Bank of America REO - Bank of America Foreclosure properties - BofA REO properties

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If you want to find the most important bank in USA, go to Charlotte, N.C. to Bank of America, which posses the highest assets. Almost everybody knows about Countrywide Financial - the organization that received a loan of more then 4,1 billions USD, and finally created a basics for a mortgage crisis. Exactly the Bank of America provided the loan for Countrywide Financial. Finally in summer 2008 BofA became an official owner of this huge bank and turned into the most powerful mortgage lender in the USA. This transaction was very successful - on one hand Countrywide managed to continue its existance within the other institution, on the other hand Bank of America got more power as a financial institution.

It is important to mention, that this acquisition let the BofA have its own part in 25% of home loans in the United States. The transaction described above is simply one example out of great number of cases, when organisation wins substantial advantages after creating trouble loans. Such kind of loans are also known as subprime loans, of course this situation attracted a lot of attention, all problem lenders were checked. The main source of financial resources for loans is the money saved on deposit accounts by clients. But Countrywide Financial acts in different way, it operates on Wall Street as a borrower, so it receives amount of money enough to invest it in mortgages, and finally sell these loans on secondary market. These transactions are held over and over, which gives a chance the lenders and borrowers get their additional money. This cycle worked without problems until we faced the mortgage crisis. Countrywide Financial got under the control of Bank of America, more over the BofA became the owner of around 5800 branches located in 31 different states in US.

More over Bank of America unites 700 loan offices and 200 banking centres located all over the United States of America. Taking into consideration that a lot of borrowers loose their houses at the end, this investment is very successful operation for Countrywide Financial executives. The next step of BofA will allow more then 260 thousand borrowers with problem loans save their houses. it will happen owing to modifying more then 40 billion US dollars of mortgages. All this is planned to to be realized during the upcoming two years. A great amount of borrowers with bad debts leads to increase of Countrywide foreclosed homes number.

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How to Find Bank Foreclosures

It is not complicated task to find a REO property. One has to keep in mind only one detail, that situation is different on different types of market. To give an example, strong and developing real estate market will offer much less foreclosure homes then falling markets, which are characterized with depression. There is one nice way to find a foreclosure. Imagine, that you are driving your car throughout the district you want to have house in. You will probably see numerous signs, but now we are looking for simple text, such as: Foreclosure, Bank-Owned, Bank Repo.

Don’t pass this sign by, take a cell phone a call on agent, ask him about the foreclosure list which still waiting to be listed in the market. It is common situation that foreclosure agents wait for a some time until bank . So asking for not listed foreclosure house will give you advantage. The task becomes even easier if you have hired an agent, so he will find for you all the information needed.

Nowadays foreclosed homes listings are available even through internet, you can find them on special websites. Below you will find a list of national lenders who offer REO property listings.

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