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While the larger chunk of the country’s foreclosed homes are homes which have been foreclosed upon by various banks and other lending institutions, there are also a significant number of homes which have been foreclosed upon by the country’s government.
Different sections of the government have the right to foreclose upon property if the property’s owner is unable to pay his/her taxes and / or fines in a timely fashion. These homes are then put up for sale through the Department of Housing and Urban Development and the proceeds from the sale go towards clearing the dues. Any money that is left over after clearing the pending dues and the other costs that are incurred in the process goes to the property’s owner.
Also part of the homes that are sold through the Department of Housing and Urban Development are homes which were bought through FHA insured mortgages. In these cases, the lenders can ask FHA to take care of the mortgage and transfer the homes to FHA upon receiving their dues. FHA, in turn, transfers these homes to the Department of Housing and Urban Development.
If you plan to buy amidst these homes, going through all available government foreclosure listings is highly important. The Department of Housing and Urban Development‘s web-site has lists of zip code specific foreclosure homes that you can refer to. Alternatively, you can also use the services of the large number of HUD approved real estate professional that operate throughout the country.
Remember that in buying a foreclosure affected home, the search is one of the most important aspects of the process. Make sure you go through all the resources you can get you hands on in looking for the right home.
HUD Fair Housing Equal Opportunity