Short Sale Chicago

Avoid Foreclosure. I Can Help.

* HOUSING TRENDS NEWSLETTER – OCTOBER 2010

OCTOBER – 2010 Housing Trends eNewsletter

Welcome to the most current Housing Trends eNewsletter. This eNewsletter is specially designed for you, with national and local housing information that you may find useful whether you’re in the market for a home, thinking about selling your home, or just interested in homeowner issues in general.

The Housing Trends eNewsletter contains the latest information from the National Association of REALTORS®, the U.S. Census Bureau and Realtor.org reports, videos, key market indicators and real estate sales statistics, a video message by a nationally recognized economist, maps, mortgage rates and calculators, consumer articles, plus local neighborhood information and more.

Please click here to view the OCTOBER – 2010 Newsletter Housing Trends eNewsletter.

If you are interested in determining the value of your home, click the Home Evaluator link for a free evaluation report.

October 28, 2010 Posted by | Buying, Homes for Sale, Market Statistics, Selling | 2 Comments

* EXISTING HOME SALES UP BY 10% IN SEPTEMBER 2010

Article from Mortgage News Daily

Existing Home Sales Up as Tax Credit Deadline Passes.

by dam Quinones on October 25, 2010

The National Association of Realtors today released Existing Home Sales data for September 2010.

HERE is the methodology for data collection

Excerpts from the release….

SALES

Existing-home sales rose again in September, affirming that a sales recovery has begun, according to the National Association of Realtors®.

Existing-home sales, which are completed transactions that include single-family, townhomes, condominiums and co-ops, jumped 10.0 percent to a seasonally adjusted annual rate of 4.53 million in September from a downwardly revised 4.12 million in August, but remain 19.1 percent below the 5.60 million-unit pace in September 2009 when first-time buyers were ramping up in advance of the initial deadline for the tax credit last November.

Single-family home sales increased 10.0 percent to a seasonally adjusted annual rate of 3.97 million in September from a pace of 3.61 million in August, but are 19.5 percent below the 4.93 million level in September 2009. The median existing single-family home price was $172,600 in September, down 1.9 percent from a year ago.

Existing condominium and co-op sales rose 9.8 percent to a seasonally adjusted annual rate of 560,000 in September from 510,000 in August, but are 16.2 percent lower than the 668,000-unit level one year ago. The median existing condo price5 was $165,400 in September, down 6.2 percent from September 2009.

Regionally, existing-home sales in the Northeast increased 10.1 percent to an annual pace of 760,000 in September but are 20.8 percent below September 2009.

Existing-home sales in the Midwest jumped 14.5 percent in September to a level of 950,000 but are 26.4 percent below a year ago.
In the South, existing-home sales rose 10.6 percent to an annual pace of 1.77 million in September but are 14.9 percent lower than September 2009.

Existing-home sales in the West increased 5.0 percent to an annual level of 1.05 million in September but are 16.7 percent below a year ago.

October 26, 2010 Posted by | Buying, Homes for Sale, Selling | Leave a comment

* FACING FORECLOSURE – WHAT TO DO NOW

Facing Foreclosure: What to Do Right Now

By: Jerry DeMuth
Published: February 5, 2010

If you’re facing foreclosure, don’t panic: Take steps right now to save your home or at least lessen the blow of its loss.

Foreclosure process takes time

The entire foreclosure process can take anywhere from two to 12 months, depending on how fast your lender acts and where you live. Some states allow a nonjudicial process that’s speedier, while others require time-consuming judicial proceedings.

Once you miss at least one mortgage payment, the steps leading up to an actual foreclosure sale can include demand letters, notices of default, a recorded notice of foreclosure, publication of the debt, and the scheduling of a foreclosure auction. Even when an auction is scheduled, however, it may never occur, or it may occur but a qualified buyer doesn’t materialize.

Bottom line: Foreclosure can be a long slog, which gives you enough time to come up with an alternative. Meantime, if your goal is to salvage your home, think about keeping up with payments for homeowners insurance and property taxes. Otherwise, you could compound your problems by getting hit with an uncovered casualty loss or liability suit, or tax liens.

Read the fine print

Start by reviewing all correspondence you’ve received from your lender. The letters–and phone calls–probably began once you were 30 days past due. Also review your mortgage documents, which should outline what steps your lender can take. For instance, is there a “power of sale” clause that authorizes the sale of your home to pay off a mortgage after you miss payments?

