A Huntsville area HUD Foreclosure becomes a HUD foreclosure when someone with an FHA insured loan defaults on that loan and it’s foreclosed upon by the mortgage lender. The mortgage lender at that point will collect whatever losses they have suffered by listing the house in the Huntsville and North Alabama HUD Foreclosure market.

HUD, at this point, gets the deed to the foreclosed upon home and will offer the home for sale on the North Alabama real estate market. Visit this link for daily updates on new listings. (New listings are posted every Friday/Saturday from hooksvanholm.com)

The first 10 Days a HUD home is listed it is reserved for owner/occupants. (Those planning on living in it) After the 10 day period all investors are welcome to place a bid. You must use a Realtor when placing a bid.

These homes are listed for sale to the general public. HUD never loses any money because everyone who receives a loan through the FHA also must purchase mortgage insurance which shows up on the settlement papers as initial premiums.

For more information on how to purchase one of these homes to live in or as an investment property contact Walter Jones.

Categories: Alabama Real Estate Market, Huntsville Alabama Foreclosures, Huntsville Alabama Real Estate Investments, Real Estate Advice
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