HUD home foreclosures have already gone through the entire foreclosure process. It started after the borrower defaulted on the FHA-insured loan used to originally purchase the property, and ended when the originating lender was paid off by HUD (as has been guaranteed via the FHA insurance). HUD now has become the owner of the real estate.Like the lenders it insures against borrower default, HUD (aka the federal government) does not want to become a property owner. So it sells HUD home foreclosures through approved real estate brokers who advertise themselves as approved HUD brokers. These HUD-approved real estate professionals advertise their services in a number of places, including local newspapers and phone books.
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