Bank foreclosures are residential properties that have been repossessed and put up for sale by a bank agency. The reasons for these sales can vary. In some cases, a property owner may have obtained a bank-sponsored mortgage loan to buy real estate. Several bank agencies, such as the Housing and Urban Development Department (HUD), the Federal Housing Authority (FHA), the Veteran’s Affairs department (VA), offer mortgages to citizens at special rates. However, when a homeowner defaults on their mortgage, these agencies will have to repossess their property and sell it in order to get back the money lost on the unpaid loan.
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