Selling Real VA foreclosed Properties, A Look at the Status Can, you buy a foreclosed property with a VA home. Loan, VA REO Properties, The Importance of Authenticity in Selling Real Can, you buy a foreclosed property with a VA home.
Loan VA loan foreclosure. Now this isn’t something fun to talk about, but it is a topic. That’s searched relatively often on the internet and lo some economic news came up this morning. The economy is on fire. Job growth is still going very, very well.
Wages are finally catching up, and you know that’s both good and bad. It’s good because the economy is doing well, which means very few people are facing foreclosure today, like they were during the housing collapse, when the economy was going down the tubes, but it also means the Fed is going to likely continue to raise interest rates. Interest rates will continue to rise over the next year or two.
So look if you think about buying the home, give us a call up. Buying a foreclosed Property with VA Home Loan Benefits Now is a great time to buy a mortgage and buy a home and get a mortgage at a rate still down below the five and a half the 6 % range, and we could certainly be crossing those numbers very soon if the economy continues to do with.
Well it if so, why are we talking about loan foreclosure specifically VA foreclosures if the economy is doing so well, because it’s important that you understand number one: how to avoid foreclosure and the VA and your VA home loan benefits can certainly help that in the event That you do fall on hard times and look.
The rally is not things probably sent rainbows and roses or, however, that goes. We got to talk about hard things from time to time. Can you buy a foreclosed property with your VA home loan benefits and the answer is yes? Okay, you can buy a foreclosed property. Now you got to keep in mind.
One thing: a lot of times on home has been VA foreclosed upon. Where To Find VA foreclosed Properties The prior owner got really ticked off along the way and got mad, maybe at the bank or mad at life in general. Not always, but you see a lot of times debilitated.
Is that the word I’m looking for you got? You beat down properties a lot of times when a property gets VA foreclosed REO properties in most states. There’s laws that make it difficult for banks to foreclose quickly.
So you might have people that live in the home without making payments for an extended period of time utilities get shut off .They rip out.
You know appliances again, not always, but what we have found if you’re going to try to buy a VA foreclosed property, because you can get those at a pretty steep discount. Just keep in mind if you’re, using your VA loan benefits to do that. The property must still be in the appropriate condition to me: VA property requirement. So we’ve talked about that. You can search on minimum property requirements.
But yes, yes, you can. Where do you go if you want a list of VA foreclosures? VA foreclosed Properties: What You Should Know Well, sometimes, the VA of the veteran gets into trouble and has to walk away from their house.
The VA has the ability to just make the lender whole and take ownership of that home, and these are called VA are OS real estate owned. The VA action owns the realist or VA foreclosures and here’s the deal.
The VA can’t manage their foreclosures. They can’t go list them, they can’t do all the negotiations, so they use a company called Ocwen Federal Bank.
That is a bank, I believe, they’re an East Coast bank, the VA. If you go to Ocwen federal bank go to their website, you can find on there a list of VA foreclosures or you can simply talk to one of your real estate agents and we can help put you in contact with the real estate agent. If you like. All good real estate agents know how to go and access a list of properties that the VA has foreclosed on.
I shouldn’t say: the VA is foreclosed on that a lender has foreclosed on and then the VA has taken ownership of those properties. Avoid Foreclosure by Talking to the VA Why would you want to buy a foreclosed property off of the VA?
Well because the VA is going to, do a good job of keeping that property up to standard and the most foreclosures are sold at a pretty steep discount okay. So finally, we’ve talked about.
Yes, you can buy a foreclosed property. You can get a list of VA foreclosures from the VA. Listen if you find yourself possibly approaching foreclosure, you need to do everything you possibly can to avoid foreclosure.
If you’re a veteran and your home gets foreclosed on, it will destroy your credit okay, so it is a big bad. No, no to your FICO or to your credit and that`ll make getting future homes more difficult. Look sometimes it happens.
We understand that I’m going to talk about here at the end, what you can do, if there’s nothing else for you to do other than get your property for close up, but you want to avoid foreclosure at all costs.
The VA has credit counselors at each regional. Avoid Foreclosure by Contacting Your Mortgage Servicer VA loan center, you can call, but you can talk to a counselor who will help you, but the VA cannot step in and tell the one they’re, not the foreclose It’s the lenders decision and no lender wants to foreclose.
So, the very very first step before you even worry about calling up a VA counselor, you should contact your mortgage servicers, so whoever you’re making mortgage payments to or whoever you were making mortgage payments to before you started defaulting call them up.
We are nice people lenders now service loans here at low VAriance, but lenders don’t want to foreclose. They will work with you and they can do payment plans.
They can forgive payments and tack them on the end of your loan. They can do modifications, there’s all sorts of things that lenders are going to do with you if you’re open, transparent and honest with them.
Now, if you’re, not you just stopped making payments and things somehow you’re going to avoid foreclosure, you will not.VA foreclosed Properties: Where to Find and Buy If your lender won’t work with you or you feel like you’re, not getting the or with your lender, then step two would be to call a regional loan center.
You can go to Google and just type in VA regional loan.
Centers, there’s a map, you click the state you live in, call up and get ahold of a financial counselor. They will give you different tools and suggestions on what you might be able to do to better negotiate with your lender.
Okay, you can also go to benefits via Gov. You can search around there for other tools. That’s really all I’ve got today. I try to keep these videos under five minutes tonight.
I think maybe we’re going past that are there questions no questions yet so in closing, unless they get a question answer at the end summarization, you can buy foreclosed properties with a VA loan.
The VA has a list of foreclosures that they have taken ownership of and they are selling at a discount. So that’s somewhere to go. Avoid foreclosed Properties with VA Loans Look if you want to try to buy a foreclosed property that had a VA loan on it.
If you do have to go through foreclosure, you want to avoid it at all costs, because it will negatively impact your credit and it could potentially hurt your ability to get a VA loan in the future. If we have no questions, that’s it have a great weekend.
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