Below you will find a list of banks and lenders with links to their REOs for sale. The list is by no means exclusive but I have tried to rank the largest and most comprehensive ones. 

• Countrywide Home Loans (now part of bank of America) - offers over 50,000 REO properties
• Wells Fargo
• Washington Mutual (now part of Chase)
• Citi Mortgage (CitiBank/CitiGroup)
• Bank of America (BofA)
• GMAC
• IndyMac
• Wachovia - Wachovia does not currently market foreclosures or REO for residential properties
• Chase(JP Morgan Chase)
• Fannie Mae REO
• Freddie Mac REO (HomeSteps)
• FDIC Real Estate for Sale (Federal Deposit Insurance Corporation) REO
• Sallie Mae REO (GRP Financial Services Corporation)
• Downey Savings
• HSBC
• Homeq Servicing
• Ocwen Financial
• American Tax Funding (ATF) - (CT, FL, IN, KY, NJ, NY, OH, SC only)
• National Bank of Arizona
• Beal Bank
• BB&T
• Unity Bank

• RealtyTrac
• Foreclosure.com
• Propertyshark.com (Selected Areas only)
• CurrentForeclosures.com
• HUDForeclosed.com
• ForeclosureListings.com
• ForeclosureWarehouse.com
• 4close.com
• ForeclosureFreeSearch.com
• ForeclosureDeals.com
• ForeclosureNet.net
• FastClosure.com
• ForeclosureDataBank.com
• Foreclosure4sale.com
  

 Foreclosure Auction companies -By bringing willing buyers and sellers together in a public "live auction" forum, each side of the transaction benefits from the much shorter marketing timeframe and economies of scale that a large Lender Foreclosure Auction makes possible. 

• REDC - (USHomeAuction.com) Real Estate Disposition Company has been one of the nations most prominent and successful auction marketing companies since 1990. Having sold in excess of ONE BILLION DOLLARS of real estate assets, our goal is to bring the most desirable lender foreclosed properties to market in the most efficient, easy and consumer friendly manner possible!
  
• RealtyBid.com - RealtyBid.com is a national leader in online real estate auction sales, having sold thousands of properties for some of the nation's largest real estate brokerage firms, financial institutions and corporations. With access to databases of more than 2.5 million real estate buyers, RealtyBid.com has quickly become a major advocate for the use of Internet technology as a means for bringing real estate buyers and sellers together.
  
• Kennedy Wilson - Kennedy Wilson's Auction and Sales Group conducts live auctions, on-line auctions and sealed bid sales for all types of real estate, including new home developments, scattered residential properties, estate properties, court-ordered sales, bank owned REO and land. KW's Auction Group organizes and executes accelerated marketing programs through specific promotional strategies for new home developments, such as the grand-opening and builder close-out. Our primary marketing considerations are to attract qualified buyers, accelerate the sales period and maximize sales prices while maintaining a high quality image. KW's in-house marketing department provides total project supervision, including market analysis, advertising, media relations, event planning, signage, sales and sales management, database administration and escrow closing services.
• J.P. King - J. P. King is an auction marketing firm, that stands for the very finest in properties as well as marketing prowess.  J. P. King has successfully thrived to become a premier auction marketing firm. They have sold luxury properties in 49 different states and abroad.
  

• National Home Auction (NHA) Corporation - NHA is a recognized leader in  accumulating premier properties from lenders and developers who are motivated  to sell these properties quickly...at prices that you determine through a  competitive bidding process.  NHA has  partnered with some of the biggest names in real estate to ensure that everything you need to close your transaction  including financing, title, escrow and homeowners insurance is available at our  auctions.  Plus, NHA includes a FREE home  warranty with every auction property sold!  Whether you’re a first time home buyer or  seasoned real estate investor, take advantage of this great opportunity to buy  real estate at a NHA auction near you.

The Multiple Listing Service, also known as the MLS, is a computerized service that provides real estate agents with a detailed and comprehensive list of all the properties that are currently on the market and available for purchase. Different counties or even cities use different Multiple Listing Services.  MLS are often a great place to find and compare homes.  They are also a great place to find REOs.  However, in the MLS, REOs will not be called REOs. They will be listed as "foreclosures" and "bank-owned" properties.

