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Finding Foreclosures May be Easier Than You Think

Mar 25, 2008
It's estimated that approximately 70% of people in the United States own their homes. Whether you're looking for your first home or needing to relocate, foreclosed properties can be a lot less expensive than buying through conventional methods. The most common way of buying foreclosures is through auctions which usually will start at the amount at which the loan was in default.

Locating foreclosed properties may not be as hard as you think. Most states actually require foreclosure notices to be listed in local newspapers so check the legal sections often. Sometimes notices will also be posted in public areas or even on the property itself.

You can also go to your county clerk's office and search through public records. The big advantages of doing the searching yourself is that you may find listings that haven't yet been printed in the newspaper, and of course, it's also totally free to search.

There are now many places online that offer foreclosure listings. These may require a membership fee, but you can usually get a free trial to see what type of properties they have to offer. You can find both national and regional services which can be invaluable if you're looking to buy in other states or areas.

Paid services will provide more current listings and usually have all the information that you will need about the property. You can often find exact addresses, prices, photos and other important information on these web sites.

Foreclosure Loans

The internet can also offer a wide variety of sources for loans such as Countrywide Home Loans. Even if you have bad credit in the past, they may still be able to get you the money you need. They also have other options such as insurance, appraisals and closing services.

At Countrywide, you have the choice of different types of loans. Aside from getting the money needed to buy a home, you can receive home equity loans and even refinance your home to consolidate debts or remodel.

The Federal National Mortgage Association, known as Fannie Mae can also be very useful in helping you attain ownership of a home. However, a loan can't be acquired directly from Fannie Mae. They supply banks and mortgage companies money to make loans. They also have properties listed on their web site that you can search by zip codes or states.

Finding foreclosed homes or business' may take a little extra effort and time. But, with the amount of money that can be saved you'll find it well worth the time invested.
About the Author
Visit Just Finance for resources on lenders like Countrywide, Fanny Mae foreclosures , Bank of America foreclosures , listings etc.
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