Banks could be forced to pay as much as $125,000 per customer to compensate borrowers who were subject to foreclosure-processing errors.
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Times are difficult for many. To help, the IRS recently announced an expansion of its “Fresh Start” initiative with more flexible terms to its Offer in Compromise (OIC) program. The full articles is available for registered subscribers here. Register now for free and continue reading!
Times are difficult for many. To help, the IRS recently announced an expansion of its “Fresh Start” initiative with more flexible terms to its (OIC) program helping the most distressed taxpayers to clear up their tax problems more quickly
The Chicago Plan Commission on Thursday approved a 269-unit apartment project in the Boystown/Wrigleyville that drew opposition from twelve area condo associations, local community groups and business organizations. The proposal which compromises of a 12 and 15 story building have been heavily debated by local residents, some of whom say […]
This past Monday, Anthony Renzi, who heads the largest division at Freddie – the single family mortgage division is leaving. This past year has seen a slew of talent and executives leave this past year, and was no surprise back in March, when Freddie announced their 2011 financial results. […]
(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 […]
FHA is lowering its mortgage insurance premiums to help borrowers refinance into lower interest rates. Additional help to military who have been wrongly foreclosed on or denied the opportunity to refinance as well, as announced by President Obama earlier this week FHA is reducing its up-front premium to .01 percent, […]
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. […]
Who does the settlement cover? The settlement covers borrowers who have loans that are serviced by one of the five big banks: Ally Financial Inc./GMAC Mortgage, Bank of America Corp., Citigroup Inc., J.P. Morgan Chase & Co. and Wells Fargo & Co. These banks handle payments on 55% of U.S. […]
(AP) — Illinois is expected to receive about $1 billion in a multi-state settlement with the nation’s five largest mortgage lenders, Attorney General Lisa Madigan announced Thursday. Madigan joined with attorneys general in others states and federal officials to announce the roughly $25 billion settlement in Washington. Read the full […]
UPDATE: U.S., Banks Agree on Foreclosure Pact For months now a nationwide plan to help homeowners hit by the mortgage meltdown and improper foreclosure practices may be announced today under a multi-state settlement by states’ attorneys generals and the nation’s five major lenders (Bank of America, JP Morgan Chase, Wells […]
Several changes have been done to the statistics page. Distressed sales statistics (lender mediated assisted sales: REO, short sales, pre-foreclosure, foreclosure) are now compiled in a monthly report. Additionally, information by each neighborhood is available for registered subscribers. Reports for each month is made available a couple of weeks after […]
the Office of the Comptroller of the Currency, the Board of Governors of the Federal Reserve System, and the Office of Thrift Supervision announced enforcement actions against 14 large residential mortgage servicers
City of Chicago Announcement: Department of Buildings Requiring 50 Percent Fee With All Permit Applications Deposit to Increase Efficiency and Recoup Partial Costs for Plans Reviewed The Department of Buildings will start requiring a 50 percent deposit on permit applications on January 3, 2012. The deposit requirement is designed to […]
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 […]
Home owners may be able to take advantage of several tax credits for energy efficiency home improvements from this year. But time is running out, the tax credits are set to expire Dec. 31, and Congress has yet to renew them for 2012. “Making efficiency improvements this year will lower […]
Chicago area real estate statistics for residential and commercial properties have been updated – Chicago real estate statistics. Overall, inventory is down across all real estate classes and contracts written and real estate sold are up from one year ago. Only businesses and multi-units have seen fewer properties sold than […]
Long term outlook is still largely uncertainty as the Super Committee cannot come to agreement. Without changes, there is some $1.2 trillion in federal programs that will be automatically cut in 2013. Military bases and surrounding communities will be hit as spending is scaled back and surrounding area is impacted […]
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 Federal Housing Administration’s cash reserves are falling short. This could impact the market in a multitude of ways, including the FHA depleting its reserves, which creates fewer financing options for buyers as well as impacting how quick stabilization occurs. The audit, to be released Tuesday by the FHA, estimated […]
The Obama administration announced plans to expand the Home Affordable Refinance Program to make it easier for homeowners who are struggling but still making mortgage payments to refinance their homes. Changes to the program include refinancing despite how much a home’s value has fallen, reducing some fees, and eliminating the […]
