Hi,How does one purchase a delinquent Hud or Fannie Mae or Freddie Mac mortgage?

The property is a duplex and a Fannie Mae owned property.  

But when I go to Alexandria, VA I notice many investors drive average cars.

You would do well to request a copy of probate "Letters" to review for powers.If full powers, a (15) calendar day notice of sale is sufficient, unless an objection by claimants, creditors or heirs.If limited or special powers, court confirmation is required and may be subject to overbid.

Freddie/Fannie issues come up as well, primarily when PMI is involved, so you need to stay up to date on PMI guidelines if doing short term flips, many of them have NO WAY in 90 days rule, and 90-180 days a 2 Appraisal rule, and it doesnt stop at the PMI company, some Lenders have their own internal set of guidelines on this, so one bank may be able to do it and another cant using the same secondary financing, the funny part is most loan officers have no clue what you are talking about when you try to cove this on the front end.

They have a spreadsheet posted on the fannie site that shows you how to calculate the income and include it in your qualifying income.

I am generally a big advocate of "driving for dollars"  - for those who don't know - it simply mean driving around looking for distressed houses that owners may be willing to sell - typical giveaways are boarded up houses, unkempt yards, citation notices on doors and the like.  

If they miss another I direct them back to their lease verbiage, if they become habitual I become more stern (never had to get to this point I screen very well and make the lease very clear at time of move in) if I have to post the three day notice I add fees from day one at the same time communicating to find out what has occurred or changed financially to bring this on.

Just simply tape or post notices or post cards to the door and maybe someone will notice and contact the original owner of record.

While the same lending alternatives are available since the economic recovery gained traction in 2012 – Fannie Mae, Freddie Mac, conduit lenders, banks and thrifts, and life insurance companies – each lender offers distinct advantages/disadvantages as it relates to loan structures, interest rates, closing costs, servicing, and their responses to the whims of the market.