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

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The biggest american bank - the Bank of America is found in Charlotte, N.C.. A lot of people have heard about Countrywide Financial - the organization that got a loan of around 4 billions american dollars, and finally became a reason for a mortgage crisis. Exactly the Bank of America invested the money in stock capital of Countrywide Financial. As a result of this financial operation the bank of America became an owner of the greatest consumer bank all over United States. 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.

Just imagine, that this operation let the BofA have its own part in 25% of home loans in the United States. The situation described is only one example out of millions of cases, when financial institution gets substantial advantages after financing problem loans. Such kind of loans are also called subprime loans, of course this situation attracted a lot of attention, all owners of trouble loans were investigated. 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 takes loans on the Wall Street, so it receives amount of money enough to invest it in mortgages, and after all sell these loans on foreclosure market. These transactions are held over and over, which gives a chance the investors and borrowers get their profit. This scheme worked great until we faced the mortgage crisis. After the Countrywide Financial became the part of the Bank Of America, the latter got under its control over 5800 branches situated in 31 different states in US.

Also Bank of America posseses 700 loan offices and 200 banking centres situated all over the United States of America. Taking into account that a number of borrowers loose their houses at the end, this acquisition is very profitable operation for Countrywide Financial executives. The activity which BofA is planning to undertake now will let around 260 thousand borrowers with bed debts save their real estate. it will happen after modifying more then 40 billion US dollars of mortgages. All this is planned to to be held during the following two years. A rising amount of clients with problem loans results into increase of Countrywide REO homes amount.

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How to Find Bank Foreclosures

It is not complicated task to find a REO 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 property. 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 haven’t appeared on the market yet. It is common situation that foreclosure agents wait for a long time until bank approves the level of price. So asking for not listed foreclosure property will bring you several steps forward. The task becomes even easier if you have hired an agent, so he will find for you all the information needed.

Nowadays lisings of foreclosed homes 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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