If you are searching for discounted houses then the best way to do it is to look for free foreclosure list. When a house owner fails to pay the mortgage then the lenders sell those houses on auction or at cheap rates just to cover the debts. Those houses are called foreclosure houses and they are available at very low cost.

As years passes by the number of foreclosure houses are growing through the roof. Many citizens in the United States have lost their house because of foreclosure and the sad part is that, the numbers are increasing every year.

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If you are one of the potential buyers then you should look for free foreclosure list so as to get them at discounted price. There are 4 kinds of listing that you will get on foreclosure houses and they are mentioned below:

• The pre-foreclosure: When a house owner is not capable of paying the mortgage debts then they are notified by the lender. In this stage the lender can’t take any action other than wait for the next stage. In case of pre-foreclosure the property owner itself tries to sell the house on low cost so as to pay off the debts. This is one type of free foreclosure list, which you will find on searching for foreclosure house.
• Foreclosure after filing the date: The next listings are listed following the filing date. Even after the notice from lender, if the house owner fails to pay the mortgage loan then a date is filed to start the selling of the house. In this kind of situation, the home owner can delay the date of the auction by presenting bankruptcy report or by the help of an attorney. It may also happen that the owner of that house repays all the debt and wins over that house again.
• The sale date foreclosure: This is the third kind of listing that you can find. In this stage the bank or the lenders have tried all the other possibilities and left with no choice other than the foreclosure. Here, the foreclosure list is the middle ground between, after filing the date and before the actual foreclosure date.
• Last but not the least, The REO or bank owned property: The fourth and the last free foreclosure lists are the one, which have been possessed by the bank and is up for auction. When a house is foreclosed they become the property of the bank. Now, the bank may sell that house or may auction it to get their money back. Not only a house, but you can also get some real estate in those foreclosure lists.

Thus, when you glance through all the free foreclosure lists then you will find the above mentioned four types for which you can apply for. You will have a diverse option to look for from the foreclosure list due to the increase number of foreclosed homes and real estate. If you are looking to buy a new house then begin from the foreclosure house.