Tag Archives: Foreclosure

The Difference Between Short Sale and Foreclosed Properties

Written by: - November 5, 2009

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The Difference Between Short Sale and Foreclosed Properties

I frequently get asked the difference between a short sale and a foreclosure / Real Estate Owned (REO) property. Buyers in today?s market who are cash heavy and have a flexible time frame may be in the best position to purchase one of these foreclosed properties.

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HVCC Regulations Are Changing Your Property Values

Written by: - October 15, 2009

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HVCC Regulations Are Changing Your Property Values

The HVCC program and its regulations are lengthening underwriting times, increasing costs to the buyer and seller, and lowering property values.

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Bronzeville’s Harold Washington Cultural Center’s Financial Problems

Written by: - October 8, 2009

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8 October 2009 ? Former 3rd Ward Alderman Dorothy Tillman played an integral role in opening Bronzeville’s Harold Washington Cultural Center in 2004, which relied on $7.7 million in public grants and employed Tillman’s daughter as its executive director. Shore Bank recently filed a foreclosure suit against the center in an effort to recover almost […]

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Good and Bad National News On the Same Day

Written by: - August 13, 2009

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Good and Bad National News On the Same Day

The Good News As we reported two days ago, Chicago and Illinois are on a roll; we’ve had five consecutive months of increased month-on-month home sales. It turns out that we are not alone. Many news outlets are reporting that home sales grew in the second quarter in the majority of the country: 39 states […]

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Illinois “Finally Home” Program Finally Works for More Chicagoans

Written by: - August 12, 2009

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Illinois “Finally Home” Program Finally Works for More Chicagoans

Finally Home, a mortgage program designed to help Illinois residents buy a home or keep their existing homes from going into foreclosure, changed a key guideline that will allow more Chicago home buyers and home owners to take advantage this state program. The program raised the qualifying average median income (AMI) from 115% to 150%. […]

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Pearson On The Park to Be Foreclosed On

Written by: - July 29, 2009

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29 July 2009 ? PrivateBank & Trust Co. has filed to foreclose on Pearson on the Park (222 E. Pearson St.) a 219-unit condo conversion that as of late has been struggling to sell its remaining twenty percent of units. According to records found in MLS (Multiple Listing Service), three developer units have sold since […]

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More Foreclosures To Come

Written by: - July 7, 2009

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7 July 2009 ? More foreclosures are to come. While the housing market has been showing signs of stabilization, we may see another surge of foreclosures before the end of summer, according to several major banks. Why now? Since the end of last year many lenders have held off on foreclosure proceedings, instead offering loan […]

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Chicago Housing Market’s Inventory and Pricing Starting to Level

Written by: - June 22, 2009

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22 June 2009 ? Signs are appearing that both inventory and pricing in the housing market are starting to level. Banks modifying existing mortgages are keeping people in their homes who thought they would have to sell. A large number of foreclosure units will not be hitting the open market as reported in Friday?s Chicago […]

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How to Fight Foreclosure

Written by: - May 29, 2009

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How to Fight Foreclosure

So, you are facing foreclosure, and are worried and scared and don?t know what to do? Well, you are not alone. Millions of people nationwide have been foreclosed on or will be soon. There?s been all kinds of blame and finger-pointing (see my Who?s to Blame post for further info on that), but that’s not […]

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The Ugly Truth About Loan Modifications

Written by: - May 18, 2009

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The Ugly Truth About Loan Modifications

Ok, so just about everybody has heard about loan modifications, or loan mods for short. They are also called loan workouts, loan restructuring, among others. I’m going to explain what types of loan mods exist, and who can or can’t likely get them. What kind of loan modifications are there? There are a few different […]

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Are you a Short Sale or Foreclosure Buyer?

Written by: - May 5, 2009

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Are you a Short Sale or Foreclosure Buyer?

Many people out there want to take advantage of this buyer’s market and scoop up an excellent deal. Many are very successful at this, actually buying real estate for pennies on the dollar. Others, have no idea or clue what to do. The first thing one needs to ascertain is? “Am I a short sale […]

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Distressed Sales vs. “Traditional” Sales Numbers

Written by: - April 20, 2009

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Distressed Sales vs. “Traditional” Sales Numbers

On April 1 the Chicago Association of Realtors┬« (CAR) released some data that I thought was interesting in this time of dropping property values. However, I didn’t see these numbers discussed anywhere other than their web site. I think these numbers deserve a second look and hopefully some comments from our readers. The goal of […]

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Fannie Mae and Freddie Mac Loan Modification Leads to Some Workouts

Written by: - April 17, 2009

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17 April 2009 – Mortgage rates have been down a little bit this week, even though the Dow has been creeping upward. Billions in federal bailout money have been earmarked for ?loan modification? of Fannie Mae and Freddie Mac loans. This means the government will help defray the cost of a loan ?work out? for […]

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