BofA Foreclosures - Bank of America Foreclosure homes - BofA REO homes

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If we compare the assets of banks, then we can say, that the greatest bank is Bank of America. A lot of people have heard about Countrywide Financial - the financial institution that got a loan of around four billions US dollars, 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 avoided the total financial collapse, on the other hand Bank of America improved its positions on market.

Take into account, that this acquisition let the BofA have its own part in 25% of home loans in the United States. This case is simply one example out of thousands of cases, when bank wins huge advantages after creating trouble loans. These loans are also called subprime loans, of course this situation attracted a lot of attention, all owners of trouble loans were experiencing a number of investigations. Normally as a source of money for mortgages banks use the money saved on deposit accounts by clients. But Countrywide Financial has another scheme for its operations, it borrows money on the Wall Street, so it receives amount of money enough to invest it in mortgages, and finally sell these loans on mortgage market. These transactions are repeated again and again, which enables the lenders and borrowers get their additional money. This scheme worked without problems until we faced the mortgage crisis. Countrywide Financial got under the control of Bank of America, more over the BofA got under its control over 5800 branches located in 31 different states in US.

Also Bank of America owns 700 loan offices and 200 banking centres located all over the United States of America. Taking into account that a number of borrowers loose their homes at the end, this input of money is highly successful transaction for Countrywide Financial executives. In the nearest plans of BofA is to take a decision which will allow around 260 thousand borrowers with problem loans save their homes. it will happen due to modifying more then 40 billion US dollars of mortgages. All this is supposed to to be held during the following two years. A rising amount of problem borrowers leads to increase of Countrywide REO homes amount.

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How to Find REO

It is not complicated task to find a foreclosure home. 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 properties then falling markets, which are characterized with depression. There is one nice way to find a foreclosure home. 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 long time until bank adjust property price. So asking for not listed foreclosure home will will save you a lot of time. The task becomes even easier if you have hired an agent, so he will find for you all the information needed.

Nowadays free foreclosure 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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