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VA Foreclosures

      VA foreclosures are different than the other forms of foreclosure housing. The Veteran’s Administration established just after World War II and originated as part of the Servicemen’s Readjustment Act. This act authorized the VA to guarantee a certain percentage of loans to eligible military veterans; these of course would come from quality lenders.
      How the process works is if a veteran with the VA loan falls into default, the original lender will start the VA foreclosures process as usual. The VA who guaranteed the loan steps in and buys the property from the lender. This takes place before the foreclosure process and before the auction. The property is then designated one of many VA foreclosures.

“The good thing however is that like the FHA, the VA has tens of thousands of VA foreclosures
available. Make sure to consult a good real estate broker when looking into one of these”

      During auctions for VA foreclosures, bids are accepted from the public. Properties are sold “as is”, this is the same method used in some FHA properties, and VA foreclosures may have been repaired or brought back to good condition from their previous condition.
      Unfortunately, the VA tries to keep away from selling their properties very cheap, also known as “dumping” them. Since they tend to stray from discounted prices, properties are usually offered at or around market value. The good thing however is that like the FHA, the VA has tens of thousands of VA foreclosures available. Make sure to consult a good real estate broker when looking into one of these many, VA foreclosures.

Additional Foreclosure Information on:

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• Foreclosed Property
• Bank Foreclosures
• Free Foreclosure Listings
• Foreclosure
• REO Properties
• Bank Owned
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