what is the difference between a hud home and a foreclosure?

Asked by Kimberly, Ypsilanti, MI Wed Feb 18, 2009

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Tony Grech, Mortgage Broker Or Lender, Southfield, MI
Wed Feb 18, 2009
Hi Kimberly
A HUD home was most likely an FHA loan that went belly up and ownership reverted to HUD. A conforming loan that is defaulted on usually goes back to the bank who owned the loan. If you are considering buying a HUD home or a foreclosure I would get yourself a buyer's agent who is familiar with the process for buying both

Good luck
1 vote
Tony Grech, Mortgage Broker Or Lender, Southfield, MI
Wed Feb 18, 2009
Hi Kimberly
A HUD home was most likely an FHA loan that went belly up and ownership reverted to HUD. A conforming loan that is defaulted on usually goes back to the bank who owned the loan. If you are considering buying a HUD home or a foreclosure I would get yourself a buyer's agent who is familiar with the process for buying both

Good luck
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