Determine the specific foreclosure laws for your state. What’s the timeline? Do you have “right of redemption,” essentially a grace period in which you can reverse a foreclosure? Are deficiency judgments that hold you responsible for the difference between what your home sells for and your loan’s outstanding balance allowed? Get answers.

Pick up the phone

Don’t give up because you missed a mortgage payment or two and received a notice of default. Foreclosure isn’t a foregone conclusion, but it’s heading in that direction if you don’t call your lender. Dial the number on your mortgage statement, and ask for the Loss Mitigation Department. You might stay on hold for a while, but don’t hang up. Once you do get someone on the line, take notes and record names.

The next call should be to a foreclosure avoidance counselor approved by the U.S. Department of Housing and Urban Development. One of these counselors can, free of charge, explain your state’s foreclosure laws, discuss alternatives to foreclosure, help you organize financial documents, and even represent you in negotiations with your lender. Be wary of unsolicited offers of help, since foreclosure rescue scams are common.

Be sure to let your lender know that you’re working with a counselor. Not only does it demonstrate your resolve, but according to NeighborWorks, homeowners who receive foreclosure counseling are 1.6 times more likely to avoid losing their homes than those who don’t. Homeowners who receive loan modifications with the help of a counselor also reduce monthly mortgage payments by $454 more than homeowners who receive a modification without the aid of a counselor.

Lender alternatives to foreclosure

Hope Now, an alliance of mortgage companies and housing counselors, can aid homeowners facing foreclosure. A self-assessment tool will give you an idea whether you might be eligible for help from your lender, and there are direct links to HUD-approved counseling agencies and lenders’ foreclosure-prevention programs.

There are alternatives to foreclosure that your lender might accept. The most attractive option that’ll allow you to keep your home is a loan modification that reduces your monthly payment. A modification can entail lowering the interest rate, changing a loan from an adjustable rate to a fixed rate, extending the term of a loan, or eliminating past-due balances. Another option, forbearance, can temporarily suspend payments, though the amount will likely be tacked on to the end of the loan.

If you’re unable to make even reduced payments, and assuming a conventional sale isn’t possible, then it may be best to turn your home over to your lender before a foreclosure is completed. A completed foreclosure can decimate a credit score, which will make it hard not only to purchase another home someday, but not impossible: The foreclosure disappears within 7 years or even less, especially if there are extenuating circumstances.

The more quickly you get steady employment and repair your credit score, the more quickly you’ll be eligible to buy a home again. It also may be difficult to rent a home in the short term, but your HUD counselor may be able to offer help.

But you’re better off if your lender can approve a short sale, in which the proceeds are less than what’s still owed on your mortgage. A deed in lieu of foreclosure, which amounts to handing over your keys to your lender, is another good possibility.

Although a deed in lieu of foreclosure or short sale will have virtually the same effect on your credit score as a foreclosure, you will likely be able to buy another home more quickly than if you go through a foreclosure. The earlier you begin talks with your lender, the more likelihood of success.

Explore government programs

The federal government’s Making Home Affordable program offers two options: loan modification and refinancing. A self-assessment will indicate which option might be right for you, but you need to apply for the program through your lender. A Making Home Affordable loan modification requires a three-month trial period before it can become permanent.

Fannie Mae and Freddie Mac have their own foreclosure-prevention programs as well. Check to determine if either Fannie or Freddie owns your mortgage. Present this information to your lender and your counselor. Fannie and Freddie also have rental programs under which former owners can remain in recently foreclosed homes on a month-to-month basis.

The federal Home Affordable Foreclosure Alternatives program, which takes full effect in April 2010, offers lenders financial incentives to approve short sales and deeds in lieu of foreclosure. It also provides $3,000 in relocation assistance to borrowers. Again, talk to your lender and counselor.

Jerry DeMuth has written about mortgages and other financial issues for more than two decades for trade publications, major newspapers, and consumer magazines. His writing has received four awards and has been included in eight non-fiction books.
Copyright 2010 NATIONAL ASSOCIATION OF REALTORS®

IF YOU DO NOT QUALIFY FOR, WERE DENIED OR DO NOT WISH TO RECEIVE A LOAN MODIFICATION
CONTACT ME FOR MORE INFORMATION ON SHORT SALES

Sell with dignity, preserve your creditworthiness and start rebuilding your life.

I have helped many clients avoid foreclosure.

For more information and a FREE REPORT ON SHORT SALES please call

Barbara Pedersen
Realtor®, Short Sale Specialist
(708) 539-9900

or email:
b.pedersen@comcast.net

October 22, 2010 Posted by | Foreclosures, Selling, Short Sales | , , , , , | Leave a comment

* BEHIND ON PAYMENTS – I CAN HELP

What is your EXIT Strategy?

