| Foreclosure Listing Services was started in1963 by | | | | investing in foreclosures. Some online foreclosure |
| legendary Hank and Ginger Canfield. Agents could get | | | | listings also supply school and neighborhood |
| advantage if they monitored foreclosure notices | | | | demographics for each listed property. |
| posted in county before the properties actually | | | | Customer Service |
| foreclosed. Hank and his colleagues thought that they | | | | Online Foreclosure listings also provide help/support to |
| must make a report or list of these properties | | | | their customers by providing email and telephone |
| because it is so inconvenient for the buyers to take | | | | contact as well as site's security and cancellation |
| out time and come to the court house to review | | | | policy. All foreclosures listings need a credit card and |
| hundreds of foreclosure notices. To sort out this | | | | security certificate and http protection during all |
| problem they started publishing lists in Houston in 1967. | | | | functions of the sign up process. |
| And as the time passed it became a very important | | | | Types of Foreclosure Listings |
| and popular type of service. | | | | Foreclosures - These are the properties that have |
| What is Foreclosure? | | | | been taken back by the bank or lender because the |
| Foreclosure is a legal process in which a mortgagee, | | | | owner has failed to pay the correct payments on time. |
| usually the borrower, gets a court order for the | | | | These properties may be referred as REO or repo. |
| termination of the mortgagor right and mortgagor's | | | | Pre Foreclosures - It includes the properties whose |
| loses his equitable right of redemption. It provides | | | | property owner has skipped one or more payments |
| Security against his/her property to the financial | | | | and bank or lender has started the process of |
| institution or the loan provider. If the debtor is not paying | | | | foreclosure. These are commonly known as Notice of |
| loan the lender can foreclose the property. Foreclosure | | | | Default. |
| eliminates the mortgagor's right of saving property and | | | | Government - Such properties include all the properties |
| assigns the estate as the absolute property of lender | | | | where the loan had been granted by the government |
| or lending institute. | | | | and owner has to pay loan payments to government. |
| Information Provided by Online Foreclosure Listings | | | | If the owner fails to pay the loan the government |
| Services: | | | | repossesses the property. These loans are typically |
| * Listing Information | | | | issued by HUD, VA or Fannie Mae. |
| * Additional Tools | | | | FSBO/Resell - Owners of the home directly |
| * Customer Service | | | | incorporates with foreclosure listing services or |
| Listing information is provided by foreclosure service to | | | | traditional real estate to resell their own property. |
| attract and inform potential buyer or investor about | | | | Auctions - Foreclosure listing sites also lists homes that |
| any specific property. It includes all information about | | | | are currently for auction or going to be auctioned soon. |
| the property such as price, beds, baths and square | | | | Tax Liens - When property owner is not able to pay |
| footage. It also tells about property's foreclosures | | | | tax of his property and have tax line against him, such |
| status, tax information and loan information. | | | | properties are also listed by foreclosure sites. |
| Additional Tools | | | | Bankruptcies - Foreclosure listing services also lists the |
| As it is a tricky business to buy a foreclosed property. | | | | properties sold by those property owners who are |
| Listing services also include articles and additional | | | | field as bankrupts. |
| information as additional tools about buying and | | | | |