Skip directly to: content | search

Find Property

There are many resources available to help community development organizations locate foreclosed properties for sale.

Mortgage Bankers Association's Property Preservation Website

NHS New Haven RehabThis site provides contact information for property preservation department staff for many servicers across the country. Contacts are listed alphabetically by servicer and include company name, key contacts and titles, as well as contacts' mailing address, email address, and phone number.The site contains most of the major servicers in the country, covering the vast majority of REO inventory.

The MBA website also provides a link to a servicer locator web page called MERS® Servicer ID that is hosted by the Mortgage Electronic Registration System (MERS). This web page allows the user to input the property address or borrower name and identify the servicer for a particular loan, provided that the mortgage company registered the loan on the MERS system. The website notes that, because mortgage companies are not required to use the MERS system, not all mortgages will be identifiable through this page. This system can help nonprofit organizations locate the party responsible for maintaining or selling an REO property.

MERS was created by the mortgage banking industry to streamline the mortgage process by using electronic commerce to eliminate paper. Their mission is to register every mortgage loan in the United States on the MERS® System.

Search functions available include Mortgage Identification Number (MIN), property address/borrower details, or FHA/VA/MI certificate.

Fannie Mae

HomesIn order to minimize the neighborhood impact of foreclosed properties,Fannie Mae is supporting an initiative with Self-Help Credit Union. Self-Help will work with local nonprofits to purchase foreclosed homes in hard-hit neighborhoods. The nonprofits will acquire and rehab the properties, and then sell them to qualified borrowers or enter into customized lease-purchase agreements. The initiative will be geared toward borrowers who have the income to qualify for the home purchase, but need additional time to improve credit-worthiness. Participants choosing the rent-to-own option would be granted up to five years to qualify for the mortgage and receive extensive credit counseling during this period.

New Vista Asset Management

New Vista Asset Management and Fannie Mae are teaming up to market foreclosures as affordable housing for minority and low- to moderate-income families. The initiative is part of New Vista's proactive strategy to prevent further erosion of homeownership rates in minority neighborhoods that have been devastated by recent foreclosure trends.

Freddie Mac's HomeSteps®

Freddie Mac's HomeSteps® is also adding the New Vista Asset Management network of multicultural real estate brokers to its existing national network of real estate professionals to market HomeSteps' inventory of REO homes. HomeSteps is the REO sales unit of Freddie Mac.

HSBC

YourHomeCountsTM is a pilot program originated in 2007. HSBC partnered with community-based affordable housing developers in three markets. HSBC conveyed properties from its REO inventory to the community groups for rehabilitation and sale to low- to moderate-income homebuyers. Criteria for community partners include:

  • Track record in substantial rehabilitation
  • Pool of mortgage-ready potential buyers
  • Experience in marketing rehabilitated properties to owner-occupants
  • Experience in providing financial education and homebuyer counseling
  • 501(c)3 status
  • Availability of grant/subsidy dollars to lower final cost to homebuyer
  • Located within HSBC’s geographic locations

U.S. Department of Housing and Urban Development (HUD)

FHA offers community and faith-based nonprofit organizations the opportunity to purchase HudHomes, at discounts up to 30 percent, under the Direct Sales Program. With this discount, local nonprofit organizations invest in their communities through property rehabilitation and then resell to first-time homebuyers and low- to moderate-income families. FHA also offers nonprofit agencies favorable FHA-insured mortgage financing terms and opportunities for down payment assistance programs.

A Q&A on HUD’s website gives more details on the program.

Search FHA property listings.

HUD has also designated Asset Control Areas – neighborhoods that contain a high concentration of FHA foreclosed homes or that have low homeownership rates.

Program Overview:

  • A contract between HUD and a city government often working in conjunction with a nonprofit housing developer
  • ACA participants agree to buy all REO properties acquired within a designated revitalization area
  • Properties are discounted on a sliding scale from 50 percent of appraised value down to $100
  • ACA participants must rehabilitate the properties and resell them to income-eligible homebuyers within a set period

Washington Mutual

Washington Mutual’s new REO website lists all of Washington Mutual Bank’s residential REO properties that are listed for sale. The REO website contains photographs of the properties, maps, real estate agent contact information, and more. Properties can be searched by using one of the following criteria:

  • Location
  • Price
  • Property type
  • Number of bedrooms and/or bathrooms
  • Potential buyers can even sign up for alerts to be notified on specific properties

In addition, nonprofit organizations that have the capacity and funding to develop the property into affordable housing are encouraged to contact their local Community Affairs Relationship Manager to discuss any potential property discounts.