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Foreclosure Blogs

January 22, 2008
Does the Fed rate cut impact foreclosures?

Interest rates are going down, that should surely affect mortgage rates and therefore foreclosures, right? Not so fast.
The Federal Reserve interest rate cut by ¾ of a percentage point today means that short term interest are lowered. The effect on long term interest rates is not quite clear yet. Fixed mortgage rates are tied to the long-term bond yield that move up or down based on the long term economic outlook and inflation. I think we all know that long term, our economy does not look that optimistic.

Of course, this rate cut will have an effect on credit card rates and other rates on consumer spending. It will also affect adjustable home equity lines of credit. So the interest rate on that balance you are carrying on your HELOC (from when you paid off some high interest credit cards or bought that car that you really could not afford) will go down.

Today’s rate cut will also affect short-term adjustable rate mortgages, but probably not as much as you might think. This is because this rate cut was already partially priced into the market, maybe not three quarter's point, but definitely a half-point. So if you are facing a reset on your ARM, you are better off than you were six months ago and you will most likely be in better shape in 6 months from now as the Fed is expected to continue slashing interest rates, at least until this year’s presidential election.

Now to foreclosures; does this rate cut affect or stop the foreclosure crisis? It most likely will not as the majority of people who face foreclosure and cannot make their monthly payments do not have equity in their homes and no money to put down on a refinance. With the no-income-no-assets and stated income loans made to people with shaky credit, some even with no money down, everyone was banking on home prices continuing to go up so they could refinance into another ”exotic” loan. With falling home prices, these folks can simply not refinance – which would be for most, the only way out. A few bucks of their current monthly payment is not going to make a difference. 
 

January 2, 2008
Which lender has the most properties for sale?

 Real Estate Owned (REO) Real estate owned or REO is a class of property owned by a lender, typically a bank, after an unsuccessful sale at a foreclosure auction. This is common because most of the properties up for sale at these auctions are worth less than the total amount owed to the bank (negative equity): the minimum bid in most foreclosure auctions equals the outstanding loan amount, the accrued interest and any fees associated with the foreclosure sale. After an unsuccessful auction, the bank will go through the process of trying to sell the property on its own. It will remove some of the liens and other expenses on the home and try to resell it to the public, either through future auctions or direct marketing through a realtor. Generally speaking, bank REO properties are in poor shape in terms of repairs and maintenance; however, real estate investors will often go after these properties as banks are not in the business of owning homes and so, in some cases, the low price can more than compensate for the condition of the property.

mortgage refinancing refinance home mortgage refinancing mortgage rate mortgage refinancing refinance home mortgage refinancing mortgage rate foreclosures REO pre-foreclosures bank owned properties heloc preforeclosures interest

• Types of foreclosure
• Acceleration
• Foreclosure by judicial sale
• Process
• Foreclosure auction
• Further borrower's obligations
• Foreclosure investment

  Types of foreclosure

  The mortgage holder can usually initiate foreclosure anytime after a default on the mortgage. Within the United States, several types of foreclosure exist. Two are widely used, with the rest being possibilities in a few states.

  The most important type of foreclosure is foreclosure by judicial sale. This is available in every state and is the required method in many. It involves the sale of the mortgaged property done under the supervision of a court, with the proceeds going first to satisfy the mortgage, and then to satisfy other lien holders, and finally to the mortgagor. Because it is a legal action, all the proper parties must be notified of the foreclosure, and there will be both pleadings and some sort of judicial decision, usually after a short trial.

  The second type of foreclosure, foreclosure by power of sale, involves the sale of the property by the mortgage holder not through the supervision of a court. Where it is available, foreclosure by power of sale is generally a more expedient way of foreclosing on a property than foreclosure by judicial sale. The majority of states allow this method of foreclosure. Again, proceeds from the sale go first to the mortgage holder, then to other lien holders, and finally to the mortgagor.

