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 DevelopmentThe United States Department of Housing and Urban Development, also known by as HUD, is a Cabinet department in the Executive branch of the United States federal government...
(HUD), is the insurer of loans made through a variety of government programs, particularly
FHAFHA may mean:* Federal Housing Administration. See also FHA loan.* Civil Rights Act of 1968 -- In particular, Title VIII of the Act, also known as the Fair Housing Act* Forced Hot Air heating* Future Homemakers of America* Functional hazard analysis...
loans. When a lender forecloses on a government insured loan, HUD takes possession of the property.
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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 DevelopmentThe United States Department of Housing and Urban Development, also known by as HUD, is a Cabinet department in the Executive branch of the United States federal government...
(HUD), is the insurer of loans made through a variety of government programs, particularly
FHAFHA may mean:* Federal Housing Administration. See also FHA loan.* Civil Rights Act of 1968 -- In particular, Title VIII of the Act, also known as the Fair Housing Act* Forced Hot Air heating* Future Homemakers of America* Functional hazard analysis...
loans. When a lender forecloses on a government insured loan, HUD takes possession of the property.
Homes are listed on the
Multiple Listing ServiceA Multiple Listing Service is a suite of services that enables brokers to establish contractual offers of compensation ; facilitates cooperation with other broker participants; accumulates and disseminates information to enable appraisals; is a facility for the orderly...
by a listing agent who generally receives a 1% commission for listing the property, but is otherwise unaffiliated with HUD.