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Foreclosure Article
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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 Specific links
Foreclosure News
Foreclosures Fall...And That's a Bad Thing? - TheStreet.com
 ABC News | Foreclosures Fall...And That's a Bad Thing? TheStreet.com By Michael Johnston NEW YORK (CNBC) -- A new report came out this week with a curious headline: "Foreclosure Activity Declines, Hurting Investors." I read it twice. You would think declines in foreclosure activity would be a good thing, that is, ... Foreclosure drop seen nationwide Foreclosures Hit a Record Low S.J. foreclosures fall, following state trend |
Report: Fewer US homes foreclosed upon in April - Boston.com
 al.com (blog) | Report: Fewer US homes foreclosed upon in April Boston.com LOS ANGELES (AP) — National foreclosure trends took a positive turn in April, as the number of homes seized by banks declined and fewer properties entered into the foreclosure process. But state-level data point to potentially more home repossessions ... Foreclosures Move Downtown Foreclosures Reach 5-Year Low Fewer homeowners foreclosed upon in April |
Lawmakers push foreclosure relief for military - Reuters
Lawmakers push foreclosure relief for military Reuters WASHINGTON (Reuters) - The House of Representatives on Friday voted to further insulate some service members from home foreclosures and extend borrower protections to disabled veterans and surviving military spouses. The measure passed 394-27 on a ... House passes foreclosure protections for vets US lawmakers push foreclosure relief for military Sannicandro backs foreclosure protection bill |
NY hearings on 'forced' insurance in foreclosure - BusinessWeek
 New York Daily News | NY hearings on 'forced' insurance in foreclosure BusinessWeek In some cases, the premiums are "exponentially higher" than regular homeowners insurance and can push homeowners into foreclosure, Department of Financial Services Superintendent Benjamin Lawsky said Thursday at the start of public hearings on ... House insurance gouge puts homes in danger Insurers Hit on Force-Placed Practices |
Foreclosure Prevention To Be Held Saturday - NewsChannel5.com
Foreclosure Prevention To Be Held Saturday NewsChannel5.com A special conference will be held Saturday for residents in danger of losing their homes to foreclosure. The event is called the Foreclosure Prevention event and over 300 people are expected to participate. If someone is worried they can't get help ... |