  Other types of foreclosure are only available in limited places and are therefore considered minor methods of foreclosure. Strict foreclosure is one example. Under strict foreclosure, when a mortgagor defaults, a court orders the mortgagor to pay the mortgage within a certain period of time. If the mortgagor fails, the mortgage holder automatically gains title, with no obligation to sell the property. Strict foreclosure was the original method of foreclosure, but today it is only available in a few states, such as Connecticut, New Hampshire and Vermont.

  Acceleration

  The concept of acceleration is used to determine the amount owed under foreclosure. Acceleration allows the mortgage holder the right when the mortgagor defaults on the mortgage to declare the entire debt due and payable. In other words, if a mortgage is taken out on property for $10,000 with monthly payments required, and the mortgagor fails to make the monthly payments, the mortgage holder can demand the mortgagor make good on the entire $10,000 of the mortgage.

  Virtually all mortgages today have acceleration clauses. However, they are not imposed by statute, so if a mortgage does not have an acceleration clause, the mortgage holder has no choice but to either wait to foreclose until all of the payments come due or convince a court to divide up parts of the property and sell them in order to pay the installment that is due. Alternatively, the court may order the property sold subject to the mortgage, with the proceeds from the sale going to the payments owed the mortgage holder.

  Foreclosure by judicial sale

  Foreclosure by judicial sale requires the mortgage holder to proceed carefully in order to ensure that all affected parties are included in the court case, so the purchaser of the foreclosed property receives valid title to the property.

  Process

  The process of foreclosure is lengthy and the timeframes for when the lending institution begins the process vary from state to state. Other factors, such as the increasing availability of personal loans for owners facing foreclosure, present homeowners with foreclosure avoidance options. Websites which connect individual borrowers and homeowners to individual lenders are increasingly used as mechanisms to bypass banks while meeting payment obligations for mortgage providers. The increase in the number of foreclosures in the United States has led to more loan listings which are designed to forestall or prevent foreclosure.

  In the United States, there are two types of foreclosure in most common law states. Using a "deed in lieu of foreclosure," or "strict foreclosure", the bank claims the title and possession of the property back in full satisfaction of a debt, usually on contract. In the proceeding simply known as foreclosure (or, perhaps, distinguished as "judicial foreclosure"), the property is exposed to auction by the county sheriff or some other officer of the court. Many states require this latter sort of proceeding in some or all cases of foreclosure, in order to protect any equity the debtor may have in the property, in case the value of the debt being foreclosed on is substantially less than the market value of the immovable property (this also discourages strategic foreclosure). In this foreclosure, the sheriff then issues a deed to the winning bidder at auction. Banks and other institutional lenders typically bid in the amount of the owed debt at the sale, and if no other buyers step forward the lender receives title to the immovable property in return.

  Other states have adopted non-judicial foreclosure procedures, in which the mortgagee, or more commonly the mortgagee's attorney or designated agent, gives the debtor a notice of default and the mortgagee's intent to sell the immovable property in a form prescribed by state statute. This type of foreclosure is commonly referred to as "statutory" or "non-judicial" foreclosure, as opposed to "judicial". With this "power-of-sale" type of foreclosure, if the debtor fails to cure the default, or use other lawful means (such as filing for bankruptcy which provides a temporary automatic stay to the foreclosure proceeding) to stop the sale, the mortgagee or its representative will conduct a public auction in a similar manner as the sheriff's auction described above. The highest bidder at the auction becomes the owner of the immovable property free and clear of any interest of the former owner but the property may be encumbered by any liens superior to the mortgage being foreclosed (e.g. a senior mortgage, unpaid property taxes etc). Further legal action, such as an eviction may be necessary to obtain possession of the premises.

  "Strict foreclosure" is an equitable right available in some states. The strict foreclosure period arises after the foreclosure sale has taken place and is available to the foreclosure sale purchaser. The foreclosure sale purchaser must petition a court for a decree that will cut off any junior lienholder's rights to redeem the senior debt. If the junior lienholder fails to do so within the judicially established time frame, his lien is cancelled and the purchaser's title is cleared. This effect is the same as the strict foreclosure that occurred at common law in England's courts of equity as a response to the development of the equity of redemption.

