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Government Foreclosure

While most foreclosures involve major lending institutions and brokers, there are a certain amount of them that feature governmental departments. Foreclosures of this nature usually involve people that have applied for assistance because they are either unable to get normal home loans or because of state service, are eligible for state assistance.

One example of a government department is the United States Department of Housing and Urban Development (HUD). Though the department of HUD does not usually loan an individual money directly, they do arrange for financing of properties and financial instruction. Their aim is to help all people living in the U.S. to own a home of decent quality. Unfortunately, because they are working with less fortunate individuals who are high risk, the borrowers often default on their payments. HUD foreclosures are a result of this.

The United States Department of Veteran Affairs (VA) is another example of a governmental department that can get involved in foreclosures. The VA department arranges financial assistance to individuals with a long service record in the military. They charge an additional fee for their services to reclaim their losses should the borrower default and there is a VA foreclosure as a result.

The nice thing about investing in these foreclosures is that they are generally well priced. Any member of the public can invest in the property, but there is a preference towards homeowners over investors for HUD foreclosures. You can usually find out more about investing in government foreclosures through realtors who specialize in these kinds of sales.

There are several other kinds of government departments which are involved in foreclosures. The Federal Deposit Insurance Corporation (FDIC), the International Revenue Service (IRS), the Small Business Administration (SBA) and the General Services Administration (GSA) are all involved in government foreclosures. County taxation departments and Sheriff Offices are also able to profit from this means of closing debts.

If you wish to get first choice of a government foreclosure property, you may consider submitting a pre-qualification letter with your offer.

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