As a Chicago short sale attorney, I get these calls almost every day. If you can no longer afford your home (for any reason), call my office for a free 15 minute phone consultation. My office offers free legal representation to homeowners seeking a short sale.
Posted by Bradford Miller Law, P.C.
Real Estate Law, Landlord Tenant Law, Estate Planning
134 N. LaSalle, Suite 2250
Chicago, IL 60602
312-238-9298
http://www.bradfordmillerlaw.com/
Key words: Chicago short sale attorney, Chicago landlord tenant law attorney, Chicago estate planning attorney, Chicago real estate attorney, Chicago real estate lawyer, Chicago building code violations. This is intended to be advertising. Please consult with an attorney before acting on any information given here.
Monday, September 26, 2011
Tuesday, September 20, 2011
Increased Lending, Short Sales Will Reduce REOs
NAR: Increased Lending, Short Sales Will Reduce REOs
Daily Real Estate News | Thursday, September 15, 2011
Improving access to affordable mortgage financing for qualified home buyers and investors and committing additional resources to loan modifications and short sales will help reduce current and future inventories of real estate owned (REO) properties held by government agencies, according to the National Association of REALTORS®.
In a letter sent today to the U.S. Department of Housing and Urban Development, the Federal Housing Finance Agency, and the U.S. Department of the Treasury, NAR responded to the agencies’ recent request for input and offered its recommendations for selling REO properties held by Fannie Mae, Freddie Mac and the Federal Housing Administration.
In its letter, NAR urged the agencies to create an advisory board as they explore new options for selling foreclosed properties to ensure that efficiently disposing of agency REO properties will minimize taxpayer losses and reduce the negative effects that distressed properties have on local real estate markets.
“As the leading advocate for housing issues, REALTORS®know that foreclosures affect families, communities, the housing market and our nation’s economy,” said NAR President Ron Phipps. “We believe the government has an opportunity to minimize the impact of distressed properties on local markets by expanding financing opportunities, bolstering loan modifications and short sales efforts, and enhancing the efficient disposition of REO properties. This will help stabilize home prices and neighborhoods and help support the broader economic recovery.”
Phipps said that the lack of available and affordable mortgage financing is hurting REO sales and the entire housing market, and urged increased consumer and investor lending. While NAR supports strong underwriting standards, the lack of private capital in the mortgage market, unduly tight underwriting standards, and increasing fees have discouraged many potential home buyers from applying for mortgages. NAR believes ensuring mortgage availability for qualified home buyers and investors will help absorb the excess REO inventory.
To prevent further REO inventory increases, NAR also recommended that the agencies take more aggressive steps to modify loans and, when a family is absolutely unable keep their home, to quickly approve reasonable short sale offers that allow families to avoid foreclosure. Phipps said that while federal programs have been put into place to help keep families in their homes, many of these have fallen short of expectations, and advocated that those resources be applied toward modifying loans and expediting short sales, which are typically less costly than foreclosure.
“Loan modifications keep families in their home and reduce defaults, while short sales keep homes occupied, helping stabilize neighborhoods and home values,” Phipps said. “Expanding resources and ensuring the use of already allocated funds for pre-foreclosure efforts is the best opportunity to reduce taxpayer costs and creates more positive outcomes for homeowners and their communities.”
NAR’s letter also outlined concerns about proposals to pool large volumes of REO properties for bulk sales. While these types of transactions may help quickly alleviate high REO inventories, taxpayers would be required to accept larger losses than are necessary. Phipps said that efforts should be made to incentivize individual versus bulk sales, except in small geographic areas that meet certain criteria, since selling in bulk to large national investors puts a large section of the housing market into the hands of fewer market participants and puts individual home buyers and sellers at a disadvantage.
He also said the success of any bulk sale programs should be determined by the stabilizing effect the program has on a locale and whether it maximizes value to taxpayers. Maximizing the recovery on the agencies’ assets will depend on how property valuations are determined and that those valuations are accurate, appropriate, and reflective of market conditions, such as the valuations available through the Realtors Property Resource™, an NAR subsidiary.
NAR is also concerned about proposals that include lease-to-own elements. Phipps said that agency policies should first be focused on keeping families in their homes through loan modifications or short sales if that’s a better option, and that the agencies should not expedite foreclosures so that those properties could be included in a lease-to-own program. He added that any lease-to-own programs should not be administered by the government, but instead should include the participation of local investors or nonprofits that can manage the specialized needs and challenges of the local market.
“REALTORS® welcome the agencies’ desire to receive input and ideas to help address their REO inventory. We look forward to serving on any advisory board and working together with agency staff, real estate professionals, property managers, and others with extensive real estate industry experience to develop sound strategies and solutions to ongoing REO issues,” said Phipps.
