So what is a HUD home?
When a lender must foreclose on, or accept a deed-in-lieu of foreclosure for, an insured FHA loan, they will file an FHA insurance claim for the unpaid balance. Since the US Department of Housing and Urban Development (HUD) oversees the FHA, the title to the foreclosed property is conveyed to HUD. Although HUD doesn’t actually foreclose or repossess the home, they are the receiver after the bank files the claim and they then begin the process to sell the homes through various contractors throughout the country.
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This entry was posted on June 3, 2011 at 3:57 pm and is filed under HUD Foreclosures, Real Estate. You can subscribe via RSS 2.0 feed to this post's comments.
Tags: Buying A Home, First Time HomeBuyers, Foreclosure, HUD
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