Feb

4

What is the difference between a foreclosure and a HUD home?

Filed Under Foreclosure 

skylo0406 asked:


I have been looking for house for sale on the internet and have come across foreclosure and HUD homes. What is the difference?

Leesa
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Comments

2 Responses to “What is the difference between a foreclosure and a HUD home?”

  1. kemperk on February 7th, 2010 3:43 pm

    Arletta

    a foreclosure is any prop for sale when its lender is not being pad.

    a HUD home is a specific FED insured home for sale.
    [all HUD homes are foreclosures, not all foreclosures are
    HUD homes]

  2. Paul in San Diego on February 9th, 2010 3:25 am

    Cherelle

    HUD (federal agency called Housing and Urban Development) homes are homes where the mortgage is guaranteed by HUD. So, when the bank forecloses, HUD pays the mortgage off, seizes the property, and then sells the home to recoup their losses. A foreclosure sale is when the lender forecloses on an owner, seizes the property, and then sells it to recoup their losses.