Government Foreclosures - VA and HUD Foreclosures

A government foreclosure means the property was owned by the US government. The person could have purchased the property through the many different housing programs available. One of the most popular is HUD and the VA or The Veterans Administration.

The VA is very common among active military and retired military. A young couple is starting out and is ready to purchase their first home. So, how could they have their home go into foreclosure? The military works with the soldier to make sure this doesn’t happen. But situations do come up.

The soldier maybe not be full time. Instead they are considered a weekend warrior and is only in the military part time. With a bad economy, there maybe not be enough work hours or the soldier was laid off and lost their job. The same goes for the spouse. Or sadly, the soldier is killed in action and the family loses everything.

Retired military may only have their retirement to live on. The house is not paid off when they retired and a job cannot be found. Or again they pass away. There are many reasons why the property would go into government foreclosure.

HUD or Housing Urban and Development will help reduce a down payment to purchase a home. The mortgage could be lower by lowering the interest rates. There are numerous programs that HUD has. They try very hard to work with the home owner not to let the property go into foreclosure.

One of the main reasons for government foreclosure is not being able to make the mortgage payment. The person was poor at the time and qualified for a HUD home. But, they got a better paying job and because the mortgage was based on their income, the mortgage went up. This is just one example.

The opposite could be the person lost their job because of the economy. With government cutbacks, there was no programs available to help the home owner to qualify for a different program. Unfortunately the house was foreclosed on.

When searching for government foreclosures. Learn the steps of foreclosure. Check the property listing to see if it is in preforeclosure or if it is at a government auction ready to be sold. Search by city or state to see what is available in your area. Or use another area if you want to relocate.

The government will give as much information as possible about the property. There will be a phone number to call if more information is needed. The address will be available if you want to drive by the property and see what it looks like on the outside.

Beware though! The inside can be trashed as a lot of them are. When people lose their homes, many have destroyed the inside to reduce the value. This means you got to get dirty and clean up the mess. See what needs to be fixed and make the home beautiful once again.

Government foreclosures can be dirt cheap to buy. Just search and research everything thoroughly.