Financial institutions such as Fannie Mae, Bank of America, Wells Fargo, RealtyTrac and Chase all have search functions that allow users to find foreclosure, also known as real estate owned, properties. Banks typically own these properties after previous owners default on mortgage loans.Know More
Fannie Mae has a special feature for homebuyers to have priority when purchasing a foreclosure. The FirstLook Program allows buyers to examine a home listing within the first 20 days of the property's sale. Eligible buyers include owner-occupants, public entities and some non-profit agencies. The basic search for Fannie Mae includes address, ZIP code, city, MLS number, price, bedrooms and bathrooms.
Homebuyers for real estate-owned property go through a different process than normal mortgage applicants, according to Bank of America. Everyone must prequalify and work with a real estate agent to get a Bank of American REO loan. This process occurs for investment buyers after Fannie Mae's initial time period elapses.
RealtyTrac claims to have foreclosure listings for 2,200 counties in the United States. This website narrows searches by state, then by county and then finally by street address in various cities. Each website that offers a foreclosure search allows buyers to login and create an account. These accounts save searches, compare listings and create email alerts when new houses become available with certain search criteria.Learn more about Real Estate
Catskills real estate consists of residential and commercial properties for sale or rent in the Catskills region of New York State. The Catskills is a mountain resort area located about two hours from New York City and within commuting distance of Albany, NY.Full Answer >
A nonconforming mortgage loan, also called a jumbo loan, refers to a mortgage option for homeowners that offers a loan payment in excess of the federal limit established by Fannie Mae and Freddie Mac. These loans offer homeowners some flexibility in financing with fixed rate and variable rate options, say experts at Wells Fargo Bank. Homeowners sometimes combine these loans with other types of mortgage payments, such as buydowns, to facilitate the mortgage payment.Full Answer >
A non-warrantable condo with Fannie Mae, the government entity that securitizes mortgages, is one that does not meet the guidelines for financing eligibility. The condominium complex as a whole is not warrantable, meaning that lenders see it as a high-risk property and one less likely to maintain future value. The official title for Fannie Mae is the Federal National Mortgage Association.Full Answer >
HomePath is the brand name that Fannie Mae uses for its property and mortgage services. The company lists properties through HomePath.com and provides mortgage services through HomePath Mortgage.Full Answer >