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Government foreclosure

There is credit or finance which is guaranteed by the government for example VA loans. This type of loan is given to the veterans and military people who have worked for the government for a provided period of time. Then there is FHA loans, these loans are provided to those people whose income is quite less and they cannot easily afford the mortgage. In these cases, the person who is lending the money can question the government about the mortgage if the borrower is being late or ignorant towards his payments. Here the lenders are in benefit by being able to cover the lose which the borrower was unable to make.

Then after the mortgage, the government is able to own the property itself then they can make the choice of selling it or keeping it for any business purpose. If it chooses to sell it, they can do it through the auction. If it's a house, they will prefer to give it to homebuyers, but if nobody is interested they can sell it to investors or real estate.

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