VA foreclosures homes are now managed by BAC Home Loans Servicing LP, a subsidiary of Bank of America Corporation. Previously, VA foreclosures were being managed by Florida-based Ocwen Federal Bank FSB.
The U.S. Department of Veterans Affairs this year signed a long-term agreement with BAC Home Loans to be its property management company.
In August, BAC Home Loans Servicing was also chosen by Ginnie Mae to service its home loans formerly serviced by mortgage firm Taylor, Bean and Whitaker. These loans were financed through VA, FHA, the Office of Public and Indian Housing and the DA Rural Development Program.
Bank of America was bailed out by the federal government last year with $25 billion in taxpayer money as the bank also rescued Merrill Lynch and Countrywide Financial, which later was renamed BAC Home Loans Servicing.
For prospective home buyers looking for VA foreclosures, they can visit the web site va.reotrans.com for listings and detailed information on foreclosed homes available. The site also gives information on the names of listing agents that buyers can contact. The listings provide different names of listing agents depending on the states and neighborhoods.
VA foreclosures homes are available to every prospective home buyer and not only to veterans. Non-veterans can also avail of financing offered under the VA home loan financing program.
For investors looking for lower priced foreclosure homes and lower-interest home financing, VA foreclosed homes provide great opportunities because they can be purchased with low down payments and the number of VA foreclosures that can be acquired is not limited.
Experienced investors can even use a licensed appraiser's rental projections for loan underwriting computations.
For VA home buyers planning to occupy the properties they are going to buy, VA foreclosures can be purchased with no down payment, depending on the evaluation of financial capabilities by the lenders. Up to two percent of the closing costs can also be financed and included in the final loan amount and up to six percent of the sales price can be provided by sellers to be used for closing costs.
VA foreclosures can also be accessed through local real estate agents who are licensed and who have access to major Multiple Listing Services that include VA foreclosed properties. These agents are the ones who will make the purchase offers and who will accomplish the needed documents for buyers of VA foreclosures homes.
