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Government Foreclosure
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Government Foreclosures on homes will occur when homeowners default on:
• Mortgage payments from lending institution
• Taxes (local, state and federal) and assessments
• Homeownership fees
• Utility bills
• Mechanics Liens (right to payment for contractual services on the house and land, legally executable by law) Any monies available after foreclosure sale will be appropriated according legal priority status.
Different agencies will handle government foreclosure properties. When the homeowners default on payments, the title of property or deed reverts back to the government under certain conditions.
Fanny Mae and Freddie Mac are government secured insurances that homeowners apply for to reduce their mortgage payments offered by their original lending institutions. Homeowners can benefit from lower taxes and a lower down payment if they qualify for these government plans. However should they default on these payment plans, the bank or other lending company that issued these government backed loans, will then go to the Fanny Mae, and Freddie Mac foundations to retrieve their money, thus the property now becomes government property, and these divisions will proceed with the government foreclosure sale.
Government bodies such as the US customs, and the department of internal revenue may directly seize property for nonpayment of taxes and law violations.
HUD, or the US Department of Housing and Urban Development and the FHA, or Federal Housing Association are also responsible for government foreclosure sales done through public auctions.
The Department of Veterans Affairs guarantees home ownership loans for military personal. In turn, they will seize property that was guaranteed by the VA when homeowners default on payment.
However since 2004, the VA Department auctions off the property through a private contractor, Ocwen Federal Bank, OFS.
The US government HUD and VA guaranteed programs are only offered through licensed real estate agents and brokers that have been approved by these government bodies. Another important thing to note is that you cannot reassign the government contracts provided by the US Department of Housing and Urban Development (HUD) or the Department of Veterans Affairs (VA).
Similarly, these properties are sold at auction through the licensed authorized real estate agents. These real estate agents receive a six percent commission for procuring a sale. Unlike other public auctions an investor must go through these licensed agents to be able to bid. A bidder will need to provide a letter from their bank to insure that they can cover their bid and in turn the six percent real estate agent commission will be added to the bid. The letter from the bank is only valid for a period of 60 days, so selection and bidding on property must be done quickly.
Before purchasing government foreclosure property, learn about your rights and obligations concerning these sales. The US Department of Housing and Urban Development (HUD) can provide you with all available information on buying government foreclosures, and the licensed real estate agents can provide you with the information as well.
Foreclosure For Sale News
AMENDED NOTICE OF FORECLOSURE SALE . . . - New Bern Sun Journal
AMENDED NOTICE OF FORECLOSURE SALE . . . New Bern Sun Journal AMENDED NOTICE OF FORECLOSURE SALE 09 SP 199 Under and by virtue of the power of sale contained in a certain Deed of Trust made by Patricia L. Lahti to Kim S. Curtis and Jerry B. Flowers, III, Trustee(s), dated the 22nd day of February, 2007, ... Details Ad Id 1318311 |
Deal made to allow sale of State Fair in one piece - WTVR
 WTVR | Deal made to allow sale of State Fair in one piece WTVR (WTVR) The fine print has been finely re-tuned on the foreclosure sale of the State Fair of Virginia and the Meadow Event Park in Caroline County. The foreclosure/auction sale of the 360-acre property remains scheduled for 2 pm tomorrow, ... Lender, trustee deal will allow sale of State Fair in one piece State fair bankruptcy sale includes the fair itself State Fair of Virginia Property to be Sold at Auction |
Shasta County home sales slip, but median price rises - Record-Searchlight
Shasta County home sales slip, but median price rises Record-Searchlight "You are completely incorrect but correct," Juenke said of the 15 percent drop in sales. "Here is the deal. Buyers are out there in droves. ... But there is no inventory, whether it's not enough foreclosures or otherwise, to keep up with buyer demand. |
Foreclosures down, short sales up. Are banks getting smart? - Christian Science Monitor
 Bloomberg | Foreclosures down, short sales up. Are banks getting smart? Christian Science Monitor One reason: Lenders are increasingly using short sales, instead. By Laurent Belsie, Business editor / May 17, 2012 In this 2010 file photo, a brand-new $1.1 million, 5200 square foot home in Davie, Fla. is offered for short sale. Foreclosures in April ... Foreclosures Plunge to Five-Year Low in U.S. Recovery: Mortgages Report: Fewer US homes foreclosed upon in April Foreclosures reach lowest level since 2007 |
Anti-foreclosure activists defend Woodland family - News10.net
 News10.net | Anti-foreclosure activists defend Woodland family News10.net WOODLAND, CA - A Woodland family facing eviction early Tuesday morning is being "defended" by anti-foreclosure activists, who said they'll try to keep deputies from evicting the family. The Ponce Family bought their home on Paradise Valley Drive in ... |