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The impact of the housing market and the tighter lending standards has put the homeowners into a dilemma. Lending crisis continues to shake out, it has affected homeowners particularly those who have used creative mortgages. Long-time homeowners who refinanced their properties based on increased value too could find themselves in tax trouble with foreclosures.

The increasing foreclosure rate in the country resulted from the collapse of the subprime loan market. These Subprime loans were sold forcefully to gullible borrowers. Today the real value has suffered and equity has taken a record beating. According to the recent data it exhibited that neighborhoods with home prices less than $250,000 are taking the worse beating, on the other hand, higher-prized communities remain relatively unscathed.

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There are tons and tons of articles you can read about the do’s and don’ts of buying foreclosure property. You can even subscribe to programs (for a price) that will keep you updated on what properties are available (or soon to be) and what stage they are in at any given moment. While most of these programs will give you an idea of what’s available, by doing a little homework on your own, you can find properties that are in various stages of the foreclosure process. Here is a list of some of the ways you can find and even bid on foreclosure property:

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