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BUYING HUDsOR HOW TO BE A HUD STUD OR STUDDETTE
What are hud properties? And can you build your career on them? HUD stands for the U.S. Department of Housing and Urban Development, whose mission is to help Americans buy affordable homes. Part of their work involves insuring mortgages. When someone with a HUD-insured mortgage is unable to make their mortgage payments, the lender forecloses on the home. HUD will pay the lender the remainder of the mortgage and then takes over ownership of the property. HUD then attempts to sell the home as quickly as possible for market value to an owner occupant. If the home is not sold to an owner occupant within a few months, then HUD will make the home available to investors. Because these homes are often ...
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