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Mandie567, Other/Just Looking in 03842

What's the difference between HUD and Foreclosure?

Asked by Mandie567, 03842 Mon Jan 21, 2008

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A HUD home is one that had a fha Loan that foreclosed on. A Foreclosed home is one that had a Conventional Loan that went sour. The HUD home is owned by the dept of HUD and you do a bid online.
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0 votes Thank Flag Link Mon Jan 21, 2008
HUD and Foreclosure haven't any similarity, HUD (Department of Housing and Urban Development), promotes home ownership among families, and Foreclosure is a legal process, in which a lender’s attempt to recover a due-loan amount from the borrower.
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0 votes Thank Flag Link Mon Aug 22, 2016
I am about to go on the foreclosure list and I have a need for information. On how to stop this and find a way to pay back past payments.can u help? ???? Kevin
0 votes Thank Flag Link Sun Aug 21, 2016
Mandie -

Check out this link to look at homes that have been foreclosed on by the government (FHA) and are up for sale.

0 votes Thank Flag Link Mon Jan 21, 2008
A house with an FHA loan could be foreclosed by the bank holding the loan, but it really never happens because the FHA (HUD) insures the bank against loss and takes the responsibility to foreclose and resell those homes.

Conventional loans that need mortgage insurance use private mortgage insurance policies and those mortgages may be foreclosed on by the mortgage company or by the private mortgage insurance company.

All of these are foreclosures.
0 votes Thank Flag Link Mon Jan 21, 2008
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