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A Hud Foreclosure occurs when a foreclosed property in insured by the Housing and Urban Development Corporation.. a division of the US government.

The HUD program was orginated with the attention on reducing the risk for mortgage companies by insuring that if the buyer were to default, the goverment would cover any losses encurred by the bank for the default. This allowed banks and mortgage companies to reduce their normal standards of lending to allow previously unqualified people to purchase a home. Traditionally, the bank requires a 3% down payment when giving a HUD loan.

Due to the recent recession, HUD Homes were hit the hardest in the foreclosure market, because the buyers of these homes were already teetering on the edge of being able to afford their homes. The real estate downturn pushed it to a breaking point.

When a HUD insured loan is foreclosed on, the property goes to auction at the courthouse, just like other properties. If it does not sel at the courthouse, a realtor is hired to sell the property by taking bids on the home. Once the home sells, the bank may report any losseds to the department of Housing and Urban Development to re-coup any losses.

Because the bank or mortgage company has no risk of losing money on the transaction, these homes often go for a very steep discount.

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Sample Foreclosures:
North Carolina Home. $72,000 below value
Atlanta Home. $45,000 below value.