Short Sale Chicago

Avoid Foreclosure. I Can Help.

* PRINCIPAL REDUCTIONS. WILL IT WORK?

Principal reductions begin in earnest

By Felix Salmon, May 9, 2012

This is an important milestone, even if it’s too little, too late:

Bank of America Home Loans has begun reaching out to customers who may be eligible for forgiveness of a portion of the principal balance on their mortgage under terms of a recent settlement…

The bank estimates average monthly savings of 30 percent on mortgage payments of customers who qualify for this program…

Bank of America actually began making principal reduction offers under the program guidelines in March, initially concentrating on homeowners who were already in the modification review process. So far under this early initiative, about 5,000 trial modification offers have been mailed, providing a potential total of more than $700 million in forgiven principal. Homeowners are required to make at least three timely payments before the modification can become permanent. Read more

Link to Bank of America page is here.

What do you think? Do you know someone who has already received the letter? Please let me know at b.pedersen@comcast.net

May 23, 2012 Posted by | Foreclosures, Miscellaneous, Selling, Short Sales | Leave a comment

* MORE SHORT SALES IN 2012

Short Sales Will Increase Dramatically in 2012

by The KCM Crew on May 7, 2012 · 2 comments

We believe that short sales will be a major part of the real estate market in 2012. That is why we have dedicated this entire week to posts exclusively on this subject. We hope that by the end of the week you have a better handle on the need for short sales and a better understanding of the process. – the KCM Crew
It seems that the banks have finally realized that a short sale is a better option than foreclosure for them, the homeowner and the neighborhood. It is for this reason we believe that 2012 will come to be known as the year of the short sale. CNN Money reported on this exact point:

“We believe 2012 could be a record year for short sales,” said Daren Blomquist, vice president at RealtyTrac.

Banks are showing signs of being more open and willing to approve the deals — even if it means accepting less money. The average sales price for a short sale was $174,120 in January, down 4% from December and 10% year-over-year.

Market Watch also addressed the short sale situation recently:

Fitch expects the increase in short sales to continue because of the potential benefits afforded to both lenders and borrowers. Some borrowers may prefer short sales because, though they cannot stay in the property, they often walk away with cash incentives from lenders and healthier credit reports unmarred by foreclosure. For lenders, short sales provide a more efficient and cheaper alternative to the increasingly lengthy and costly foreclosure process. Read more…

If you are interested in selling your home, including selling for less than loan amount (short sale), please contact me:

Barbara Pedersen, Realtor®, Broker
CDPE/Certified Distressed Property Expert, Short Sales
Traditional Sales and Purchases
covering the City of Chicago and Chicago’s South and Southwest Suburbs.
e-mail at:b.pedersen@comcast.net
or call at: 708-539-9900
Classic Realty Group
Orland Park, Il

FOR HELP CALL Barbara
708-539-9900
or e-mail:
b.pedersen@comcast.net

May 7, 2012 Posted by | Buying, Hickoty Hills, Il, Miscellaneous, Orland Park, Il, Palos Hills, Il, Selling, Short Sales | , , , , , , , , , , , | Leave a comment

   

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