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What is a VA foreclosed home?

April 26, 2017foreclosed Home VA

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What is a VA foreclosed home?

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The VA or Department of Veterans Affairs role in foreclosure is to guarantee loans made by qualified veterans and members of the military. If VA guaranteed loan goes into default the original lender begins the foreclosure process. The VA then purchases the property from the lender and sells the property through real estate brokers. One thing to be aware of when purchasing a VA foreclosure is that loans on VA foreclosures must be endorsed upfront and 5% must be put down for the deposit.