Treasure Coast Real Estate

The United States Department of Housing and Urban Development (HUD) oversees the Federal Housing Administration (FHA), which provides federal insurance on home mortgages. If a homeowner fails to make payments on a FHA loan, the mortgagee forecloses and files an insurance claim with HUD. In exchange for paying off the unpaid loan balance to the mortgagee, HUD receives title to the property. At this point, the house becomes a HUD home.

After the mortgagee conveys the property to HUD, the Management and Marketing Contractor (M&M Contractor) begins the process of managing and marketing the homes according to HUD guidelines. The M&M Contractor is First Preston Foreclosure Specialists and Southeast Alliance of Foreclosure Specialists, depending upon the state or territory where the property is located.