HUD repo homes are 1 to 4 unit houses acquired by the government due to a foreclosure process on a mortgage insured by FHA. The mortgage amount, though, will be only for the discounted price, said Mr. Zubretsky, a specialist in HUD properties. But in order to make the buyers accountable for the three-year commitment, HUD also requires that they sign a silent second” mortgage for the amount that the property was discounted.
Daily All Bidders – Investors are not allowed to purchase a HUD home in the initial bidding period. Generally advertised under the heading, New Listings,” HUD wants …
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