed to close on his home this week, but couldn't because of the situation.

“I'm 37 and I'm going bald quick. I tell you it's driving us nuts,” explains Richard Mikesell.

Mikesell is at his wits end. With all his finances in order-- by now, Mikesell says he thought he'd have closed on his new home, but that hasn't happened yet. “We're ready to close, but HUD doesn't have a title company,” adds Mikesell.

Last week, the state of Indiana revoked the license of one of Village Title's main agents. The Indiana Department of Insurance says it's investigating the agent for account inconsistencies.

Without a title company, the situation means Mikesell's home closing is indefinitely postponed. “We've been trying to buy a HUD house, we didn't have to buy a HUD house, but we found one that was re-possessed. It's a 2004 and it was a nice place, we decided to put an offer in and we did,” says Mikesell.

Meantime, HUD officials say they are working to resolve the problem. “HUD is in the process of identifying a replacement who will continue to do HUD's business, probably projected first of next week, should be back up and running,” says John Hall, Indiana HUD Field Office Director.

For now, Mikesell says he's waiting for answers and his closing day, which he hopes comes sooner rather than later. “The people I would blame are HUD for not having a backup plan. They're in the business of buying and selling houses and for them not to have a title company, I just can't fathom it, it's like McDonald's not having a drive through.

In a phone interview with Newscenter 16 on Wednesday, HUD officials apologized for the inconvenience this may have caused people who are waiting to get into their homes. They says they're asking customers for patience as they work to get a replacement title company to get these home closings done.

A spokesperson for the Indiana Department of Insurance says this situation is an unusual case.