Omnibus Condominium Bill – House Bill 189 is a major rewrite of parts of the Illinois Condominium Property Act and Common Interest Association Act.
Legal
Chicago Mayor Rahm Emanuel’s $7.8 billion fiscal 2016 budget and a historic property tax increase to pay for public safety worker pensions easily cleared the city council on Wednesday. However, the plan for the fiscal year that begins on Jan. 1 still faces uncertainties in the Illinois Legislature and supreme […]
The largest creditor on the Chicago Spire is turning up the heat on the failed project’s developer. An affiliate of Related Cos. sued Garrett Kelleher, the Irishman who started and then aborted the condominium project, demanding that he fulfill a personal guarantee he signed to secure a loan for the […]
A Chicago ordinance takes effect Tuesday that will offer additional protections, including funds to offset tenants’ relocation costs, in rental buildings in the city.
The official overseeing of the vast pool of mortgages held by Fannie Mae and Freddie Mac has defied the White House and more than 100 members of Congress for the second time by formally rejecting a plan to use bank bailout funds to write down principal balances for underwater homeowners.
Banks could be forced to pay as much as $125,000 per customer to compensate borrowers who were subject to foreclosure-processing errors.
(Crain’s) — An Arizona man was sentenced Tuesday to three years in federal prison for his role in defrauding 48 Chicago condominium associations of about $2 million. Jay Strauss, 76, of Scottsdale, Ariz., also was ordered to pay $2 million in restitution, according to a spokesman for the U.S. Attorney […]
The recent settlement covers borrowers who have loans that are serviced by one of the five big banks. Who qualifies, the different options for homeowners (both previously foreclosed and current owners underwater). Subscribers will be able to view the full article with links and phone numbers to contact their lenders. […]
The Securities and Exchange Commission is accusing six former Fannie Mae and Freddie Mac executives, including ex-CEOs, of misrepresenting their holdings of high-risk mortgage loans in the GSEs’ portfolios. “Fannie Mae and Freddie Mac executives told the world that their subprime exposure was substantially smaller than it really was,” Robert […]
As of Jan. 1, Freddie Mac will require parties involved in a short sale to sign affidavits that will make them liable for any negligent or intentional misrepresentations in the transaction, HousingWire reports. Mortgage servicers are being urged to implement the change immediately before the Jan. 1 mandate, however. The […]
The State of Illinois, by way of Public Act 097-0470, just amended the Illinois Landlord and Tenant Act, adding new section 765 ILCS 705/15. Effective January 1, 2012, landlords in counties with a population in excess of 3 million people (ie. Cook County) are required to change or re-key the […]
Illinois Attorney General Lisa Madigan, along with her counterparts in the rest of the country and the District of Columbia, have launched a joint investigation into allegations that mortgage companies mishandled documents and broke laws in foreclosing on hundreds of thousands of homeowners.
I have had several requests through Skype and email asking to go into more detail about disclosures and REO (real estate owned) properties. Originally published at https://realtyevolved.net by Sherwin Sucaldito.
Current sellers may benefit in the short-term from fewer foreclosures on the market, which account for large percentage of transactions currently. RealtyTrac estimates that distressed sales account for a third of the residential real estate market, and depressing home prices by about 26%. Originally published at https://realtyevolved.net by Sherwin Sucaldito.
Sometimes it is difficult in determine a home’s history, which may not be apparent during a viewing or inspection. Especially when purchasing a property with no disclosures, a C.L.U.E. report can help give insight. Originally published at https://realtyevolved.net by Sherwin Sucaldito.
In mid-July, President Obama signed sweeping financial services reform into law. The 2,300-page law creates an oversight agency for financial services companies and a consumer financial protection bureau. Originally published at https://realtyevolved.net by Sherwin Sucaldito.