Articles...
Posted on 7/28/05
FORECLOSURE LIST
A foreclosure list is simply an extensive list of all the properties that
have been foreclosed. When you say a property has been foreclosed it means
that the borrower who has taken a loan and mortgaged property in return has
not made payments within the specified time period. As a result of this
default in payment, the lender which in most cases is a bank, acquires the
title to the property and has full right to do as it wishes with it.
Simply put, when a property is foreclosed, that means that the individual or group owners have not made their mortgage payments. The bank then assumes title of the property to do with as they please. Once a property has been put on the foreclosure list by the bank, it no longer wants to deal with it, which is why it puts it up for auction (in order to recover some or all of their money).
A foreclosure list is mostly produced by the various banks that have foreclosed on a certain loan. Each individual bank comes out with its own foreclosure list of all those properties that have been fore closed. This list is also brought out by companies both private and public and by many services too (mostly exclusive money lending services). You can visit you local library and look under the reference section under Real Estate to find companies that sell these lists.
A foreclosure list can be found through realtors in what is known as the Multiple Listing Service (MLS) this is a directory of homes or houses for sale in a particular geographical area or through foreclosure HUD listing services. Most of the times this list is available free of cost, it can be found easily at online real estate auction sites or foreclosure lists sites. However, the most reliable way to get this list is to go to each bank and get their list.
If you want to buy property for yourself at a reasonable price, then getting access to this list is the first step you need to take.
