FORECLOSURE
The bank will
foreclose, or for the sake of simplicity, remove you from your home if the
homeowner is unable to make the monthly payments.
An FHA loan is
insured by the federal government. That means the government has insured
payment of your loan to the bank; therefore after the bank goes through
the foreclosure process on the mortgage and the current resident have
moved out, the bank contacts the Federal Housing Authority, FHA. FHA is
then responsible for paying off all existing mortgages to the bank, any
back taxes...and any other bills owned, including attorney fees, water
bills etc. The new home buyer is not responsible for these encumbrances.
After this is completed the Government is totally responsible for and is
the owner of this property. A property manager is hired to get a current
appraisal, to determine the extent of repairs, if any, secure the property
(which could include boarding the property), have the property in broom
clean condition, and place it on a master key system.
The property is then placed on the “Market for sale.” A new list of houses
is made available every Thursday and Friday. Bids are taken on a daily
basis beginning on Mondays. The Government will accept the bid with
highest net return to them. The government will assist in closing costs if
you request them to. The Government will pay our real estate commission.
We will make the list of FHA homes available to you on a weekly basis via
your personal page on this web site, e-mail, or fax. The properties are
all vacant. We encourage you to drive by the house, walk around the
outside. When you see something you are interested in we will make a
convenient appointment to show you whatever properties you like. We will
help you find the best home suited to your needs and pocketbook.
As our customer you will be provided with all of the information available
to us that you are interested in, i.e. tax records, previous sales and a
comparative market analysis.
Investors are welcome to bid on properties as well as owner occupants. The
first 10 days a property is on the market the bidding is for owner
occupants only. THIS IS ONLY FOR FHA FORECLOSURES. The other government
agencies allow for investor bidding at all times.
Please call, write, or send smoke signals with any and all questions that
you might have.
The only stupid question is a question that isn't asked.
We will give you the attention that you deserve.
We look forward to working with you.