If you want to buy a Countrywide REO, you will be buying a foreclosed home from Bank of America. You can find these listings online.
When the housing crisis struck and mortgage companies closed their doors, many homeowners received notifications that their mortgages had been sold to other lenders. Countrywide Financial home loans were purchased by Bank of America through a merger. So Countrywide real estate-owned (REO) homes are now Bank of America REO listings.
The housing crisis didn't just cost homeowners their homes; large corporations were also felled. Between subprime lending and homeowners who did not completely understand the terms of their mortgage agreements and defaulted, the mortgage industry took a hit. Several of the industry giants were forced to make a settlement with the federal government. Others just crumbled beneath the weight of loans that were failing.
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Countrywide Financial was once a powerhouse in the mortgage lending industry. In 2006, Countrywide Financial financed 20 percent of all home mortgages in the United States, more than any other lender. However, Countrywide was hit hard when the financial crisis struck, and in 2008, Bank of America purchased Countrywide for $4.1 billion in stock. Along with the current mortgage catalog, this means that Bank of America also took possession of all of Countrywide's REO properties.
If you are interested in a home that you know used to be financed through Countrywide Financial, you find them in the Bank of America REO listings. Bank of America lists its bank REO properties on its website. As you search the site for listings, you can customize your search based on location, price and desired amenities. You can also get local foreclosure listings from Reply!
If you want to compare Countrywide REO property with REO home listings from other major banks and government entities, go to this article for website links to both.