Call or txt Linda 602-391-8246 AZhomes4u@gmail.com
Friday, September 23, 2011
What is a HUD Home?
What is a HUD Home? A
HUD home is a foreclosure property that was taken over by HUD (Housing
and Urban Development) as a result of a deficiency by the home owner on
an FHA mortgage. HUD homes are available to anyone as long as they can
qualify for a loan or pay in cash. HUD homes are sold "as-is". If a
HUD home is in need of repairs, the price is marked down accordingly.
HUD homes are sold through a bidding process where HUD-approved real
estate agents submit sealed bids on behalf of their clients. HUD then
reviews and typically accepts the highest bid.
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Thursday, September 1, 2011
This is particularly associated with residential and commercial mortgages, in which case it usually occurs after a substantial drop in the house's price such that the debt owed is (considerably) greater than the value of the property — the property negative equity or "underwater" — and is expected to remain so for the foreseeable future, such as following the bursting of a real estate bubble. Such borrowers are called "walkaways."
This occurs when a homeowner is able to pay their mortgage but because they are underwater or simply sick of the level of deficiency they decide to stop paying. If you voluntarily walk away from your mortgage because you owe more than the home is worth, are you a bad person? Should you even care?
Call Linda 602-391-8246 Arizona Elite Properties or email me today
Helping families, one home at a time!