When I was looking to buy my first home I actually searched for foreclosures in Virginia. I looked at a few bank-owned properties and let's just say they were not totally up to my standards. But I have heard that some people get deals on foreclosed properties so maybe it is a good idea to check them out.
With all of the foreclosures of late, I was interested to see where people were searching, which states were the most popular spots for foreclosure searches. Checking out the most searched foreclosure states on AOL Search, it seems that foreclosures in Florida were the hottest topic. And apparently people were searching for Florida churches in foreclosure (which I found strange). Other hot foreclosure states were Michigan, Louisiana and Ohio.
Want some more insight into the topic? Try searching for foreclosures on AOL Search or check out AOL Real Estate for more info on home purchasing.
Top Searched Foreclosure States on AOL Search
1. Foreclosures Florida
2. Home foreclosure in Illinois
3. Florida churches in foreclosure
4. North Carolina foreclosures
5. New York state foreclosure
6. Michigan foreclosures
7. Louisiana foreclosure
8. Foreclosures in Ohio
9. Vermont foreclosures
10. Foreclosures Tennesse free listings
More Sponsored Links For: foreclosures, debt consolidation, free credit report
Reader Comments (Page 2 of 3)
21. #12, you've got capitalism wrong. Socialism is the bastage that plunders you and me and spends our money frivolously abroad, or in the form of handouts or bail-outs back home.
Posted at 12:50PM on Dec 28th 2007 by Perry
22. The problem is not buying more house than you can afford. It is over inflated housing prices and mortgage scams that could allow most everyone to buy a house by offering teaser rates then trapping them into a loan that once the balloon burst would most definately benefit the lender. However, one big mistake by these lenders, the plan backfired and people were defaulting on their loans due to double triple and more increases in interest rates. Instead of renegotiating the loans these slim balls would rather good people be out on the streets and tank our economy because they play the odds and would rather hold onto the property than make arrangements that would benefit everyone.
I think it is a time to put a stop to this type of predatory lending. It happens in the credit card industry too. When you allow corporations to charge whatever interests and fees they want without any regulation, sooner or later you run out of blood to squeeze out of us turnips.
Housing is not be a privalege, but a right. Every human being deserves to be able to afford a roof over their head and food on the table. We have forgotten how to take care of our own in this country. But, we are good at spending billions on aid abroad.
And now we are all in debt up to our eyeballs to the Chinese and other foreign investors. When can we have our country back? When we stand up and fight for it by not allowing our government to sell it to over seas interests and the highest bidder.
Posted at 1:03PM on Dec 28th 2007 by laura
23. It is true that right now at least Banks are holding firm on prices they need to receive for properties they already own, because of course the executives had to receive their huge year end bonuses based on the unrealistic book values of those properties. I find however that they are being much more reasonable when a Short Sale is involved in a pre foreclosure situation as they can then avoid owning yet another foreclosed home they have to maintain, pay taxes on and if they are lucky end up selling at auction anyway.
A Short Sale is a proven way for a homeowner who owes more than the house is worth to avoid a foreclosure and the subsequent credit hit.
The basic requirements for a Short Sale are a Listing Agreement with a Realtor and a Sales Contract from a Buyer which are submitted to the Lender along with a Hardship Letter from the Seller explaining why they cannot continue to pay the mortgage and supporting documents such as tax returns, bank statements, information and photos of the home and the Comps, or comparative home prices supporting the offer. The way mortgages are sold, the mortgage holder can be anywhere and certainly not aware of local real estate conditions.
If the package is complete, the Lender will order a BPO, or Broker's Price Opinion, from an independent Realtor. This BPO is the key to the whole process. If it is too high, the Lender will not accept a low offer. Your Realtor can meet with the Agent doing the BPO and offer information supporting the offer, such as the average time on market of comparable homes, recent selling prices and point out any defects in the home. Most Lenders will accept an offer lower than the BPO, but usually not much more than 10% lower, though that will vary depending on the company.
The sales contract should specifically state that the offer is contingent on the Lender accepting the purchase price in full and forgiving the Seller any deficiency on the mortgage. Now the Mortgage Tax Relief Cancellation Act has been passed into law there will be no more 1099's on the "phantom income" to worry about.
The process does all take time and Lenders are swamped, expect at least 2-3 months before a sale can be finalized, even if the Lender accepts the first offer. If they do not, the price can be negotiated.
I am a Realtor, a Broker Associate and I am involved in Short Sales. It is a detailed but fairly straightforward process that can work to benefit Buyer, Seller and even the Lender. The Buyer gets a good price on a home, the Seller gets to avoid the disruption and major credit hit of a foreclosure and the Lender avoids the delay and expense of foreclosing on a property they don't want to own and that would negatively impact their ability to make more loans.