Dreaded property tax bills are expected to hit Cook County mailboxes the first week of October, and homeowners might find them a bit plumper than last year despite the continued housing market malaise. Figures released Thursday by County Clerk David Orr showed that Chicago residential, commercial and industrial property owners […]
Many lending institutions are facing a large inventory of foreclosed properties. Many of them have sat vacant after foreclosure for lengthy periods of time and have fallen into disrepair, vandalism and theft or even fraud in some cases. There have been many ideas presented, but the growing inventory, limited resources […]
News Regarding Forbearance from FTC Enforcement of some MARS Rules against Real Estate Professionals On July 15, 2011, the National Association of REALTORS® (NAR) issued a press release stating that the Federal Trade Commission (FTC) will not undertake enforcement actions against real estate professionals who assist distressed homeowners in their […]
The Illinois Association of REALTORS® (IAR) has discovered a technical error related to inconsistent data reporting that has resulted in inaccurate median price and sales volume reports for single-family homes and condominiums specifically and solely for the city of Chicago. This unintentional technical error only relates to city of Chicago […]
Recently, there is a rise of a new scam aimed at hijacking just one or two mortgage payments from unsuspecting homeowners. With many mortgages being transferred to new service providers through the life of a loan, many homeowners are unaware of what the actual process is for notification, or what […]
Updated Chicago real estate statistics for May 2011.
To all our veterans, remembered and forgotten, as well as active duty soldiers and those halfway around the world fighting right now – thank you. It is because the sacrifices you all give that everyone spends today with their loved ones. Chicago beaches are now open. Thank you.
It was recently reported that the U.S. Environmental Protection Agency has demanded that the Chicago River be cleaned up enough for recreational activities such as swimming, canoeing. The Cal-Sag and Little Calumet River is also included as part of cleanup efforts as reported by the Chicago Tribune. The IL EPA […]
There has been a lot of uncertainty in the marketplace lately. In the news there are reports of recovering taking longer, recovery happening now and even announcements that home sales are up. So what are we to expect, or believe when it comes to the future of the housing market? […]
Taking Inventory: Supply Picture Slowly Improving One closely watched gauge of the local real estate market is Months Supply of Inventory (MSI). MSI forecasts how long it would take to sell off the remaining supply of active listings given the current pace of sales. As a general rule of thumb, […]
(Crain’s) — Four development teams have made the first cut in the competition to redevelop the Children’s Memorial Hospital property in Lincoln Park, a parcel coveted by developers for its location and size. Nine groups submitted proposals for the six-acre site in December, but Children’s Memorial released a short-list Friday […]
Today marked the end of an era, which for a short time initially was an idealized vision of a vibrant new development which soon came to be controlled by gangs, drugs and violence. The Cabrini-Green Housing Project as of yesterday will be relegated to history one last time. The final […]
The weekly statistics for distressed and traditional real estate sales have been updated for last week. An index of local home prices fell in December for the fifth straight month, hitting its lowest point since the summer of 2001. The growing concern is over the “shadow inventory” or foreclosures/soon-to-be-foreclosures that […]
Help donate to support relief efforts for Japan.
It is National Consumer Protection Week. It’s a good time to take stock on issues that could affect you such as identity theft, understanding your credit, filing bankruptcies and buying a home or car. Originally published at https://realtyevolved.net.
Monthly statistics through February have been posted! Supply seems to be lessening for residential. Lots of activity for commercial and industrial properties as contracts written and sales are up. Activity in vacant lots is heating up earlier as well than last year. View the residential real estate market dynamics analysis […]
WSJ just published an article stating that the housing crash may have been more severe than what initial estimate show. The National Association of Realtors as well as CoreLogic (real-estate analytics firm) both have varying results from 2010. There are several reasons for the discrepancies. The 2010 Census didn’t include […]
Proposal was outline Friday that the Obama administration would plan to address the mortgage markets which could possibly include phasing out Fannie Mae and Freddie Mac. “Officials portrayed a housing-finance system that would include a role for both the public and private sectors, but would be different from the current […]