  In most jurisdictions, it is customary for the foreclosing lender to obtain a title search of the immovable property and to notify all other persons who may have liens on the property, whether by judgment, by contract, or by statute or other law, so that they may appear and assert their interest in the foreclosure litigation. In all US jurisdictions a lender who conducts a foreclosure sale of immovable property which is the subject of a federal tax lien must give 25 days' notice of the sale to the Internal Revenue Service: failure to give notice to the IRS will result in the lien remaining attached to the immovable property after the sale. Therefore, it is imperative that the lender obtain a search of the local Federal Tax Liens so that if the persons or companies involved in the foreclosure have a federal tax lien filed against them, the proper notice to the IRS will be given. A detailed explanation by the IRS of the Federal Tax Lien process can be found here.

  Foreclosure auction

  When a bank auctions a repossessed property, they will typically set the starting price as the remaining balance on the mortgage loan. Many times, however, in this market the bank will set the starting price at a lower amount if it believes the real estate securing the loan is worth less than the loan. This is not usually the case in the state of Alabama.

  In the case where the remaining mortgage balance is higher than the actual home value, known as an Upside-down mortgage, the bank is unlikely to attract auction bids at this price level. A house that went through foreclosure auction and failed to attract any bids becomes property of the bank. It is called "REO" (real estate owned). The bank will typically try to sell it at a loss later through standard channels.

  Further borrower's obligations

  The mortgagor is required to pay for mortgage insurance, or PMI, for as long as the principal of his primary mortgage is above 80% of the value of his property. In most situations, insurance requirements are sufficient to guarantee that the lender will get all his money back, either from foreclosure auction proceeds or from PMI.

  Nevertheless, in an illiquid real estate market or following a significant drop in real estate prices, it may happen that the property being foreclosed is sold for less than the remaining balance on the primary mortgage loan, and there's no insurance to cover the loss. In this case, the court overseeing the foreclosure process may enter a deficiency judgment against the mortgagor. Deficiency judgment is a lien that obligates the mortgagor to repay the difference. It gives lender a legal right to collect the remainder of debt out of mortgagor's other assets (if any).

  There are exceptions to this rule, however. If the mortgage is a non-recourse debt (which is often the case with residential mortgages), lender may not go after borrower's assets to recoup his losses. Lender's ability to pursue deficiency judgment may be restricted by state laws. In California and some other states, original mortgages (the ones taken out at the time of purchase) are typically non-recourse loans, however, refinanced loans and home equity lines of credit aren't.

  If the lender chooses not to pursue deficiency judgment—or can't because the mortgage is non-recourse—and writes off the loss, the borrower may have to pay income taxes on the unrepaid amount.

  Any other loans taken out against the property being foreclosed (second mortgages, HELOCs) are "wiped out" by foreclosure (in the sense that they are no longer attached to the property), but borrower is still obligated to pay them off if they are not paid out of foreclosure auction's proceeds.

  Foreclosure investment

  Some individuals and companies are engaged in the business of purchasing properties at foreclosure sales. Distressed assets (such as foreclosed property or equipment) are considered by some to be worthwhile investments because the bank or mortgage company is not motivated to sell the property for more than is pledged against it.

  
  Real Estate Owned (REO)

  Real estate owned or REO is a class of property owned by a lender, typically a bank, after an unsuccessful sale at a foreclosure auction. This is common because most of the properties up for sale at these auctions are worth less than the total amount owed to the bank (negative equity): the minimum bid in most foreclosure auctions equals the outstanding loan amount, the accrued interest and any fees associated with the foreclosure sale.

  After an unsuccessful auction, the bank will go through the process of trying to sell the property on its own. It will remove some of the liens and other expenses on the home and try to resell it to the public, either through future auctions or direct marketing through a realtor. Generally speaking, bank REO properties are in poor shape in terms of repairs and maintenance; however, real estate investors will often go after these properties as banks are not in the business of owning homes and so, in some cases, the low price can more than compensate for the condition of the property.