Types of Foreclosed Homes

Choose the Type of Foreclosed Home You Would Like to Invest In

• HUD Foreclosures
  HUD, an acronym for Housing and Urban Development, is a government agency developed in 1965. Since the 70’s it has left urban development to largely to other government agencies and focused more on housing. HUD foreclosure homes are acquired when a homeowner defaults on an FHA insured loan.
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• Bank Foreclosures
  Bank foreclosure listings provide an invaluable service to homebuyers and investors. When a homeowner defaults on the mortgage loan the house goes into a foreclosure state. A bank owns a home through foreclosure when no one, whether it be the homeowner or lender, shows up to bid the minimum amount owed on the existing mortgage.
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• Pre Foreclosure Homes
  When looking into pre foreclosure homes it is important to note that the process may entail procedures that are different than going through the bank, HUD or other government foreclosure agencies. When houses are in pre foreclosures you will often approach the homeowner to make the offer rather than the bank. This is advantageous to you for a couple of reasons.
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