What Are The Top 10 Foreclosure States

Do you want to know if you live in one of the states with the most foreclosures? Below is the list of the top ten states with the most foreclosures for May 2010:

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#1 California - Over 70,000

#2 Florida - Over 50,000

#3 Michigan - Over 20,000

#4 Arizona - Over 16,000

#5 Illinois - Over 15,000

#6 Georgia - Over 13,000

#7 Nevada - Over 14,000

#8 Texas - Over 11,000

#9 Ohio - Over 10,000

#10 New Jersey - Over 7,000

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Information provided by USAToday.com

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Should I Sell My House Or Not

So, Should You Sell Your House or Not?

Well, you can look at this question two ways. You can look at it as an investor or look at it as a person that just needs to sell. I phrased it this way because it depends on your circumstances as a homeowner. You should understand the type of market we're in and if you're selling because you have to or just because you want to.


**Let's say if you're an investor in this down market -


If you consider yourself an investor then it's a whole new ball game for you because you are looking to make a profit. Say, you bought a property in the high market in 2005 through 2007 and before you knew it, the market tanked before you could blink your eyes. If you still have that property in today's market at these low prices then you may want to HOLD on to it until the market bounces back. If you can afford it you may want to rent out the property for a while until prices begin to increase.


Now if you are running out of money and you need to sell that investment property now, then you most likely will take a loss in your expected purchase price and move on to the next property.


**Let's say you're just a homeowner that needs to sell -


Let me get something straight, even if you're not a bonafide hardcore investor, when you buy real estate you have automatically invested your money. Therefore, here are some great reasons for selling in this type of market:


-Loss of Income- If you or someone else in your home lost a job or you're now making less money or it's taking awhile to find another job then you may want to sell before you start to miss payments and could potentially go into foreclosure.


-Retiring - If you're retiring and you still have a large mortgage then you may want to sell because you will have less monthly income.


- To Many Repairs - I probably surprised you with this one. But if you're unalbe to care for your hom and it's falling apart at the seams then you may want to sell and get it off your hands.


-Relocating - If you have to relocate for a job, family situation or financial reasons then you may have to sell your home to use the profit towards your next purchase.


- Need More Space -Your family may be expanding and you may need more space. In this market it may be a good move for you to sell your home even if it's for a little less and get a great deal on a bigger home and it may even be in a better area.


-Downsize - If you want less space because the kids are gone or you no longer have a spouse or you're just getting older and can no longer manage the home.


-Senior - I come across many seniors who have homes that are to large to maintain, cannot manage the stairs, cannot take care of themselves any longer, or just want to move to warmer pastures. Most seniors have been in their homes so long that they hardly owe a mortgage or don't have one at all and they can buy another home at these low prices or live with their children or in a senior center.

If You Decide To Sell Find Out How To Do It In 21 Days!

***RENTING IS AN OPTION***


Renting is an option whether you're an investor or someone looking for extra income to make the mortgage. If you want to try to hold on to your home in this market then you may want to rent your home and move out. Better yet, if you have a basement you may want to move into the basement and rent out the larger portion of your home.


Be aware that you should choose your tenants carefully and do everything legally and use a lease. This way, if you want to sell and you need the unit vacant or if you just want them out after the lease expires it can be done.


--Did this article help you to answer your question? I welcome your comments.

Can A Short Sale Stop Foreclosure

A short sale can stop foreclosure instantly in its tracks. In this article I am going to share with you how a short sale can save you time, frustration and your financial status. Many home owners like yourself are unaware of how important to make a short sale a real consideration.

Briefly, let's discuss what is a short sale?

In plain simple English, a short sale is when you owe more on your mortgage than what the house can sell for in today's market. Your lender will allow the new buyer a discount on the amount you owe.

For instance, if you owe a mortgage of $450,000 on your home and in today's market homes similar to yours are only selling for as high as $375,0000, then you are unable to sell your home in this market and may qualify for a short sale. The new buyer will be able to purchase the property at a discount and you will not receive a profit from the sale.

There are some requirements you have to meet in order to apply and to be approved for a short sale so check with your lender or have your real estate agent inquire.

Below are some reasons why you should consider a short sale to stop foreclosure:
- A short sale will enable a lender to sell the home before foreclosure is final.

-A short sale will save you from the humiliation of going through foreclosure procedures.

-A short sale will save your record from having a foreclosure on your credit report for years.

- You will receive no profit from the sale, but your debt will be satisfied.

- A short sale will save you from your credit score plunging, unlike a foreclosure which will cause the biggest credit score drop.

-With a short sale you will not be removed from your home, but can sell the home and leave with dignity.

A short sale can be very complex at times. You definitely need a real estate attorney, but an attorney that has been successful doing short sales. The attorney should be able to explain in detail the steps that need to be taken and what their job will entail from start to finish. The lawyer also needs to be very experience, organized due to all the paperwork involved, aggressive enough to communicate with your lender and an attorney not to busy to go to court for you and or file paperwork on your behalf.

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As a home owner you need to gain knowledge on foreclosures and also using short sales as an option to stop foreclosures. Even if you are using an real estate agent or broker or depending on an attorney, as the owner you need to know the steps in order to make sure everything is being done correctly to save your home. I highly suggest an ebook called "Foreclosure Winning Ways" that will give you the inside strategies and ways to stop foreclosure.
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