Source: NAR
Posted by Bradford Miller Law, P.C.
Real Estate Law, Landlord Tenant Law, Estate Planning
134 N. LaSalle, Suite 2250
Chicago, IL 60602
312-238-9298
http://www.bradfordmillerlaw.com
Key words: Chicago short sale attorney, Chicago landlord tenant law attorney, Chicago estate planning attorney, Chicago real estate attorney, Chicago real estate lawyer, Chicago building code violations. This is intended to be advertising. Please consult with an attorney before acting on any information given here.
Daily Real Estate News | Thursday, September 15, 2011
Improving access to affordable mortgage financing for qualified home buyers and investors and committing additional resources to loan modifications and short sales will help reduce current and future inventories of real estate owned (REO) properties held by government agencies, according to the National Association of REALTORS®.
In a letter sent today to the U.S. Department of Housing and Urban Development, the Federal Housing Finance Agency, and the U.S. Department of the Treasury, NAR responded to the agencies’ recent request for input and offered its recommendations for selling REO properties held by Fannie Mae, Freddie Mac and the Federal Housing Administration.
In its letter, NAR urged the agencies to create an advisory board as they explore new options for selling foreclosed properties to ensure that efficiently disposing of agency REO properties will minimize taxpayer losses and reduce the negative effects that distressed properties have on local real estate markets.
“As the leading advocate for housing issues, REALTORS®know that foreclosures affect families, communities, the housing market and our nation’s economy,” said NAR President Ron Phipps. “We believe the government has an opportunity to minimize the impact of distressed properties on local markets by expanding financing opportunities, bolstering loan modifications and short sales efforts, and enhancing the efficient disposition of REO properties. This will help stabilize home prices and neighborhoods and help support the broader economic recovery.”
Phipps said that the lack of available and affordable mortgage financing is hurting REO sales and the entire housing market, and urged increased consumer and investor lending. While NAR supports strong underwriting standards, the lack of private capital in the mortgage market, unduly tight underwriting standards, and increasing fees have discouraged many potential home buyers from applying for mortgages. NAR believes ensuring mortgage availability for qualified home buyers and investors will help absorb the excess REO inventory.
To prevent further REO inventory increases, NAR also recommended that the agencies take more aggressive steps to modify loans and, when a family is absolutely unable keep their home, to quickly approve reasonable short sale offers that allow families to avoid foreclosure. Phipps said that while federal programs have been put into place to help keep families in their homes, many of these have fallen short of expectations, and advocated that those resources be applied toward modifying loans and expediting short sales, which are typically less costly than foreclosure.
“Loan modifications keep families in their home and reduce defaults, while short sales keep homes occupied, helping stabilize neighborhoods and home values,” Phipps said. “Expanding resources and ensuring the use of already allocated funds for pre-foreclosure efforts is the best opportunity to reduce taxpayer costs and creates more positive outcomes for homeowners and their communities.”
NAR’s letter also outlined concerns about proposals to pool large volumes of REO properties for bulk sales. While these types of transactions may help quickly alleviate high REO inventories, taxpayers would be required to accept larger losses than are necessary. Phipps said that efforts should be made to incentivize individual versus bulk sales, except in small geographic areas that meet certain criteria, since selling in bulk to large national investors puts a large section of the housing market into the hands of fewer market participants and puts individual home buyers and sellers at a disadvantage.
He also said the success of any bulk sale programs should be determined by the stabilizing effect the program has on a locale and whether it maximizes value to taxpayers. Maximizing the recovery on the agencies’ assets will depend on how property valuations are determined and that those valuations are accurate, appropriate, and reflective of market conditions, such as the valuations available through the Realtors Property Resource™, an NAR subsidiary.
NAR is also concerned about proposals that include lease-to-own elements. Phipps said that agency policies should first be focused on keeping families in their homes through loan modifications or short sales if that’s a better option, and that the agencies should not expedite foreclosures so that those properties could be included in a lease-to-own program. He added that any lease-to-own programs should not be administered by the government, but instead should include the participation of local investors or nonprofits that can manage the specialized needs and challenges of the local market.
“REALTORS® welcome the agencies’ desire to receive input and ideas to help address their REO inventory. We look forward to serving on any advisory board and working together with agency staff, real estate professionals, property managers, and others with extensive real estate industry experience to develop sound strategies and solutions to ongoing REO issues,” said Phipps.
Source: NAR
Posted by Bradford Miller Law, P.C.
Real Estate Law, Landlord Tenant Law, Estate Planning
134 N. LaSalle, Suite 2250
Chicago, IL 60602
312-238-9298
http://www.bradfordmillerlaw.com
Key words: Chicago short sale attorney, Chicago landlord tenant law attorney, Chicago estate planning attorney, Chicago real estate attorney, Chicago real estate lawyer, Chicago building code violations. This is intended to be advertising. Please consult with an attorney before acting on any information given here.
