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Maryland foreclosure listings contain HUD foreclosures.  HUD is the federal government department of Housing and Urban Development.  HUD does not make loans, HUD acts as an insurance agency to banks and home lenders who are in the business of transacting real estate closings. People who may not qualify for standard loans many times qualify for a HUD backed loan.  With HUD backing, lenders will qualify these borrowers for a home loan.  In case the homeowner defaults on their repayment of the loan, HUD then returns the defaulted dollar amount to the lender.  HUD then takes control of the property.

HUD foreclosure properties are evaluated and controlled by the Property Disposition department.  The Property Disposition Department initially determines whether they will sell the property or place it with a HUD approved broker.  HUD approved brokers can buy the property themselves or attempt to sell it.  Should a broker decide to purchase the property, the property comes to him “as is”.  If any repairs, small or large need to be done, the broker would assume the responsibility for this.  Additionally, each HUD broker is paid a flat 6% commission for selling the property.  If purchasing the property, the HUD broker is allowed to subtract the amount of their commission from the purchase price.  HUD brokers use this as a huge negotiating tool.

Maryland foreclosure listings contain HUD foreclosures.  HUD is the federal government department of Housing and Urban Development.