Where to find foreclosures - Part 1

Many people ask us where they should look to find foreclosures. Many people wonder if they have to pay the $30 a month to have access to the "secret" foreclosure information that is available. The answer is "NO!". And part of the answer of where to look for foreclosed homes is to understand who deals with foreclosed homes.

Mortgage lending institutions
Many of you have heard of the popular mortgage lending institutions like Wells-Fargo, Washington Mutual, Countrywide Home Loans, Gateway Funding, and so on. Generally, these companies do not provide traditional banking services, but focus primarily on mortgage lending. Every company that chooses to lend money to purchase a home runs the risk that the lendee may not pay back the mortgage and the company may have to take back the home through a foreclosure process. When that process occurs and the company now owns a home, they must sell that foreclosed property. Some lending institutions choose to manage their own foreclosed properties (known as REO's) and others choose to have an outside company manage them (known as Asset Management Companies).

Banks
Any bank that offers mortgage lending services may have foreclosure properties available for sale. When a bank gives a mortgage to a person interested in buying a home, they run the risk that the person buying the home will not continue to make payments on that home. If that happens, the bank may end up taking the property back through a foreclosure process. After the bank takes the property back, they need to do something with it. Some banks choose to manage their own foreclosed properties (known as REO's) and others choose to have an outside company manage them (known as Asset Management Companies). These banks would include the nationally known banks like Wachovia, Bank of America, National City Bank, Fifth Third Bank, etc. but can also include your local bank or credit union.

Asset Management Companies
Back in the 1980's when the number of foreclosures hit an all time high, many companies were formed to assist banks and other lending institutions manage their ever-increasing load of owned properties. These companies assist the banks and lending institutions in managing their inventory of owned assets. These companies are probably the best source of foreclosures and most offer access to their information freely. We will post a list of asset management companies in the near future.

Return to overgrownlawn.com soon to get access to our complete list of foreclosure sources including links to each site or resource.

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