Federal Homes - Discount Homes For Sale By The Government
Thursday, November 23rd, 2006What are federal homes? To put it in the most simple terms, federal homes are government foreclosures. The government had insured the loan of the previous owner of the home, but the owner defaulted on their mortgage loan. This results in the home becoming the property of the government, who sells the homes to the public to the highest bidder. The most popular types of federal homes are HUD and VA homes. This is not to say that there are not other foreclosed homes which fall under the heading of federal homes, but VA and HUD homes are the government foreclosures and bank foreclosures we hear the most about.
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