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David Weis
  • Rehabber
  • Lutz, FL
13
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26
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Can someone explain HUD and Fannie Mae?

David Weis
  • Rehabber
  • Lutz, FL
Posted Mar 18 2014, 08:31

Excuse me if this is not the right forum.

I am in Tampa, Florida. I see a house that SunTrust Mortgage bought at auction in August 2013 for $72,100. The property appraiser's website shows a Certificate of Title issued. It then shows a Warranty Deed for $100 for HUD in September 2013 but no activity is listed for the house in September on the foreclosure website. The house is now listed on the HUD website for $89K. I see this also with Fannie Mae at times. A bank bids at auction for $x amount and then Fannie Mae gets a warranty deed soon after that for $100 and lists the property on their website.

How does this work? Do HUD and Fannie Mae buy these properties? Do the banks still own them and HUD / Fannie Mae are underwriting them?

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