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HUD-owned Properties in New Jersey
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The U.S. Department of Housing and Urban Development (HUD) is responsible for the operations of the Federal Housing Authority (FHA), which is the agency that insures mortgage lenders against loss on FHA home loans. When FHA borrowers default on their obligation, the lender initiates the foreclosure process. HUD becomes the owner of the properties after foreclosure is completed, and after the lender has made a claim against the FHA insurance fund for payment of the remaining balance of the loan. HUD wants to sell these properties as quickly as possible and recover as much of the claim amount as it can to replenish the FHA insurance fund.
Listings describing HUD homes that are ready and available for sale are posted on the website below . All offers to purchase must be submitted electronically by a local real estate broker (such as ElvieQLLC, dba ELCAN Realty) duly registered with HUD, using the bidding service that is available through this site:
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HUD Foreclosure Just Sold by ELCAN Realty
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$285,000  301 Stegman Parkway, Jersey City, NJ 07305 * New Jersey City University neighborhood
* 2-family w/ full bsmt & attic
* 3-car driveway + 2-car garage
* FHA 203K rehab loan required
* FHA-approved inspector, licensed
contractor & job estimates required |
To Bid on an Available Property
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Come to our office to complete all the necessary paperwork. Please fill in your contact information below, and we'll advise you what to bring.
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