Did you know you could be eligible to sell your house for less than what is owed?
Did you know you could be eligible to receive up to $3,000 in moving cost assistance?
Did you know you could be eligible for a waiver of deficiency judgment?

A Short Sale will in NO way affect your credit as much as a foreclosure will!

Don’t let the bank force you into foreclosure
a deficiency judgment
wage garnishments
and bankruptcy
That is 3 judgments against you.

My service is FREE to you — the bank will cover the costs of
a Short Sale!

I am local and based in the Southwest Suburbs of Chicago
I cover the City of Chicago – South Side
and Southwest Suburbs
I am friendly, I understand your situation
Call a  specialist to discuss your options::

(708) 539-9900
or send me an e-mail

Barbara Pedersen
Realtor®, S
hort Sale Specialist. Short Sale Listing Agent
SFR/Short Sale and Foreclosure Resource Certified
Accredited Distressed Property Representative
e-PRO/Internet Certified Expert

October 22, 2010 Posted by | Foreclosures, Market Statistics, Selling, Short Sales | Leave a comment

* BEAUTIFUL CONDO IN PALOS HILLS, IL

SHORT SALE IN PALOS HILLS
SHORT SALE AGENT PRESENTS:
11011 Stony Creek, Palos Hills, Il
Very nice 2 bedroom condo, remodeled a few years ago. Modern kitchen combined with a dining room and a spacious living room. Large bedrooms, master bedroom features full bath. Parquet floors, cathedral ceilings, 2 baths, in-unit laundry, 1 car garage. Refrigerator to be replaced by a working substitute prior to closing. Walking distance to Stagg High School and Moraine Valley Community College.
Short Sale! Excellent value!

For more information  please contact
Barbara Pedersen
708-539-9900
:b.pedersen@comcast.net



October 18, 2010 Posted by | Buying, Homes for Sale, Palos Hills, Il, Selling, Short Sales | 2 Comments

* FALL IN THE PALOS AREA

It was and an absolutely gorgeous fall day yesterday in the Palos area. The sun was shining and the colors of  nature were magnificent:

October 18, 2010 Posted by | Uncategorized | Leave a comment

* FORECLOSURE SCANDAL – IT BEGAN HERE

by David Streitfeld
Friday, October 15, 2010
povided by

The New York Times

Nicolle Bradbury bought her home for $75,000 and stopped paying the mortgage two years ago. (NYT)

DENMARK, Me. — The house that set off the national furor over faulty foreclosures is blue-gray and weathered. The porch is piled with furniture and knickknacks awaiting the next yard sale. In the driveway is a busted pickup truck. No one who lives there is going anywhere anytime soon.

Nicolle Bradbury bought this house seven years ago for $75,000, a major step up from the trailer she had been living in with her family. But she lost her job and the $474 monthly mortgage payment became difficult, then impossible.
It should have been a routine foreclosure, with Mrs. Bradbury joining the anonymous millions quietly dispossessed since the recession began. But she was savvy enough to contact a nonprofit group, Pine Tree Legal Assistance, where for once in her 38 years, she caught a break.

Her file was pulled, more or less at random, by Thomas A. Cox, a retired lawyer who volunteers at Pine Tree. He happened to know something about foreclosures because when he worked for a bank he did them all the time. Twenty years later, he had switched sides and, he says, was trying to make amends.

Suddenly, there is a frenzy over foreclosures. Every attorney general in the country is participating in an investigation into the flawed paperwork and questionable methods behind many of them. A Senate hearing is scheduled, and federal inquiries have begun. The housing market, which runs on foreclosure sales, is in turmoil. Bank stocks fell on Thursday as analysts tried to gauge the impact on lenders’ bottom lines.

All of this is largely because Mr. Cox realized almost immediately that Mrs. Bradbury’s foreclosure file did not look right. The documents from the lender, GMAC Mortgage, were approved by an employee whose title was “limited signing officer,” an indication to the lawyer that his knowledge of the case was effectively nonexistent.
Mr. Cox eventually won the right to depose the employee, who casually acknowledged that he had prepared 400 foreclosures a day for GMAC and that contrary to his sworn statements, they had not been reviewed by him or anyone else.

GMAC, the country’s fourth-largest mortgage lender, called this omission a technicality but was forced last month to halt foreclosures in the 23 states, including Maine, where they must be approved by a court. Bank of America, JPMorgan Chase and other lenders that used robo-signers — the term caught on instantly — have enacted their own freezes.