Wells Fargo

HomesThe Wells Fargo Community Development Corporation offers a REO Acquisition/Rehabilitation Equity Equivalent Investment (EQ2) to invest in nonprofit organizations and government agencies that can turn the unfortunate situation of a foreclosure into an affordable homeownership opportunity for a low- or moderate-income family. Wells Fargo will provide low-cost, flexible loan capital to experienced nonprofits and government agencies for purchase of bank-owned single-family homes for rehabilitation and resale to qualified low- and moderate-income borrowers via affordable mortgage products.

Funding of up to $1 million is available per applicant. Funding will be structured as unsecured, subordinated debt with an interest rate of 2% and a maturity of 5 years. Acceptable uses of the funds would include: due diligence on the property, acquisition costs, infrastructure and rehabilitation expenses, and marketing. Partnerships between agencies are eligible for this product.

Eligible REO EQ2 applications must demonstrate the following qualifications:

  • A strong track record of acquisition and rehabilitation of single-family homes.
  • A business plan that demonstrates how the agency can successfully acquire, rehabilitate and sell homes to low- or moderate-income borrowers in the current real estate market.
  • Experience with down payment assistance programs.
  • Experience with pre- and/or post-purchase homebuyer education.
  • A solid financial position and an unqualified audit for a minimum of three consecutive fiscal years.

For more information on how to apply for an REO EQ2, please contact your local Wells Fargo Community Development Officer. Search for Wells Fargo REO property.

Foreclosed Property Listings by Servicer

American Home Mortgage
Properties are in all 50 states and the District of Columbia.

BB&T
Properties are in AL, AZ, CO, DC, FL, GA, IA, IL, IN, KY, MA, MD, MI, MS, NC, NE, NY, OH, PA, RI, SC, TN, TX, VA, WV.

Bank of America
Properties are in all 50 states and the District of Columbia. Commercial properties are included. Users may sign up to receive e-mail updates when new bank-owned properties become available.

CitiMortgage
Properties are in all 50 states and the District of Columbia.

Coldwell Banker
Properties are in all 50 states and the District of Columbia.

Compass Bank
Properties are in AL, AZ, CO, FL, NM, TX. Commercial properties are included.

Countrywide
Properties are in all 50 states and the District of Columbia.

EMC Mortgage
Properties are in all 50 states and the District of Columbia.
Properties for Sale

Properties Pending Foreclosure

FDIC
Properties are in AL, AZ, CO, FL, NM, TX. Commercial properties are included.

Fannie Mae
Properties are in all 50 states, the District of Columbia, Puerto Rico and the Virgin Islands.

Freddie Mac
Properties are in all 50 states, the District of Columbia, Puerto Rico and the Virgin Islands.

First Niagara Bank
Properties are in New York only.

GRP Financial Services Properties
Properties are in most states and the District of Columbia, with the exception of MT, ND, SD and WY.

HSBC
Properties are in AR, CA, CO, IL, MA, MI, MO, NC, NV, NY, OH, OK, TN, TX, VA, WA and WI.

IndyMac
Properties are in all 50 states, the District of Columbia, Puerto Rico and the Virgin Islands.

JP Morgan Chase Bank
Properties are in all 50 states and the District of Columbia.

M&T Bank
Properties are in AL, AZ, CA, FL, GA, IL, IN, LA, MA, MD, ME, MI, MN, MS, NC, NH, NV, NY, OH, PA, RI, SC, TN, TX, VA, WA and WV.

National City Mortgage
Properties are in all 50 states and the District of Columbia.

Ocwen Financial
Properties are in all 50 states and the District of Columbia. Commercial properties are included.

People’s Bank
People's United Bank operates in CT, ME, MA, NH and VT and in Westchester County, NY. Current REO property listings – residential and commercial – are located in CT only.

Regions Bank Properties
Properties are in AL, AR, AZ, CA, CO, CT, FL, GA, IL, IN, KS, LA, MA, MD, MI, MN, MO, MS, NV, NY, OH, OK, RI, SC, TN, TX, UT, VA, WI and WV. Residential, commercial and vacant lots are included as available.

SunTrust Mortgage
Properties are in all 50 states, the District of Columbia and Puerto Rico.

Wilshire Credit Corp.
Properties are in all 50 states and the District of Columbia.