One recent complaint of many homebuyers is that foreclosure listings are extremely hard to find. Since all reports point to the fact that foreclosures continue to abound, the missing bank foreclosure notices are definitely a mystery for many.
A look at the legal notices section of local newspapers is no longer offering the listings that prospective buyers are used to. So, where have these listings gone and is it still possible to find helpful bank foreclosure listings today?
First, let’s answer the question of where these listings have gone. It’s true that buyers will find very few foreclosure listings within newspapers today, which used to be a popular sport for prospective homebuyers to begin their search. It’s also important to note that foreclosures are still occurring on a regular basis, so notices haven’t dried up because there are no foreclosures on the market anymore. The problem is that actual listings of these properties seem to be missing in action.
The main cause of missing bank foreclosure notices happens to be the fault of a system called the Mortgage Electronic Registration System. This system was started by several banks along with Fannie Mae and Freddie Mac. The purpose behind the MERS was to help make it easier to track mortgage paperwork and keep track of the owner of mortgages whenever they were sold.
The result of this system taking over was the foreclosures no longer ended up being filed with the county clerk’s office locally. Instead, foreclosure paperwork had to be filed with MERS. This led to MERS started to begin foreclosure proceedings when mortgages were not paid.
A recent court case took this procedure to task, ruling in favor of a homeowner that contested that MERS had no right to initiate foreclosures, since the homeowner had no contract that was with MERS. Now, loans that have gone through MERS have to go through the courts for foreclosure proceedings. Although this is not required for loans that did not go through MERS, with the huge amount of loans that went through this system, many of these foreclosure proceedings are going through the courts now instead of being dealt with in a non-judicial way.
Those bank foreclosure properties going through the courts don’t have to be listed in newspapers, which is why many homebuyers are noticing that there are few foreclosure listings found in local newspapers these days.
While homebuyers may find a few listings now and then, many are wondering if it’s even possible to find more foreclosure listings to help them obtain a home at a low price. Although the newspapers may not be any help anymore, it still is possible to find a good bank foreclosure. Buyers having difficulty finding listings will find excellent foreclosure listings at RealtyStore.com at a time when listings are no longer being displayed in other forums.
Instead of finding one or two local listings in local papers, homebuyers can search through a full database of listings for bank foreclosure properties at RealtyStore.com. An easy to use search engine allows buyers to filter results by state, county and city. The advanced search engine allows buyers to search in even more detail, choosing search criteria like the number of bathrooms or bedrooms needed or even the square footage of a home.
Homebuyers interested in bank foreclosure properties will still find many excellent opportunities available across the country. Foreclosures have not slowed down; it’s just more difficult to find them. However, RealtyStore.com offers a helpful tool for buyers, allowing them to find the foreclosure listings they are interested in while narrowing down the search to ensure they get the most helpful listings for their specific needs.