Va Loan Foreclosure

You may call your local mortgage lender and ask, Can I buy a foreclosure with a VA loan? The answer would be Yes if you qualify. You would need to get a certificate of eligibility from the VA to state that you are eligible.
You can go to your local lender, or go online to a mortgage lender online and fill out an application. You can also apply by sending a FAX, or you can visit your lender and fill out an application. You will need to let the lender have a copy of your certificate of eligibility to get the loan.
If you are a veteran, and you have fallen behind on your payments on your VA loan, then be sure to keep the lines of communication open between you and your lender. Don't wait until you are about to be forced to vacate your home. You may be able to make payment arrangements, or you may be able to tack the missed payments onto the back of the loan. If all else fails, you may be able to apply to the FHA or the VA for another loan to catch up on the missed payments, and incorporate the prior loan into the new loan. It would be like a refinance loan.
If you, as a veteran, default on your home loan, the Department of Veterans Affairs will buy the home and put it on the market for anyone to purchase. Often times, the VA will put a foreclosed upon home will go on the market at a reduced price just to get rid of this asset.
You don't have to be a veteran to buy a VA foreclosure home. Once the home goes on the market, it is for sale to everyone, whether they are veterans or not. The VA uses special real estate agents to handle VA foreclosures, so you will have to go through these real estate agents. It is kind of like buying a FHA or HUD home.
If you want to buy a VA foreclosed home, you can go through the national network of real estate agents that are contracted by the Ocwen Financial Corporation. You should already have your financing set up before going through the network to buy the home.