Veteran Land Loans: What if They Fail to Pay
The state of Texas, walking on the lines of national guidelines, honors veterans and welcomes them to make Texas their home by offering them various benefits. One of them is easy home and land loans throughout the state. Texas veterans’ home loans are available at low interest rates and without or minimum down payment and the same applies to Texas veterans land loans.
VLB (Veterans Land Board) is the authority that presides over all the land and home loans in the state of Texas. VLB Veterans housing Assistance Program was created in 1983, with the aim to provide the veterans with an opportunity to settle down in a home and have a family. This board not only provided loans for homes but also facilitated land deals and home improvement through very low interest loans, available only to them.
Even with so many concessions, there are times when veterans and military personnel’s fail to pay their interests. At such times, VLB has to take a call in order to cover the cost of the loan. The process that follows consists of forfeiting and auction. Following is how it is done.
Forfeited Land Sales I and II
When veterans fail to pay their loans, they have to forfeit their land. VLB takes over the property and puts it on auction for other veterans and military personnel. The forfeited property is sold in its entirety or in pieces depending on the demand, the sole aim being to recover the loan amount. The auction for veterans is called Type 1 Forfeited Land Sale and is held in every 3 months which means; January, April, July and October, every year.
Properties that don’t find any buyers in veterans, are then auctioned in general public under the name Type II Forfeited Land Sale and people from all walks of life are welcome to bid on them. Once the process is done, the land goes to the bidder and the veteran as well as VLB are free parties.
Dates for Forfeited land sales for the year 2015 are:
January 20, 2015
April 28, 2015
July 28, 2015
October 27, 2015
The auctions take place online and need prior registration. Results of the auctions are also announced online with a pdf posted on the Land board’s website.
Veterans, military people and their families enjoy numerous benefits from the government of US. All the government policies have been designed keeping in mind sacrifices they make every day; so much so, that there are smooth processes for everything from Texas veterans home loans to auctions to cover costs, when they default on their loans.