Welcome to Foreclosure Guide
Foreclosure Questions 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 Questions News
Money Pros: Short sales are possible, even if you are not at risk of foreclosure - New York Daily News
 New York Daily News | Money Pros: Short sales are possible, even if you are not at risk of foreclosure New York Daily News The Money Pros are standing by to take your questions. Q. Can I do a short sale even if I am not at risk of foreclosure? Marcus Rutkowski A. Yes. A short sale proceeds just like any other home sale, with one exception: the seller needs approval from ... |
Federal regulator questions Calif. mortgage bills - San Jose Mercury News
Federal regulator questions Calif. mortgage bills San Jose Mercury News Lenders say the legislation goes well beyond the terms of the $25 billion settlement announced in February between the nation's largest banks and more than 40 states over foreclosure abuses. They picked up a powerful ally in the Federal Housing Finance ... |
Foreclosures reach lowest level since 2007 - CBS News
 CBS News | Foreclosures reach lowest level since 2007 CBS News If you feel that you were wrongly foreclosed upon or received a foreclosure notice in error, go to IndependentForeclosureReview.com. If you're a homeowner and have questions about whether you qualify for a loan modification or refinancing under the ... RealtyTrac: Have Foreclosure Actions Really Dropped? |
Foreclosure Activity Falls to Lowest Since Summer of 2007 - CNBC.com
Foreclosure Activity Falls to Lowest Since Summer of 2007 CNBC.com Foreclosure filings, which include default notices, scheduled auctions and bank repossessions, fell 5 percent in April from March, according to a new report from RealtyTrac, and are down 14 percent from April of 2011. One in every 698 US housing units ... |
Getting through the foreclosure mess - Washington Post
Getting through the foreclosure mess Washington Post Fact Checkers contribute questions, information and facts to The Fact Checker. Washingtologists consistently post thought-provoking, timely comments on events, communities, and trends in the Washington area. This commenter is a Washington Post editor, ... |