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Foreclosure Proceedings Article
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Government Foreclosure
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Government Foreclosures on homes will occur when homeowners default on:
• Mortgage payments from lending institution
• Taxes (local, state and federal) and assessments
• Homeownership fees
• Utility bills
• Mechanics Liens (right to payment for contractual services on the house and land, legally executable by law) Any monies available after foreclosure sale will be appropriated according legal priority status.
Different agencies will handle government foreclosure properties. When the homeowners default on payments, the title of property or deed reverts back to the government under certain conditions.
Fanny Mae and Freddie Mac are government secured insurances that homeowners apply for to reduce their mortgage payments offered by their original lending institutions. Homeowners can benefit from lower taxes and a lower down payment if they qualify for these government plans. However should they default on these payment plans, the bank or other lending company that issued these government backed loans, will then go to the Fanny Mae, and Freddie Mac foundations to retrieve their money, thus the property now becomes government property, and these divisions will proceed with the government foreclosure sale.
Government bodies such as the US customs, and the department of internal revenue may directly seize property for nonpayment of taxes and law violations.
HUD, or the US Department of Housing and Urban Development and the FHA, or Federal Housing Association are also responsible for government foreclosure sales done through public auctions.
The Department of Veterans Affairs guarantees home ownership loans for military personal. In turn, they will seize property that was guaranteed by the VA when homeowners default on payment.
However since 2004, the VA Department auctions off the property through a private contractor, Ocwen Federal Bank, OFS.
The US government HUD and VA guaranteed programs are only offered through licensed real estate agents and brokers that have been approved by these government bodies. Another important thing to note is that you cannot reassign the government contracts provided by the US Department of Housing and Urban Development (HUD) or the Department of Veterans Affairs (VA).
Similarly, these properties are sold at auction through the licensed authorized real estate agents. These real estate agents receive a six percent commission for procuring a sale. Unlike other public auctions an investor must go through these licensed agents to be able to bid. A bidder will need to provide a letter from their bank to insure that they can cover their bid and in turn the six percent real estate agent commission will be added to the bid. The letter from the bank is only valid for a period of 60 days, so selection and bidding on property must be done quickly.
Before purchasing government foreclosure property, learn about your rights and obligations concerning these sales. The US Department of Housing and Urban Development (HUD) can provide you with all available information on buying government foreclosures, and the licensed real estate agents can provide you with the information as well.
Foreclosure Proceedings Specific links
Foreclosure Proceedings News
Foreclosures in Illinois bogged down - Chicago Tribune
 e-wisdom.com | Foreclosures in Illinois bogged down Chicago Tribune Foreclosure starts in Illinois are on par with those in other areas, but the state's court-supervised foreclosure system continues to bog down properties in the process. Almost 7.5 percent of mortgage loans on one- to four-unit residential properties ... Fewer new mortgage problems in Maryland, more older ones |
Marian Thompson stops foreclosure proceedings - Coshocton Tribune
 CBS News | Marian Thompson stops foreclosure proceedings Coshocton Tribune ZANESVILLE -- Marian Thompson paid more than $14000 owed on back taxes Friday morning, putting a stop to foreclosure proceedings on her farm. The Muskingum County Prosecutor's Office filed foreclosure proceedings against Thompson earlier this week ... Owner Of Zanesville Exotic Animal Farm Avoids Foreclosure Marian Thompson pays back taxes on Kopchak Road farm Farm where owner released exotic animals into wild before killing himself ... |
Illinois third in foreclosures despite national improvement - Morris Daily Herald
 Michigan Business Review - MLive.com | Illinois third in foreclosures despite national improvement Morris Daily Herald By Mary Ellen Podmolik — Chicago Tribune (MCT) — Foreclosure starts in Illinois are on par with those in other areas, but the state's court-supervised foreclosure system continues to bog down properties in the process. Almost 7.5 percent of mortgage ... Latest data shows where foreclosure activity rose and fell in these West ... Foreclosures hit pre-recession level Buying Bank Owned Foreclosures |
Lawmakers push foreclosure relief for military - Reuters
Lawmakers push foreclosure relief for military Reuters The measure, written by Democrats, would extend some protections that are about to end, give more time for foreclosure proceedings, and raise civil penalties for Relief Act violations by the mortgage industry. It would also expand the law to cover ... Massachusetts House of Representatives Advances Foreclosure Legislation |
Family faces foreclosure - Coeur d'Alene Press
Family faces foreclosure Coeur d'Alene Press The family of eight could lose its home in foreclosure proceedings if they don't make a $1005 payment on Monday. The doublewide trailer on five acres off Huetter Road is all that's keeping them from being homeless, she said. "It's the children's home. |