WHAT IS A HUD HOME?
We hear the term HUD home, and many of us do not know what a HUD home is or we think it is strictly government housing or homes in bad neighborhoods. When in reality a HUD home was a prior FHA mortgage, where the previous owner defaulted on the home. Then the bank foreclosed on the home, and made an FHA Mortgage Insurance claim to get their money back from the government. Then the federal government takes the property back, and lists it as a HUD home.
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