HUD FORECLOSURES

     HUD Foreclosures are properties that have been foreclosed on that were financed previously using an FHA loan. These are resold on the market by HUD (The Department of Housing and Urban Development) at a significant discount in relation to the previous loan, and the appraised value.

Some of these properties are also being sold as a $100 downpayment property. In the MLS listing for these particular properties it will state that the property "may be eligible for the $100 down payment"! So in these instances, the borrower is able to reduce their closing costs, and cash to close at the settlement!

These properties are usually not available on the public property search sites, and need to be accessed by a HUD approved real estate agent. And preferrably an agent with some experience working with these types of properties. It is a more specialized contract process for the buyer and their agent.

Also it is very important to utilize a mortgage company with experience in processing the financing of the property for the borrower, because again it is a specialized process. Texas mortgageline has the experience to help our borrowers navigate this process, and close their loan!

Lee Penn/ 281-701-1655