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HUD Foreclosures

There are many different types of foreclosures.... VA foreclosures, HUD foreclosures, Condemned Foreclosures, REO foreclosures, Bank foreclosures and more.

The method of foreclosure is different for each type. VA foreclosures are managed by the Veteran's Affairs commission and helps veterans purchase a home. When one of these homes is foreclosed on, the VA insures that the bank or mortgage company cannot lose money.

HUD foreclosures are very similary to VA foreclosures in the way they are handled, with the lending requirements being extremely similar as well.

A condemned foreclosure is the result of a city goverment condemning a property due to lack of necessary repairs, making it an "eye-sore" to the neighborhood.

Bank foreclosures often occur by a traditional lending institution... these are typically 15-year notes, not 30-year notes like you will see with a traditional mortgage. If the previous owner has only owned the property for 8 years, it's likely much of the property is paid for, leaving a large amount of equity available in the property.

The typical process of a foreclosure is for it to first enter what is called "Pre-Foreclosure" when a notice is placed in the courthouse. If the past due balance is not paid by the homeowner before the foreclosure date, it will be sold during the "Foreclosure Auction" at the courthouse steps. Alongside the foreclosure auction, is often a Tax Foreclosure Auction as well for people delenquent on their property taxes.



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Sample Foreclosures:
North Carolina Home. $72,000 below value
Atlanta Home. $45,000 below value.