Posts in category "Foreclosure"

Homeowners Push For Short Sales As Debt Forgiveness Act Nears Expiration

Homeowners Push For Short Sales As Debt Forgiveness Act Nears Expiration
Americans are not only counting down the number of shopping days this holiday season. As the Mortgage Forgiveness Debt Relief Act draws to a close on Dec. 31 — barring an expected extension — homeowners who are under contract to sell their homes via short sale are getting anxious too. The Mortgage Forgiveness Debt Act,... Read more »

Bank of America Starts Shaving Customers' Mortgage Principal

Bank of America Starts Shaving Customers' Mortgage Principal
This week, some Bank of America mortgage customers will receive letters in the mail describing the process by which they can attempt to reduce the principal on their home loans. The letters are the result of last week’s notice of settlement, whereby Bank of America would avoid more severe penalties for its role in the... Read more »

Ad Firm Wants to Pay Your Mortgage For Ad Space

Ad Firm Wants to Pay Your Mortgage For Ad Space
Would you make your home a billboard? What if doing so allowed you to stay in your home a bit longer and avoid foreclosure? These are the questions some homeowners are asking themselves in light of the program launched by marketing firm Brainiacs From Mars, based in northern California. The company will offer to pay... Read more »
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What Will Illinois' $1B Robo-Signing Settlement Mean For You?

What Will Illinois' $1B Robo-Signing Settlement Mean For You?
Probably nothing, yet. But it does provide some hope for a large number of Illinois residents who owe more than their mortgage is currently worth. Last week, Illinois joined several other states in a $25 billion settlement with five leading lenders: Bank of America, JPMorgan Chase, Wells Fargo, Citibank and Ally Bank, formerly GMAC. Illinois... Read more »

Under Water, Without a Paddle

Under Water, Without a Paddle
The  Chicago Tribune yesterday reported that data through June of this year shows that about 1 in every 4 Chicago homeowners is under water on a mortgage, or owes more on their loan than the value of the property. It’s consistent with first-quarter figures, but it’s still a remarkable ratio to see in print. The... Read more »

Get Foreclosed, Get Paid?

Get Foreclosed, Get Paid?
Today’s typical foreclosure results in the property being sold at a sheriff’s sale for less — often, much less — than what the bank was owed on the previous mortgage. But that isn’t always the case. Although it’s rare, sometimes the sheriff’s sale fetches a sale price higher than the note, which results in a... Read more »
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Foreclosed Properties Offer Incentives

Foreclosed Properties Offer Incentives
As the summer heats up, so too does competition for homes. Multiple offers on a property — a rarity in recent years — is more frequent today as the spring wave of home buyers starts to join up with the swarms of buyers getting antsy (Chicago Public School families, for example, looking to land a... Read more »

Loan Modifications in the News

Today’s Chicago Tribune sheds some light on the much-criticized loan modification industry in Chicago and nationwide. It’s a piercing look at the predatory nature of the business, particularly the legal community’s involvement.  For those who haven’t read the piece, it discusses the role of attorneys in the loan modification process, and how often times it... Read more »

Be Cautious With Loan Modifications/Debt Consolidation

For many families in Chicago, their financial well-being depends on the value of their home. After all, your home is likely your biggest investment. So the demise of property values has hurt millions in Chicago and beyond. Perhaps the most troubling aspect of this has been the development of secondary markets that often times prey... Read more »
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Returning Soldiers Get Foreclosure Reprieve

The Illinois General Assembly this week gave returning military personnel some extra time in the foreclosure process with the passing of Public Act 096-0901. The legislation gives military personnel returning from overseas a 90-day stay during foreclosure proceedings. The law covers anyone who is considered on active military duty within 12 months of the foreclosure filing. This... Read more »