Thursday, September 15, 2011
Mortgage default notices in Illinois surge 25% in August
Courtesy of Chicago Tribune, 9/15/11
Notices of mortgage default, the first step in the home foreclosure process, jumped 25 percent in Illinois last month, putting the threat of additional strain on local housing markets.
In August, 7,264 Illinois households received default notices in August, compared to 5,786 households that had foreclosure proceedings started against them by lenders in July, RealtyTrac reported Thursday. It was the most default notices filed against Illinois homeowners since March.
Illinois' heightened activity mirrors a national trend. Across the country, 78,880 U.S. properties received a default notice in August, a nine-month high and a 33 percent increase from July. Still, default notices were down 18 percent nationally from August 2010 and a 44 percent drop from the 142,064 default notices -- a monthly peak -- that were filed in April 2009.
"This is really the first time we've seen a significant increase in the number of new foreclosure actions," said Rick Sharga, a senior vice president at RealtyTrac told Reuters. "It's still possible this is a blip, but I think it's much more likely we're seeing the beginning of a trend here."
States where default notices rose more than 40 percent from July included New Jersey, Indiana and California.
Meanwhile, also in Illinois last month, 2,390 properties were scheduled for a court-ordered auction and 2,839 properties became banked-owned. Overall, foreclosure activity in the state rose almost 18 percent from July but was still down 25 percent from August 2010.
Commentary: This is bad but not surprising. With the economy still struggling to grow, these kinds of stories will be common for some time. If you receive a notice of default, call my office right away to discuss your options, one of which is a short sale. My office handles short sales every day. For a free consultation, call Attorney Bradford Miller at 312-238-9298.
Posted by Bradford Miller Law, P.C.
Real Estate Law, Landlord Tenant Law, Estate Planning
134 N. LaSalle, Suite 2250
Chicago, IL 60602
312-238-9298
http://www.bradfordmillerlaw.com/
Key words: Chicago short sale attorney, Chicago landlord tenant law attorney, Chicago estate planning attorney, Chicago real estate attorney, Chicago real estate lawyer, Chicago building code violations. This is intended to be advertising. Please consult with an attorney before acting on any information given here.
Notices of mortgage default, the first step in the home foreclosure process, jumped 25 percent in Illinois last month, putting the threat of additional strain on local housing markets.
In August, 7,264 Illinois households received default notices in August, compared to 5,786 households that had foreclosure proceedings started against them by lenders in July, RealtyTrac reported Thursday. It was the most default notices filed against Illinois homeowners since March.
Illinois' heightened activity mirrors a national trend. Across the country, 78,880 U.S. properties received a default notice in August, a nine-month high and a 33 percent increase from July. Still, default notices were down 18 percent nationally from August 2010 and a 44 percent drop from the 142,064 default notices -- a monthly peak -- that were filed in April 2009.
"This is really the first time we've seen a significant increase in the number of new foreclosure actions," said Rick Sharga, a senior vice president at RealtyTrac told Reuters. "It's still possible this is a blip, but I think it's much more likely we're seeing the beginning of a trend here."
States where default notices rose more than 40 percent from July included New Jersey, Indiana and California.
Meanwhile, also in Illinois last month, 2,390 properties were scheduled for a court-ordered auction and 2,839 properties became banked-owned. Overall, foreclosure activity in the state rose almost 18 percent from July but was still down 25 percent from August 2010.
Commentary: This is bad but not surprising. With the economy still struggling to grow, these kinds of stories will be common for some time. If you receive a notice of default, call my office right away to discuss your options, one of which is a short sale. My office handles short sales every day. For a free consultation, call Attorney Bradford Miller at 312-238-9298.
Posted by Bradford Miller Law, P.C.
Real Estate Law, Landlord Tenant Law, Estate Planning
134 N. LaSalle, Suite 2250
Chicago, IL 60602
312-238-9298
http://www.bradfordmillerlaw.com/
Key words: Chicago short sale attorney, Chicago landlord tenant law attorney, Chicago estate planning attorney, Chicago real estate attorney, Chicago real estate lawyer, Chicago building code violations. This is intended to be advertising. Please consult with an attorney before acting on any information given here.
Thursday, September 8, 2011
The woo hoo moment
I just had a client in my office signing some closing paperwork and he asked if it was ok to yell for a moment. I said sure! He was in fact shouting for joy! I just got him and his wife approved for a short sale on their Chicago home. No deficiency, no more worries, just an approval to move on in life. As a short sale attorney, I appreciate those woo hoo moments. It reminds me that my work does make a difference.
If you need help with a short sale, or are thinking about a short sale, feel free to give me a call. I offer a free 15 minute phone consultation. Maybe you can have a woo hoo moment of your own.
