Posts in category "Uncategorized"

Madigan Joins National Mortgage Fraud Unit

Madigan Joins National Mortgage Fraud Unit
Illinois Attorney General Lisa Madigan on Jan. 27 formally joined a national team tasked with holding lenders more accountable for acts that led to the country’s housing crisis. The group, President Obama’s Financial Fraud Enforcement Task Force, will closely investigate questionable lender acts. She joins U.S. Attorney General Eric Holder, Housing and Urban Development Secretary... Read more »

Foreclosure Audit Highlights Potential Bank Deception

The Huffington Post yesterday revealed information from a federal audit of five major banks. The data revealed to HuffPo sources shed more light on the problems related to America’s foreclosure logjam. Bank of America, JP Morgan Chase, Citigroup, Ally Financial and Wells Fargo engaged in misleading and potentially fraudulent behavior in its foreclosure proceedings, according... Read more »

Can the Homeowner Associations Resurrect Condo Sales?

A funny thing happened during the real estate boom: Condo owners became vital businesspeople and condo boards (pictured) became crucial to their building’s future. Whether they wanted to or not, the individuals behind the Homeowners’/Condo Associations often times determined the fate of their entire building, and, to some degree, the Chicago condo market. One developing... Read more »

Bad Signatures the Least Concerning Foreclosure Trend

Over the last two weeks, the entire foreclosure industry has been turned upside down. Bank of America’s recent decision to put a halt to all of its foreclosure proceedings in the United States last week was the biggest shoe to drop, after weeks of other banks looking into their own potentially flawed foreclosure processes.  These... Read more »

'Shadow' Inventory Causing Concern

In the real estate community, the term “shadow inventory” has become a dreaded topic. Shadow inventory refers to real estate that is likely to become bank-owned, but is still in the early stages of that process. For example, homes with owners who are behind on their mortgage payments, with the expectation that the property will... Read more »

Key Lease Points For Tenants

This weekend marks a popular time to begin new leases for many tenants and landlords in the Chicagoland area. But many leases are simply boiler-plate documents picked up at office supply stores, and they generally are extremely favorable to landlords. To help even the playing field, here are some of the most important things to... Read more »

Credit Scores Increasingly Critical in Home Buying

There was a time when your credit score was a factor in your ability to secure a home loan, but it wasn’t the most important factor. In the real estate heyday, credit scores were often overlooked as long as income — stated or actual — was steady. That was then, this is now. The Associated... Read more »

4 Chicago Suburbs Make 'Money' Top 100 Cities List

I’m a sucker for lists and rankings, so every year when comes out with its Top 100 Best Places to Live list I have to click through and take a look. This year, four Chicago suburbs made the list: Bolingbrook (No. 43), Naperville (No. 54), Mount Prospect (No. 56, pictured) and Arlington Heights (No.... Read more »

Short-Sale Buyers Benefit From Homebuyer Credit Extension

On Friday, July 2, President Barack Obama signed into law a three-month extension of the Homebuyer Tax Credit. The extension was expected, especially considering the backlog of approved contracts sitting at many lenders’ offices. However, this extension is great news for those awaiting lender approval on short sales. For those who are unfamiliar with the term, a... Read more »

Tax-Credit Closing Deadline to Move?

Many first-time homebuyers took advantage of the tax credits available earlier this year to sign contracts on properties. Once the April 30 deadline for those transactions passed, the purchasers had until June 30 to close. However, with the glut of lending issues impeding swift mortgage processing, that closing deadline may be pushed back. Last week,... Read more »