Short Sale Chicago

Avoid Foreclosure. I Can Help.

* HOW SOON CAN YOU BUY A PROPERTY AFTER SHORT SALE?

Waiting Periods for Buying after Short Sale, Foreclosure, & Bankruptcy

Kim Knox   from AgentLinkus.com

, 05-25-2012 at 12:35 PM (485 Views)

This list is the lender required waiting periods. A borrowers ability to obtain a loan will always depend on updated credit scores, debt ratio, assets and liabilities, just as required for any loan applicant.

CONVENTIONAL LOANS:
Deed-in-lieu or Short Sale – Minimum 2 year waiting period.
Foreclosure – 7 year waiting period from the completion date
Chapter 7 Bankruptcy – 4 year waiting period from the discharge date
Chapter 13 Bankruptcy – 2 year waiting period from the discharge date or 4 years from the dismissal date
Multiple Bankruptcies – If there are multiple bankruptcies within a 7 year period, the waiting period is 5 years from the most recent discharge/dismissal date.

FHA/VA Loans:
VA Loans ONLY – 2 year waiting period for Foreclosures
Foreclosure – Pre-foreclosure – Short Sale – 3 year waiting period
Chapter 7 Bankruptcy – 2 year waiting period from the discharge date
Chaper 13 Bankruptcy – 1 year of the payout must have elapsed and the borrower’s performance must have been paid as agreed. Document that the borrower’s current situation is not likely to reoccur. The court must grant permission to the borrower to enter into a mortgage transaction.  READ MORE

Advertisements

June 1, 2012 Posted by | Buying | 1 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

* SELL YOUR HOME QUICKLY


If you want to sell your home fast in today’s market, watch this video:

How to Sell Your Home Quickly

 

Barbara Pedersen, Realtor®, Broker
Traditional Sales and Purchases, Short Sales
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

April 30, 2012 Posted by | Buying, Selling | , , | Leave a comment

* THE AMERICAN DREAM OF HOMEOWNERSHIP MIGHT BE OVER?

THE AMERICAN DREAM OF HOMEOWNERSHIP MIGHT BE OVER

(Yahoo News) — There are two ways to discern today’s S&P/Case-Shiller Home Price Index numbers: home prices are at 10-year lows and likely to fall further or home prices are recovering because prices are declining at a slower pace.

Economist Karl Case, co-founder of the widely followed S&P/Case-Shiller index, has a more optimistic view on the market. He says there are cities and towns where the market “is cleaning and prices are holding” and notes that a reduction in new construction will bring the market more in line with the number of people seeking to buy.

“We’re bouncing along a rocky bottom,” Case says in the accompanying video.

Read more…

April 25, 2012 Posted by | Buying, Market Statistics, Miscellaneous, Selling | Leave a comment

* HOUSING TRENDS NEWSLETTER – APRIL 2012

Please check out my April 2012 Housing Trends Newsletter

Housing Trends eNewsletter is filled with U.S. Census Bureau key market indicators, consumer videos, blogs, a real estate glossary, mortgage rates and calculators, consumer articles, real estate radio, REALTOR.com local community reports and local and national real estate sales and price activity provided by local MLSs and the National Association of REALTORS®.
Read more…

April 25, 2012 Posted by | Buying, Market Statistics, Selling | Leave a comment

* RENTS ARE ON THE RISE

RENTS ON THE RISE
by The KCM Crew on April 20, 2012 · 5 Comments

April 23, 2012 Posted by | Buying, Selling | Leave a comment

* FORECLOSURES BY STATE

by The KCM Crew on February 24, 2012 · 23 comments

InfoGraphic

Methodology as per CoreLogic: The foreclosure inventory represents the number and ratio of homes that have been placed into the process of foreclosure by the mortgage servicer. Mortgage servicers start the foreclosure process when the mortgage reaches a specific level of serious delinquency as dictated by the investor for the mortgage loan … The foreclosure inventory is measured only against homes that have an outstanding mortgage. Homes with no mortgage liens can never be in foreclosure and are therefore excluded from the analysis.

For further information, go to www.corelogic.com

March 19, 2012 Posted by | Buying, Foreclosures, Miscellaneous, Selling | Leave a comment

* SHORT SALES

Short Summary on Short Sales

by The KCM Crew on October 28, 2011 · 0 comments

short sales

October 30, 2011 Posted by | Buying, Foreclosures, Selling, Short Sales | Leave a comment

FANNIE MAE & FREDDIE MAC. WHO ARE THEY?

Who Are Fannie Mae and Freddie Mac?

Posted By beth On August 31, 2011 @ 12:07 am In Today’s Home Spun Wisdom

Fannie Mae and Freddie Mac are publicly traded companies that guarantee the majority of new mortgages in the U.S. They are key players in the government’s foreclosure-prevention initiative—most notably, the Making Home Affordable program.

Fannie Mae, officially the Federal National Mortgage Association, and Freddie Mac, the Federal Home Loan Mortgage Corp., were taken over by the government in 2008 after billions of dollars in losses and years of mismanagement.

Fannie and Freddie operate in the U.S. secondary mortgage market. They don’t sell mortgages directly to homeowners; they buy mortgages from banks and other lenders, which can use the money to issue new home mortgages.

Fannie was created as a federal agency in 1938 and chartered by Congress in 1968, followed by Freddie in 1970, to increase access to home loans. But they also are publicly traded corporations and—before their taxpayer bailout—had a duty to maximize shareholder return.
Read more…

September 2, 2011 Posted by | Buying, Foreclosures, Selling, Short Sales | Leave a comment

* FORECLOSURES NOW TAKE 20 MONTHS

Foreclosures Now Take 20 Months

Posted By susanne On September 1, 2011 @ 3:12 pm In Consumer News and Advice,Finance and Economy,Foreclosure Process,Real Estate Information,Real Estate News,Today’s Marketplace,Today’s Top Story – Consumer | No Comments

[1]The average home entering the foreclosure process today won’t house new owners until the next president has been inaugurated and in office for three months.

New data from LPS shows that payments have not been made on the average loan in foreclosure in a record 599 days, or 20 months. Of the nearly 1.9 million loans that are 90 or more days delinquent but not yet in foreclosure, 42 percent have not made a payment in more than a year with an average delinquency of 397 days—also a new record.

At the same time, first-time foreclosure starts in June were near three-year lows, and first-time delinquencies accounted for only 25 percent of new delinquent inventory, according July Mortgage Monitor report released by Lender Processing Services, Inc.

Read more…

September 2, 2011 Posted by | Buying, Foreclosures, Selling, Short Sales | Leave a comment

%d bloggers like this: