VA Repo's Columbus, OH

This is a loan that has been OBTAINED BY A VETERAN in which the owner defaulted. The Government has insured the loan so it will go back to the bank. The VA site known as OCWEN is where you go to submit a bid. Bids are placed daily and there many special forms that must be filled out to purchase these homes. You NEED TO BE REPRESENTED by a Real Estate agent to process a bid. You can submit a bid less than the suggested price but keep in mind that there is a certain price that must be met and if your bid does not cover that amount the house will remain on the market until that amount is reached. You DO NOT have to be a veteran to purchase a home from this process.

Foreclosure on a loan is when the customer can not make the payments on the mortgage and the bank evicts the owner and they take possession of the home and try to sell it to someone else. If the property is sold for less than what they owe the owner can be responsible for the difference.