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http://en.wikipedia.org/wiki/Real_estate_owned
After completing the foreclosure process, the lender takes title, at which point it owns the property. The lender has to maintain and manage the property, so it turns the property over to asset managers in the lender's in-house real estate owned (REO) department. The asset managers may keep the day to-day property management in-house as well, but most lenders hire local property management firms to inspect the property, repair any emergecy items, and essentially operate the property until the lender can sell it.
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Let's say I found a foreclosure property from Foreclosure Alert. How do I find out which lender/ and or bank officially now owns it?