Being that Killeen is home to Fort Hood, the largest military installation in the free world, it is no surprise that more Killeen homes are bought using VA guaranteed home loans than any other loan type. As such, and as might be expected, there are also more VA foreclosed homes in the Killeen area than any other type of foreclosed home.
A VA foreclosure happens when a veteran purchased a home using his/her VA entitlement to get a VA guaranteed loan and then defaults on the note. The name VA guaranteed loan is somewhat misleading since the guarantee is not to the veteran that he/she will get the loan, but guarantees the lender against loss of principal if the buyer defaults. The veteran must meet certain eligibility requirements from VA and financial qualification requirements from the lender.
When a veteran loses their home to foreclosure, it is taken back by the bank or lender servicing the loan at a trustee's sale (held the first Tuesday of every month on the courthouse steps). The lender then makes a claim to the VA, exercising their guarantee. The VA settles with the lender and takes ownership of the property. Once VA has ownership of the property, they turn it over to the VA Property Management Contractor (currently Bank of America) for disposal. Bank of America assigns the property to one of a network of local real estate offices to prepare the home for market. The process from the trustee's sale (actual foreclosure) to the house being available for sale can range from a few weeks to several months or longer.
If you are interested in VA, or any other Killeen foreclosures (and surrounding areas) you can get a complete FREE list of Harker Heights, Copperas Cove and Killeen foreclosed homes at http://www.overallrealtor.com/102/FREE-Foreclosure-List. You can also sign up for free daily email notices of new and changed foreclosure listings.
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