|HUD Foreclosures Homes are preferably given to the owner-occupant, which means that families who want to own a house for their personal residence are given preference. But if the HUD foreclosure properties are not sold then buyers and investors can also make the bid to buy these foreclosure homes. HUD foreclosed homes are generally constructed as 1-4 units and owned by the US Department of Housing and Urban Development. HUD foreclosure occur when there is a default in the payment of FHA insured mortgage.
There also exist discount on HUD foreclosure properties for the families that are affected by Katrina, Wilma, Rita or Hurricane. Besides these families, HUD foreclosure homes and properties are open to all. You can take FHA insured loan for buying these foreclosure houses, as there is no direct provision of giving finance by the Department of Housing and Urban Development. But there are certain restrictions while giving home loan. Loan seekers must qualify according to the criteria laid down by the concerned department.
HUD home foreclosures are not sold directly but in each state of US there are management companies, which are approved by HUD to place their foreclosed properties in the Listing Sites. So for finding these distressed properties you can check the HUD foreclosure list given by these management companies. Along with this there are many registered brokers by HUD who can make bid for foreclosure house on your behalf. These brokers mostly sign contracts with HUD and get commission for every deal they make.
HUD also provide HUD foreclosure assistance through its Housing Counseling Agencies that operate in all the states of US. These HUD approved Housing Counseling Agencies do free or consultation at very low cost on issues related to mortgage default. Counseling services may vary with the agency and you can find out more about the listing of these counseling agency in the official website of HUD.
For finding info on HUD foreclosure listing, foreclosure help and list of counseling agencies, contact the US Department of Housing and Urban Development. For this, contact address and phone numbers have also been provided by Realestatezing.com.
The U.S. Department of Housing and Urban Development,
P.O. Box 23699,
Washington, DC 20026-3699.
Phone: (800) 697-6967,
Time to call: 8:30 a.m. to 8:30 p.m. Eastern Standard Time