All this information is available on the web site
www.free-foreclosure-information.com
Posted at 1:14PM on Dec 28th 2007 by RealbritFL
24. "It's the government's fault", "it's the bankers' and mortgage brokers' fault", "it's the foreign investors' fault", causing grief to the poor homeowners. Oh, really? Couldn't it be the fault of the homeowners, who borrowed money and didn't pay it back? Why are they the victims? If you buy a car and don't make the payments, your car gets repossessed. Is that the car maker's fault or the dealership's fault? No, it's your fault. Who doesn't know when they get an ARM loan that their payments are going to go up every year? I have gotten several ARMs over the years, and the mortgage company gives you a payment schedule which shows you what your future payments will be. If you don't read it, whose fault is that?
Posted at 1:21PM on Dec 28th 2007 by mhansen94
25. Stop foreclosure information for people in foreclosures. Here's an article and a resource that can help some people in default on their mortgage loan (those who lost their ability to pay temporarily but now can actually resume paying their mortgage) to keep their homes:
Stop foreclosure resource:
http://www.savemyhome.com
Stop foreclosure article:
http://ezinearticles.com/?How-To-Stop-Foreclosure-Before-Its-Too-Late&id=738602
Posted at 2:48PM on Dec 28th 2007 by Stop Foreclosure
26. When I needed help finding a foreclosed home in my area I turned to http://www.GovernmentAuctions.org. I found an incredible deal on an REO property a week and a half later. I know I sound like some infomercial dude but I'm serious, their site rocks!
Posted at 2:56PM on Dec 28th 2007 by John Krieger
27. Where is Carelton Streets, huh?? He disappeared from TV infomericals when good times turns into horror movies now. He will reappear when good times return as usual... He sells education on real estate no down purchases, etc, etc. Listeners schmoozed on how they made money for first few months, but are they still making gravy lately? They disappeared, too..
Posted at 3:29PM on Dec 28th 2007 by Gumby
28. I concur #19. The American people need to wake up. Blaming each other for this debt crises is exactly
what the International bankers & Fed want. They are the manipulators behind the curtain i.e.- The famous "Wizard of Oz" wizard pulling the strings without being seen is a good analogy of how they operate. Your government is the corrupt puppet conspiring with them to enslave the American people in debt-which is the way they have determined to conquer America,while simultainiously scaring us(war on terror) to give up our rights-we are now a fascist gov. not a democracy thanks to Bushes & Clintons who are working together. A good read if interested is: "Billions for the Bankers; Debts for the People" if you can find it.
Posted at 12:23AM on Dec 29th 2007 by s.s
29. Most of these foreclosure markets are concentrated in the Southern states, and it comes down to overbuilding and overspeculation as much as anything. There's an article about it and how investors can actually benefit from it here:
http://www.nuwireinvestor.com/articles/top-10-foreclosure-markets-for-2007-51344.aspx
Florida is definitely in the worst shape overall, I think, but seeing vegas at the top was kind of a surprise, but I think the idea of the article is that Vegas is a good place to buy foreclosures as an investment and Florida is going to be a mess for a lot longer and may be more trouble than it's worth. The thing will probably get blown away before you cane even sell it... ( o_o)
Posted at 11:12AM on Jan 2nd 2008 by waiking0
30. If the problem with the economy and the housing market is only related to bad motgages then why are'nt new house s selling and why were christmas sales so low. look at the huge increase in gas prices aloned how many people and bussinesses are affected by that alone
Posted at 8:24PM on Jan 28th 2008 by j
31. You may own the home, but you do not own the land it set on. You will ALL ways have to pay the county taxes, and when they get ready to put a road in or whatever, they will make you a offer, best take it and move on. I have found out, it's better to rent, then to own. My first 6 months rent is free, compared to the property taxes I was having to pay. Look at the bright side, NO grass to cut, NO walls to paint, NO RESPONSIBILITY.
Posted at 9:41PM on Jan 28th 2008 by bohunt
32. Does buying a foreclosure really save the buyer money? I have found the bank or lender wants market value from the ome regardless of whether its a foreclosure or not.
Posted at 9:48PM on Jan 28th 2008 by Neuticles
33. Actually, my husband and I have purchased several properties at foreclosure auctions and you do get them for less than what fair market value is - you generally pay what's left on the mortgage, plus a fee. The trick is to not get carried away with the bidding process and pay too much for a property. We convert them into rentals or put them on the resale market - currently, renting them is working out better given the state of the real estate market.
