What Is VA Home Foreclosure?

A VA home foreclosure is when the government takes back your house because you have defaulted in payments. When this happens, many people go into a state of shock and denial. However there are alternatives that should be looked into before you let your house get repossessed. As soon as you receive the notice you need to contact your lender right away to discuss what you can do to save your house. Do not just give up and panic, instead take action to help yourself.

First off, just what is a VA home loan? This is a special offer to help those who have served in the armed forces. Sometimes these veterans do not have enough money for a mortgage, so the government steps in to help them get a loan for their house. The government agency guarantees their loan. If for some reason the veterans default in their loan payment the government will take steps to repossess the house.

What can you do when you are faced with a VA home foreclosure? As mentioned, all is not lost because you receive a notice of repossession in the mail. You just have to act quickly to examine your options. Sometimes your financial problems are temporary. In this case your lender can work with you to get the monthly payments lowered and allow you to catch up. This will enable you to continue paying the mortgage and the lender can still get his payments, so it becomes a winning situation for both of you. Normally, your lender will be happy to work with you because if your house is repossessed the lender knows that they will lose money.

Is it possible to gain from VA home foreclosure? In a quick answer, yes you can.

You see, if you need a house, these repossessed properties may be just what you need. When the government takes the homes they are often stuck with them, especially with the glut of foreclosures in the marketplace, and will be forced to auction the house for a substantially smaller price than the current market value. This means that you can grab a house for 20 percent below appraised value. This helps many people with less income to get houses who might otherwise not have had a chance to get.

Before you go out and try to purchase a VA foreclosure home, you need to check the condition of the property. Often you will find these houses are run down and have quite a few repairs needed. You will need to get a proper inspection done to alert you to what needs to be done. Sometimes it is good to go through a real estate agent so that they can help you with this. Always try to assess the amount of money you will need to spend on repairs before you buy the house, as this can be quite costly and could end up costing you more than a new home that has not been foreclosed on.

If you decide to invest in a VA foreclosure home, just how do you go about finding one? First place to check would have to be the internet, because you can find a lot of different types of repossessed properties online. There are websites that provide lists of repossessed properties and some will even show pictures of the houses. This helps you to choose the one that will suit your needs.

If you seriously want to purchase a VA foreclosed home, the best thing is to contact a real estate agent that specializes in foreclosure properties. He will be familiar with all of the forms and red tape that needs to be filled out before you purchase a home.

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Source by Sydney Heiden

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