I remember Denver in 1990 when it seemed like every home for sale was a HUD home. Where people just walked away from their payments, leaving the banks (and then HUD) holding the bag.
Question 1: What is a "HUD Home"?
Answer: When someone with a HUD insured mortgage can't meet the payments, the lender forecloses on the home; HUD pays the lender what is owed; and HUD takes ownership of the home. Then we sell it at market value as quickly as possible.
Question 8: How can I find out what HUD Homes are for sale?
Answer: Right here! We update our lists of HUD Homes for sale every day. If you see one that interests you, contact one of the real estate agents in your area who shows HUD homes. They can help you from there.
February 15, 2006
Time to get familar with this - you'll be seeing a lot of these coming up: FAQs About Buying HUD Homes
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2 comments:
"I remember Denver in 1990 when it seemed like every home for sale was a HUD home. Where people just walked away from their payments, leaving the banks (and then HUD) holding the bag."
Yeah ... I was living in The Springs back in 1990, which I think was in even worse shape than Denver at the time. Remember those public service ads they used to run on the TV back then begging people not to walk away from their homes?
Sometimes, that "Don't you walk!" jingle of theirs still manages to worm its way back into my head.
Of course, Colorado Springs had the dubious distinction of being the personal playground of Neil Bush & Co's Silverado S&L scam, so things got really screwy down there. The entire incorporated region east of Powers boulevard (about a quarter or more of the entire city) was nothing but laid out street grid, scattered utility hookups, and creepy, isolated islands of cul-de-sac housing.
It took years to pull outta that one, it did.
I think the RTC will be comming back
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