Business, Legal & Accounting Glossary
A HUD auction is a form of foreclosure auction except the original lender was a federal agency instead of a private lender. The United States Department of Housing and Urban Development (HUD), is the insurer of loans made through a variety of government programs, particularly FHA loans. When a lender forecloses on a government-insured loan, HUD takes possession of the property.
Homes are listed on the Multiple Listing Service by a listing agent who generally receives a 1% commission for listing the property, but is otherwise unaffiliated with HUD.
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This glossary post was last updated: 24th April, 2020 | 0 Views.