Short Sale Chicago

Avoid Foreclosure. I Can Help.

* A DAY IN THE LIFE OF A SHORT SALE REPRESENTATIVE

June 14, 2012 Posted by | Foreclosures, Short Sales | Leave a comment

* 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

*50 STATE MORTGAGE SETTLEMENT WITH BANKS

Extremely disappointing:

February 10, 2012 Posted by | Foreclosures, Short Sales | 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

* SHORT SALES: A DIGNIFIED SOLUTION

Short Sales: A Dignified Solution for Many Families

by Steve Harney on August 31, 2011 · 17 comments

Occasionally, Steve Harney, our founder and lead content creator, asks us permission to share his personal feelings on a current real estate issue. Today, is one of those times. – The KCM Crew

I am truly excited that the banks are beginning to see that a short sale in many cases is a good alternative to foreclosing on a property. It makes more sense to sell the property at a higher price. At the same time, the banks are creating less vacant REOs (foreclosures owned by banks) which have blighted neighborhoods and negatively impacted  surrounding house values for the last several years

It is also satisfying that so many of my fellow real estate professionals are taking the time to get properly trained to facilitate these transactions to a successful closing. It is a good revenue stream for some agents at a time that has proven to be very difficult for many industry professionals to make ends meet.

Read more…

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

DO BANKS PREFER SHORT SALES?

Short Sales Become Bank Foreclosure Shortcut

NEW YORK (TheStreet) — Banks dealing with lengthy, complicated and frequently messy foreclosures are starting to see “short sales” as a quicker and cheaper way of getting bad loans off their books.se & Co| JPM

The nation’s biggest mortgage servicers- Bank of America(BAC_), JPMorgan Chase(JPM_) and Wells Fargo(WFC_) – are beginning to step up their efforts to ease the short sale process for borrowers who are unsuccessful in getting loan modifications and face the threat of foreclosure.

Servicers are attempting to reach out to borrowers and are paying out more incentives to those suffering financial hardship to help proceed with a short sale. They are also cutting down the time taken to approve short sales, although realtors still complain that the process takes too long.

JPMorgan has processed 120,000 short sales through its proprietary program since June 2009 and now averages 5,000 short sales a month. The bank says its average response time to approve a short sales transaction is 30 days.

“We think the short sale is a good solution for many struggling homeowners and we let them know that it’s an option,” said Christine Holevas, spokesperson for JPMorgan in an email. “Our outreach efforts have increased in the past year or so. Foreclosure can be an expensive and lengthy process for all parties. It’s a good deal for the homeowner and a good deal for us (a cheaper way to get a bad loan off the books.)”

A short sale is seen as a more palatable alternative to foreclosure for borrowers. In its simplest form, borrowers with underwater mortgages sell their homes to a buyer at a price that is approved by the lender. The lender normally forgives the difference between the loan and the sale proceeds- in essence the bank is being shorted for the loan amount.

Previously, lenders were said to prefer foreclosures to short sales because they — or the investors in the loans — figured that more money could be made from the former.

But the average time for the foreclosure process- from the time of notice to the completed foreclosure- is now 318 days in the U.S., according to RealtyTrac.

August 5, 2011 Posted by | Foreclosures, Selling, Short Sales | , , , | Leave a comment

BEAUTIFUL MULTI-FAMILY IN CHICAGO


SHORT SALE

1350 N. Kedzie, Chicago
Beautiful 3 flat in Humboldt Park. Three 3 bedroom apartments plus 1 bedroom garden apartment in finished basement for extended living. Gleaming hardwood floors, original, antiques finishes. Building is in a very good condition, has been updated throughout the years.  Large lot. 3 car brick garage. Easy to rent.

Virtual tour please click here.

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

June 21, 2011 Posted by | Buying, Homes for Sale, Selling, Short Sales | , , , , | Leave a comment

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