Mounted in a corner the effective path length is increased and absorption goes up due to te rear absorption (vs. flat on a wall). Fiberboard panels are cheap and easy to use; I am not sure anybody has said foam traps are ineffective (caveat: I have stated before that Auralex LENRD's do not impress me -- see their specs, not much LF absorption). Good corner traps work well, but most of the sites sell panels and so that's what we get. Whatever you get, there has to be enough material to reach (or at least closely approach) the 1/4-wavelength of the sound you want to absorb to do much good. That is,
fc ~ v/4t where fc is the low-frequency cut-off, v is the velocity of sound (1127 ft/s), and t is the effective thickness of the absorber (in ft if v is in ft/s)
The effective thickness is equal to the actual thickness for sound coming straight at a panel mounted flat on a wall; for most real situations the sound is oblique and the panel is a bit off the wall so the effective path length (t) is longer and fc is lower. Ethan's site has a lot of helpful info worth reading:
www.realtraps.com There is also a room mode calculator on his site.
If you are sitting in a room modal null ("suckout") absorbers will not help much because it is due to signals cancelling at that point. In fact, short of absolutely killing any reflections at that frequency (very challenging in the bass region), about all you can do is move the listening spot to get out of the null. EQ can generally reduce a peak, but a null is tougher to deal with and EQ alone generally won't do it.
You can make your own corner traps out of the fiberboard; one way is to e.g. place a 2' x 4' x 4" (or 6") panel in the corner with another half-width panel behind. The back panel can also be thicker, e.g. 6", since there is room behind the corner panel. Another way is to cut the fiberboard into triangles (maybe 24" - 36" on a side depending upon what you have room for) and stack the triangles (lying flat) in the corner from floor to ceiling; that would likely beat most any typical corner trap.
HTH - Don