The tragedy of foreclosure is that some homeowners may be able to stay where they are if their lenders are more interested in modification than eviction. Without a job, Mrs. Bradbury is not one of them. Her family, including her 14-year-old daughter and 16-year-old son, lives on welfare and food stamps.
“A lot of people say we just want a free ride,” Mrs. Bradbury said. “That’s not it. I’ve worked since I was 14. I’m not lazy. I’m just trying to keep us together. If we lost the house, my family would have to break up.”

It has been two years since she last paid the mortgage, which surprises even her lawyers.

“Had GMAC followed the legal requirements, she would have lost her home a long time ago,” acknowledged Geoffrey S. Lewis, another lawyer handling her case.

GMAC, which began as the financing arm of General Motors, has received $17 billion from taxpayers in an effort to keep it from failing and is now majority-owned by the federal government. A spokeswoman for the lender declined to comment on Mrs. Bradbury’s case because it was still being litigated.
John J. Aromando of the firm of Pierce Atwood in Portland, Me., the lawyer for GMAC and Fannie Mae, the mortgage holding company that owns Mrs. Bradbury’s loan, did not return calls for comment on Thursday.
Fannie Mae and GMAC, which serviced the loan for Fannie, have now most likely spent more to dislodge Mrs. Bradbury than her house is worth. Yet for all their efforts, they are not only losing this case, but also potentially laying the groundwork for foreclosure challenges nationwide.
“This ammunition will be front and center in thousands of foreclosure cases,” said Don Saunders of the National Legal Aid and Defender Association.

Just a few miles from the New Hampshire border, this slice of Maine does not have much in the way of industry or, for that matter, people. Mrs. Bradbury grew up around here, married and had her children here, and married for a second time here. Her parents still live nearby.
In 2003, her brother-in-law at the time offered to sell her a house on property adjacent to his. It was across from a noisy construction supply site. But it was ringed by maple, evergreen and willow trees, and who does not want to be a homeowner, especially when GMAC Mortgage will give you a loan for the entire purchase price and then another loan to improve the property?
“I was very happy,” she remembered. “It was a new beginning.”
But Mrs. Bradbury lost her job as an employment counselor in 2006 and did part-time work after that. Her husband, Scott, was in poor health and had other problems. He could not work as a roofer. She fell behind and got a modification from GMAC. It increased her monthly payments and provided no relief.
Finally, in late 2008, she stopped paying altogether, and GMAC asked a court to approve her eviction without a trial. By the summer of 2009, this removal was well under way when Mr. Cox picked up her file.

Mr. Cox, 66, worked in the late 1980s and early 1990s for Maine National Bank, a subsidiary of the Bank of New England, which went under. His job was to call in small-business loans. The borrowers had often pledged their houses as collateral, which meant foreclosure.
“It was extraordinarily unpleasant, but it paid well,” he said. “I had a family to support.”
The work exacted its cost: his marriage ended and a serious depression began. He gave up law and found solace in building houses. By April 2008, he said, he was sufficiently recovered and started volunteering at Pine Tree Legal.
By the time Mr. Cox saw Mrs. Bradbury’s case, it was just about over. Last January, Judge Keith A. Powers of the Ninth District Court of Maine approved the foreclosure, leaving the case alive only to establish exactly how much Mrs. Bradbury owed.
Mr. Cox vowed to a colleague that he would expose GMAC’s process and its limited signing officer, Jeffrey Stephan. A lawyer in another foreclosure case had already deposed Mr. Stephan, but Mr. Cox wanted to take the questioning much further. In June, he got his chance. A few weeks later, he spelled out in a court filing what he had learned from the robo-signer:
“When Stephan says in an affidavit that he has personal knowledge of the facts stated in his affidavits, he doesn’t. When he says that he has custody and control of the loan documents, he doesn’t. When he says that he is attaching ‘a true and accurate’ copy of a note or a mortgage, he has no idea if that is so, because he does not look at the exhibits. When he makes any other statement of fact, he has no idea if it is true. When the notary says that Stephan appeared before him or her, he didn’t.”
GMAC’s reaction to the deposition was to hire two new law firms, including Mr. Aromando’s firm, among the most prominent in the state. They argued that what Mrs. Bradbury and her lawyers were doing was simply a “dodge”: she had not paid her mortgage and should be evicted.
They also said that Mr. Cox, despite working pro bono, had taken the deposition “to prejudice and influence the public” against GMAC for his own commercial benefit. They asked that the transcript be deleted from any blog that had posted it and that it be put under court seal.
In a ruling late last month, Judge Powers said that GMAC, despite its expensive legal talent and the fact that it got “a second bite of the apple” by filing amended foreclosure papers, still could not get this eviction right.
Even the amended documents did not bother to include the actual street address of the property it was trying to seize, reason enough, the judge wrote, to reject the request for immediate foreclosure without a trial.
But Judge Powers went further than that, saying that GMAC had been admonished in a Florida court for using robo-signers four years ago but had persisted. “It is well past the time for such practices to end,” he wrote, adding that GMAC had acted “in bad faith” by submitting Mr. Stephan’s material:
“Filing such a document without significant regard for its accuracy, which the court in ordinary circumstances may never be able to investigate or otherwise verify, is a serious and troubling matter.”
It was not a complete loss for GMAC — Judge Powers declined to find the lender in contempt — but nearly so. GMAC was ordered, as a penalty, to pay Mr. Cox personally what he would have been paid for his work on the deposition and related matters had he been charging Mrs. Bradbury. That, he says, is $27,000.
The court’s ruling on GMAC’s “bad faith” is already being taken up by foreclosure defense lawyers around the country. Mr. Cox “did a remarkable job of proving the lenders not only rubber-stamped these loans on the front end, but they rubber-stamped them on the back end,” said Mr. Saunders of the legal aid group.
GMAC, which this week expanded its foreclosure freeze to the entire country, is not giving up on Mrs. Bradbury. It will try for the third time to evict her when the case goes to trial this winter.
If Mrs. Bradbury is not quite victorious, she is still in her house, and for her that is the only thing that counts. If she can get her pickup fixed, she will go back to looking for a job.
“I am not leaving,” she said this week, standing out on her front lawn, the autumn splendor spread all around her. “We have nowhere to go.”

