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VA Foreclosure Article
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Learning About A VA Home Foreclosure
from:Buying your first (or second) home is one of the most exciting things we do in our lives. From the time we become adults or get married, buying a home is usually first on our list of what we want to do in our lives. When we finally are able to make that large purchase, we think we're set for life and have a home to grow old in. Unfortunately, many people are not able to continue making the mortgage payments and lose their homes to foreclosure. These homes are usually put up for sale at an auction and sold to the highest bidder. Another type of foreclosure is a VA home foreclosure. When a Veteran puts a home with the help of the Department of Veterans Affairs (VA), a bank or lender gives the loan, but the VA guarantees the loan.
Unfortunately, even with the guarantee given by the VA, many Veterans still cannot keep their home and it ends up in a VA home foreclosure. When these foreclosed government homes are put up for sale, they are an excellent opportunity for a prospective homeowner to get a home at a bargain price. For years, people have been getting bargain homes by purchasing homes in foreclosure. Although there are not as many VA home foreclosures as HUD homes or traditional mortgaged homes, there are still many of them available. If you are looking for a bargain home, a VA home foreclosure may be the perfect opportunity for you to finally get your dream home.
Many real estate agencies carry VA home foreclosures for sale. They usually offer the home for sale for a certain period, often called the "Simultaneous Offer Period". During this period, all bids that come in on the home are considered as coming in at the same time, or simultaneously. At the end of this time, all the bids are reviewed to see if they've met the criteria set by the VA. If they have not been met, the home will continue to be for sale.
If the VA does not accept your bid, they will make a counter offer just like any other seller. A few things to remember are that the VA will not make repairs on the home and they are sold "as is". In some cases, the VA will help with financing of the foreclosed VA home through a program called VA Vendee Financing. This program is available for non-Veterans as well as Veterans. This is a great opportunity to obtain a home at a bargain price. Contact your local VA office for a listing of VA home foreclosures in your area or do a search online. There are many of them out there.
VA Foreclosure News
Prince William Co. Plans to Develop Two Programs to Help Ease ... - News Channel 8
Prince William Co. Plans to Develop Two Programs to Help Ease ... News Channel 8, DC - Prince William County (web|news), Va. - One of only two counties in Virginia that received federal funds to help ease the foreclosure crisis, Prince William ... |
FDIC says plan could help 1.5 million keep homes - The Associated Press
 Los Angeles Times | FDIC says plan could help 1.5 million keep homes The Associated Press - Or Bair's plan could set the stage for a new foreclosure prevention initiative once President-elect Barack Obama takes office in January. ... FDIC proposes plan to avoid foreclosures |
VA Helps Veterans At Risk Of Losing Homes - WPBF
VA Helps Veterans At Risk Of Losing Homes WPBF, FL - The foreclosure crisis is taking a toll on veterans, but there is assistance available for veterans at risk. Denver Hayes has lived in the same West Palm ... |
Recent vets hit hard by home foreclosures - United Press International
Recent vets hit hard by home foreclosures United Press International - 18 (UPI) -- Injured US veterans of the Iraq War are being particularly hard-hit by the country's economic and home foreclosure crises, experts say. ... |
Mortgage Loss Mitigation Office Now Open in Myrtle Beach, South ... - PR.com (press release)
Mortgage Loss Mitigation Office Now Open in Myrtle Beach, South ... PR.com (press release), NY - ... LLC will discuss with homeowners include: loan modifications; VA loan modifications; short payoff (short sale); deed in lieu of foreclosure, ... |