VA Foreclosures

The Department of Veterans Affairs (VA) "Foreclosure Avoidance Program" assists financially distressed veterans in foreclosure to keep their homes. If a lender doesn't follow VA guidelines before foreclosing, they risk losing their VA insurance. VA foreclosure guidelines mandate that the lender communicate with the barrower to try to work out a mutually acceptable solution. The VA expects lenders to telephone veterans who have missed monthly payments to establish personal communication and encourage a discussion of potential solutions. Lenders are prohibited from insinuating that nothing can be done to stop the foreclosure, are required to explain various VA programs available to help homeowners avoid foreclosure, and encourage veterans to contact their local VA office. The lender must send a personalized letter within 20 days of the date your monthly payment is late detailing the default situation. If the lender doesn't follow VA procedures, or is uncooperative in arranging a workout, you should notify the VA in writing.

For buyers of VA Home Foreclosures, you'll find mostly single family properties through the VA's 46 regional offices. These properties can often be purchased well below market value, sometimes with a down payment as low as 2% for owner-occupants. Investors may be required to make a down payment of up to 10%. Property listings for most offices are available on the internet, by direct mail, or through sales listings in local newspapers. The VA contracts with real estate brokers to show its foreclosed properties and assist prospective purchasers in making offers. The VA pays their sales commission. About 100 new properties are listed every two weeks. For more information on purchasing a VA home foreclosure, call 800-827-1000.

Investing in Home Foreclosures

Whether you're a novice or a professional "rehabber," who fixes up foreclosed properties, you'll need to stay on top to come out ahead. We've gathered resources and culled information from varied sources to bring you timely information on Home Foreclosure Prices, and Financing Foreclosure Purchases. Why Buy Foreclosed Homes, you might ask. There are plenty of solid, smart reasons and we'll share them with you, along with buying foreclosed homes tips, and resources on Home Foreclosure Listings.