October 18, 2010 Posted by | Foreclosures, Short Sales | Leave a comment

* FORECLOSURE SCANDAL – ONE NATION, UNDER FRAUD

Foreclosure scandal continues.

If you did not follow up on the story, click on the link below. This is a good article on what is going on, gives you a big picture.

One nation, under fraud

October 17, 2010 Posted by | Foreclosures, Selling, Short Sales | , | Leave a comment

* ORLAND PARK, IL HOME SALES REPORT JANUARY-SEPTEMBER 2010

Orland Park, Il Market Report
January – September 2010

Property Type: Single Family Home

Criteria:
Actives
Under Contract
Sold

Active Single Family –  276
Average Market Time – 222 days
Average Price – $522,639
Highest Price – $4,500,000
Lowest Price – $125,900

Under Contract Single Family – 37
Average Market Time – 259 days
Average Price – $422,218
Highest Price – $1,496,000
Lowest Price – $100,00

Sold Single Family – 2010
Average Market Time – 159 days
Average Price – $355,242
Highest Price– $1,900,000
Lowest Price – $100,000

if you need more information
or if you are interested in selling your house (also as a short sale)
please, feel free to contact me via phone or e-mail:
708-539-9900
e–mail
b.pedersen@comcast.net

Barbara Pedersen
Realtor
Classic Realty Group

October 10, 2010 Posted by | Buying, Homes for Sale, Market Statistics, Orland Park, Il, Selling | , , , | Leave a comment

*CHARMING SPLIT LEVEL IN ELMHURST, IL

SHORT SALE IN ELMHURST
SHORT SALE AGENT PRESENTS:
718 N. Lombard, Elmhurst, Il 60126
 

A few days ago I listed a very nice single family home. It is a split level, actually this type of a split level  is  called “Juliet split”. It is called that because it has a balcony/ landing leading to the bedrooms on the upper level. This balcony is compared to the one Juliet looked at Romeo from. So it is a very romantic name. Short Sale!

The house features 3 bedrooms and 2 baths. Open plan on main level. Large kitchen is connected to the living room. The kitchen is really big with a table space.
Several steps lead from the living room to a charming balcony/loft on the 2nd level. 2nd level features 3 bedrooms and 1 full bath. There is a recreation room, another bath and a utility room on a lower level . The great feature of this house are beautiful, gleaming hardwood floors on all levels except for the kitchen and the recreation room
The house features also a beautiful, large, wooded, fenced in yard, perfect for family gatherings  in the summer, and a 2 car garage.
For more information  please contact
Barbara Pedersen
708-539-9900
:b.pedersen@comcast.net

October 8, 2010 Posted by | Buying, Selling, Short Sales | 1 Comment

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