BARGAIN HUNTER SMART SPENDER.Byline: JULIA SCOTT So you want a fab deal on a foreclosed home, despite warnings that the process is a long shot and entails mounds of paperwork. Start by tracking down listings: Many foreclosed homes are owned by government-sponsored Fannie Mae Fannie Mae: see Federal National Mortgage Association. . Search free listings at http://tinyurl.com/6jntrx. Homes owned by the Department of Housing and Urban Development, www.hud.gov/homes/index.cfm. Call lenders for their list of real estate owned Real Estate Owned Property owned by a lender - usually 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: the minimum bid in most properties. Fee sites like ForeclosureFreeSearch.com and Foreclosure foreclosure Legal proceeding by which a borrower's rights to a mortgaged property may be extinguished if the borrower fails to live up to the obligations agreed to in the loan contract. .com charge $10 per week after a seven-day free trial membership. RealtyTrac.com has a similar deal, but I could search for listings without sharing my information. Dig through public records. Lenders must file a default notice in the County Clerk's Office to foreclose fore·close v. fore·closed, fore·clos·ing, fore·clos·es v.tr. 1. a. To deprive (a mortgagor) of the right to redeem mortgaged property, as when payments have not been made. b. on a property. |
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