FHA Foreclosure Information


WHAT IS A FHA FORECLOSURE?

A FHA foreclosure is a legal process in which a mortgaged property that was acquired using a government loan program goes into default. Ultimately the buyers can not pay the mortgage and the FHA foreclosure property is sold to pay the loan of the defaulting homeowner/borrower.

FHA foreclosure properties allow people to have the chance to buy a home for themselves and their family without paying a high price for the single family home, condo or small multi-family unit. FHA foreclosures become available when someone with a Federal mortgage can't meet the payments, the lender then forecloses on the home. The Federal Government or the lender then takes ownership of the foreclosed property. You can find FHA foreclosure  lists on our site.

FHA foreclosure properties allow people to have the chance to buy a home for themselves and their family without paying a high price for the mortgage.

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FORECLOSURE LISTS

To find out what foreclosure properties are available in your area, you can search our online FHA lists of Government foreclosed houses for sale. You will find FHA foreclosure listings including HUD, FHA, VA, and bank foreclosures.

When you're interested in FHA foreclosure properties, you might want to know just what properties are available for purchase under this umbrella term.  After all, there are numerous properties, but you want to know what your options are in order to choose the home and the foreclosure that's best for your needs.  The first step to buy foreclosures is to find out what's out there right now.


FORECLOSURE PROCESS

When you're interested in FHA foreclosure properties, you might want to know just what properties are available for purchase under this umbrella term.  After all, there are numerous properties, but you want to know what your options are in order to choose the home and the foreclosure that's best for your needs.  The first step to buy foreclosures is to find out what's out there right now.

It can help to understand the actual foreclosure process and whether certain properties emerge for sale during this process.  When a homeowner is first falling behind on their payments, they are alerted by the bank of their payment problems and given a chance to catch up on the money owed.  If the payments still do not come into the bank, then the house is said to be in preforeclosure.  At this point, the home is not for sale until the home actually goes into foreclosure, but there might be times when the home is on its way to foreclosure, so it's listed before the actual foreclosure is determined.

The foreclosed property is sold at bargain prices as quickly as possible. As a prospective home buyer or real estate investor, you have many options in your search to find an affordable home. One of those options today is the purchase of foreclosure properties owned by HUD/FHA and other Federal Government Agencies.


FORECLOSURE COUNSELING

You will want to avoid foreclosure.

If you are in foreclosure and need assistance you can receive foreclosure counseling. Foreclosure counseling can help you understand the actual foreclosure process and whether your home will be at risk.   When you first fall behind on your mortgage payments, the government and your bank become aware of your payment problems and give you a chance to catch up on the money owed.  If the payments still do not come into the bank, then the house is said to be in preforeclosure.  At this point, the home is not for sale until the home actually goes into foreclosure, but there might be times when the home is on its way to foreclosure, so it's listed before the actual foreclosure is determined.

The bank owns the home when it is in foreclosure and it has not been picked up in an auction.  The bank might then work through a realtor to try to get the home sold in the traditional way or they might work with the FHA to see is the FHA foreclosure can then be sold.  These homes might be sold via FHA foreclosure listings, many of which are free.  Look for a free FHA foreclosure listing in your area by visiting our foreclosure list page.

Please be aware that there are some people who will prey on foreclosure families by using foreclosure scams.

You can find FHA foreclosure lists on our site.

FORECLOSURE VIDEOS

Watch short, informative videos on foreclosure:

VA HUD FHA Foreclosures & Bank Listings
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