Welcome to Foreclosure Guide
Foreclosure In California Article
. For a permanent link to this article, or to bookmark it for further reading, click here.
Government Foreclosure
from::
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 In California News
Monique Acosta, California Foreclosure Victim, Found Guilty Of Vandalizing Home - Huffington Post
Monique Acosta, California Foreclosure Victim, Found Guilty Of Vandalizing Home Huffington Post Foreclosure can be frustrating, but one couple found the process so upsetting that they allegedly decided to cut down some trees and throw them in their pool before moving out. A jury in Riverside, California found Monique Acosta of French Valley ... |
Lawyers prey on foreclosure-facing homeowners in San Fernando Valley and beyond - Pasadena Star-News
Lawyers prey on foreclosure-facing homeowners in San Fernando Valley and beyond Pasadena Star-News These attorneys charge fees with the promise of stopping the foreclosure, but then don't follow through with the case and disappear with the money, according to Laura Ernde, spokeswoman for the California State Bar, which has reported a spike in these ... |
A federal foreclosure lecture California can do without - Los Angeles Times
A federal foreclosure lecture California can do without Los Angeles Times At issue are two bills backed by California Atty. Gen. Kamala Harris to set new rules for the foreclosure process. The bills ran into stiff opposition from lenders, so the top Democrats in the Assembly and state Senate moved them to a conference ... Reply to comment Special programs to reduce principal on mortgages are attracting praise ... |
Mortgage settlement could go in state's budget hole - San Francisco Chronicle
 Los Angeles Times | Mortgage settlement could go in state's budget hole San Francisco Chronicle California Attorney General Kamala Harris is not happy about Gov. Jerry Brown's plan to use $411 million in revenue coming to the state as part of the national mortgage settlement to help shrink the general fund deficit. In his revised 2012-13 budget ... Foreclosure-prevention efforts face obstacles in Sacramento Foreclosure victory deflated |
Falling Foreclosure Rates Hurt Investors, Says Report - NuWire Investor
Falling Foreclosure Rates Hurt Investors, Says Report NuWire Investor Foreclosure starts, the first stage in the foreclosure process, fell in April in the hardest hit states of California, Arizona and Nevada, according to Foreclosure Radar. California saw the steepest slide, with Notice of Default filings down nearly 16% ... |