Many people who are in foreclosure just simply have borrowed too much money for what they can afford with their incomes. And while the banks and mortgage companies certainly share some of the blame by telling people they can afford homeownership even if they really can't, the responsibility lies mostly with the buyer. People need to learn basic math - if you can't afford to make the house payments, real estate taxes, insurance and all your regular bills and monthly expenses, perhaps it's not the right time for you to own a home.
Posted at 9:52PM on Jan 28th 2008 by Mary
34. Get a grip. The real reason for so many forclosures is plain old GREED. People still don't know how to live within their means. Realize if you have to rely on two incomes, and something happens that you lose one of those incomes, the only thing left is
( FORCLOSURE ).bankruptcy. Learn to live within your means!Quit being so stupid & weak & stop blaming everyone else for your faults and downfalls
Posted at 10:03PM on Jan 28th 2008 by Miki
35. WE NEED TO TAKE RESPONSABILITY FOR THE DEBT WE PUT OURSELVES IN AND PAY OUR BILLS OR QUIT SPENDING MONEY YOU DON'T HAVE. THE AMERICAN PEOPLE HAVE BECOME LAZY AND DON'T WANT TO WORK OR BE RESPONSIBLE FOR WHAT THEY DO. IT'S ALWAYS SOMEONE ELSES FAULT THEY ARE BROKE. THE GOVERNMENT ETC. OUR COUNTRY IS ONLY AS GOOD AS THE PEOPLE WHO LIVE HERE.
Posted at 10:05PM on Jan 28th 2008 by SUE
36. Foreclosures are everywhere, people are being laid off from their jobs from the Corporate World, who does not care about your family, your time or your circumstances. Corporate America, wants more hours, more productivity and less benefits for you. There is a better way, free enterprise. Visit 6figuresanmore.com or haveittodayray.com and see for yourself, hear my story. "You must take personal responsibility. You cannot change the circumstances the seasons or the wind, but you can change yourself"
Jim Rohn. If you keep on doing what you always done your keep on getting what you have alwasys had. Let me help you fulfill your dream today. California, and Nevada, are among the top foreclosure states, have many Real Estate brokers and agents joining my business as a result of a drop in their income from 30 to 60% from prior year. The worst has yet to come yet in foreclosures, its not over by any means. If your serious, than by all means visit 6figuresandmore.com.
Posted at 10:06PM on Jan 28th 2008 by haveittodayray
37. who in the FRIGEEN world cares.... you idiot bloggers KNOW NOTHING --- KNOW NOTHING
Posted at 11:11PM on Jan 28th 2008 by JOE
38. the problems are many
1.Builders were raising prices like crazy
2Banks were creating new ways to financing
3.Morgage sellers were selling the mortgage which pays them most and not the buyers
4.alan green span new about it but did not do anything neither these currupt politicians
In stead of distributing 150 billion dollars , we can create the distributtion system for alternate source of oil ( hydrogen/ battery/etc) to stop the dollar draining out of coutry, reduce/stop oil dependence and stop the terrorism .This is the problem and possible sollution.
Posted at 12:10AM on Jan 29th 2008 by prakash
39. It *can* be pennies on the dollar. The bank (or in some cases the taxing authority) sells the property for what is owed on it. A $200,000 house with a $50,000 mortgage can be bought for much less than $200K.
Posted at 1:47AM on Jan 29th 2008 by Dallas
40. My family is caught up in the foreclosure jinx. We re-fied 2 years ago with what we thought was a reputable company, Nova Star. We just wanted to consolidate. Well, they got an enormous appraisal, plus we got 95%, and we financed for $170,000 they cashed out the rest to us instead of keeping it in the equity. So that gave us $11,000, we did home improvements but the payments went up to $1530. from $1269. My husband and I both work, we have 4 kids, but we were making it, then we re-fied, payments went up to $1538. that was in Sept. of 06, in Oct if 05 I had knee surgery left me with a bad knee. March of 07 my husband was diagnosed with Diabetes Advanced, he started missing alot of work and my knee wouldnt let me get so much as a second job at Walmart. We made the payments till October of this year and it was gas to get to work and food, or the house payment. Well the kids had to eat and we had to get to work so we stopped and now we're getting harassed. As of Jan. 31 the forclosure will be going on our credit rating. We are going to rent the rest of our lives and that will be half of what our house payment was. It used to be that when you owned your home, it was cheaper than renting. That is no more.
Posted at 2:17AM on Jan 29th 2008 by Nancy