Posted by Bradford Miller Law, P.C.
Real Estate Law, Landlord Tenant Law, Estate Planning
134 N. LaSalle, Suite 2250
Chicago, IL 60602
312-238-9298
http://www.bradfordmillerlaw.com/
Key words: Chicago short sale attorney, Chicago landlord tenant law attorney, Chicago estate planning attorney, Chicago real estate attorney, Chicago real estate lawyer, Chicago building code violations. This is intended to be advertising. Please consult with an attorney before acting on any information given here.
If you need help with a short sale, or are thinking about a short sale, feel free to give me a call. I offer a free 15 minute phone consultation. Maybe you can have a woo hoo moment of your own.
Posted by Bradford Miller Law, P.C.
Real Estate Law, Landlord Tenant Law, Estate Planning
134 N. LaSalle, Suite 2250
Chicago, IL 60602
312-238-9298
http://www.bradfordmillerlaw.com/
Key words: Chicago short sale attorney, Chicago landlord tenant law attorney, Chicago estate planning attorney, Chicago real estate attorney, Chicago real estate lawyer, Chicago building code violations. This is intended to be advertising. Please consult with an attorney before acting on any information given here.
Thursday, September 1, 2011
Banks Agree to More Short Sales
Banks Agree to More Short Sales
Daily Real Estate News | Friday, August 26, 2011
Banks are agreeing to more short sale transactions, and short sales are taking less time to sell, which is helping to clear large inventories of distressed properties more efficiently, says James J. Saccacio, RealtyTrac CEO, in releasing new housing data this week.
“This is a glimmer of hope that lenders are getting more realistic,” Rick Sharga, senior vice president of RealtyTrac, told Bloomberg News. “It’s a win for borrowers who avoid foreclosure, buyers who get a house in better condition and banks that lose less money, which is also a win for taxpayers.”
During the second quarter, the number of homes nearing foreclosure accounted for 12 percent of total home sales, with banks agreeing to more transactions at prices below the outstanding mortgage balance, RealtyTrac reported in releasing its second quarter data this week.
What’s more, pre-foreclosure homes took an average of 245 days to sell after receiving the initial foreclosure notice--that’s down from 256 days in the first quarter, RealtyTrac reports.
Sales of homes in the foreclosure process or short sales sold on average for a 21 percent discount--or an average sales price of $192,129--compared to the sales price of non-distressed homes.
Source: “Home Short Sales Increase as Banks ‘More Realistic’ on Market,” Bloomberg News (Aug. 24, 2011)
Posted by Bradford Miller Law, P.C.
Real Estate Law, Landlord Tenant Law, Estate Planning
134 N. LaSalle, Suite 2250
Chicago, IL 60602
312-238-9298
http://www.bradfordmillerlaw.com/
Key words: Chicago short sale attorney, Chicago landlord tenant law attorney, Chicago estate planning attorney, Chicago real estate attorney, Chicago real estate lawyer, Chicago building code violations. This is intended to be advertising. Please consult with an attorney before acting on any information given here.
Daily Real Estate News | Friday, August 26, 2011
Banks are agreeing to more short sale transactions, and short sales are taking less time to sell, which is helping to clear large inventories of distressed properties more efficiently, says James J. Saccacio, RealtyTrac CEO, in releasing new housing data this week.
“This is a glimmer of hope that lenders are getting more realistic,” Rick Sharga, senior vice president of RealtyTrac, told Bloomberg News. “It’s a win for borrowers who avoid foreclosure, buyers who get a house in better condition and banks that lose less money, which is also a win for taxpayers.”
During the second quarter, the number of homes nearing foreclosure accounted for 12 percent of total home sales, with banks agreeing to more transactions at prices below the outstanding mortgage balance, RealtyTrac reported in releasing its second quarter data this week.
What’s more, pre-foreclosure homes took an average of 245 days to sell after receiving the initial foreclosure notice--that’s down from 256 days in the first quarter, RealtyTrac reports.
Sales of homes in the foreclosure process or short sales sold on average for a 21 percent discount--or an average sales price of $192,129--compared to the sales price of non-distressed homes.
Source: “Home Short Sales Increase as Banks ‘More Realistic’ on Market,” Bloomberg News (Aug. 24, 2011)
Posted by Bradford Miller Law, P.C.
Real Estate Law, Landlord Tenant Law, Estate Planning
134 N. LaSalle, Suite 2250
Chicago, IL 60602
312-238-9298
http://www.bradfordmillerlaw.com/
Key words: Chicago short sale attorney, Chicago landlord tenant law attorney, Chicago estate planning attorney, Chicago real estate attorney, Chicago real estate lawyer, Chicago building code violations. This is intended to be advertising. Please consult with an attorney before acting on any information given here.
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