HUD stands for Departmentof Housing and UrbanDevelopment (US ...More
HUD stands for Departmentof Housing and UrbanDevelopment (USgovernment). A HUDproperty is a 1 to 4 unitresidential propertyacquired by HUD as aresult of a foreclosureaction on an FHA-insuredmortgage. HUD becomes theproperty owner and offersit for sale to recoverthe loss on theforeclosure claim. FHApays the lender's claimand transfers ownershipof the property to HUD,then HUD sells the home. Less
HUD stands for Department of Housing and Urban Development (US government). A HUD property is a 1 to 4 unit residential property acquired by HUD as a result of a foreclosure action on an FHA-insured mortgage. HUD becomes the property owner and offers it for sale to recover the loss on the foreclosure claim. FHA pays the lender's claim and transfers ownership of the property to HUD, then HUD sells the home.