Finding Bank of America Foreclosures in Indiana thru Network

by Simon Lindsay on Bank of America Foreclosures

Bank of America foreclosures in Indiana can be found in the lists held by members of the BofA real estate broker network. These lists are also included in the websites of major providers of foreclosure listings.

The number of foreclosure homes by BofA, one of the four largest banks in the country, increased substantially after it purchased Countrywide Financial in 2008 for $4.1 billion. Countrywide was one of the financial institutions blamed for the housing mess because it made thousands of risky residential loans. It was even investigated by the FBI for possible mortgage fraud. Less than a year before it was acquired by BofA, Countrywide had been servicing 9 million mortgage loans worth $1.4 trillion, and a big portion of these eventually ended on bank owned property listing inventories.

Currently, there are almost 200 Bank of America foreclosures in Indiana which are listed on one major website, and they include a three-bedroom single-family house in De Kalb priced at $31,900; a two-bedroom single-family in Evansville priced at $32,900; a three-bedroom house in Indianapolis priced at $55,900; and another three-bedroom house in Oxford priced at $60,900.

From January to May this year, the total number of Indiana foreclosures reached 23,778 units, and as nationwide foreclosure postings slowed by three percent in May, filings in Indiana also slowed. May activity was an improvement from April, when Indiana moved up its ranking on charts of foreclosures by state from 18th in March to 17th in April.

As BofA continues to carry out its foreclosure prevention programs in Indiana and other states, it is hoped that defaults and repossessions continue to slow down in the state. In March, the bank announced its commitment to forgive around $3 billion in principal balances on Countrywide loans nationwide.

As shown in a recent Treasury Department report, BofA has completed over 630,000 loan modifications since 2008, significantly cutting down the number of Bank of America foreclosures nationwide.