Archive for the ‘Foreclosure’ Category

Home Buying After Foreclosure

January 8, 2016

home buying

If you think that once your home goes into foreclosure that you will never be able to own a home again you are wrong. There are guidelines and wait periods however and those are listed below. If you do have to go through a foreclosure realize that it is not the end of the world and that there is light at the end of the tunnel. It may be easy for you to give up and settle for renting the rest of your life but you do not have to. Become a home owner again with just a few steps that need to be taken.

  • All mortgage loan types require a waiting period once you have gone through foreclosure but those waiting periods vary. If you have a conventional loan backed by Freddie-Mac or Fannie Mae you are going to have to wait the longest period of time before getting another loan as these loans require that you wait 7 years from completion. Most conventional loans will also require a good debt to income ratio before you can apply for a new loan.
  • VA loans, which are the Department of Veterans Affairs backed loans, only require that you wait a period of two years before applying for a new home loan. Only folks who have served or are serving in the military can apply for these types of loans however.
  • FHA loans, Federal Housing Authority, will allow you to have another home loan as quickly as just a year after your foreclosure if you can prove that the situation that caused your foreclosure was out of your control such as a job loss or a medical issue. If you are unable to provide the needed proof of these types of circumstances you will have to wait three years to get another FHA loan.

The best advice that you can take if you have gone through a foreclosure is to take the needed time to improve your credit. Be sure to pay all of your bills on time, or better yet pay them early. Get your debt to income ratio in good shape and perhaps find a position in a company that pays you well enough to be able to afford to pay a good down payment. Keep in mind as mentioned before that once you have gone through a foreclosure it doesn’t mean that you can never own a home again. Don’t give up and keep pressing forward and you may find that you own your own home again sooner than you may have thought possible.

MAKING A POSITIVE DIFFERENCE IN PEOPLE’S LIVES.

Karen Breen Elia & Louis M. Elia, REALTORS®, are brokers for homes, condos, and multi-unit properties on Chicago’s North Side.

ChicagoCityHomes, RE/MAX Exclusive Properties
2951 North Lincoln Avenue
Chicago IL 60657
Toll Free: (866) 404-3585 Fax: (773) 938-1467  Send An Email

We know Chicago Real Estate!  Call us today!

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Chicago Foreclosure Trends for February 2015

April 3, 2015

In February, the number of properties that received a foreclosure filing in Chicago, IL was 36% lower than the previous month and 32% lower than the same time last year, according to RealtyTrac.com.

Chicago Foreclosure Activity

In February 2015, the number of Auctions decreased 68.5% from the previous month and 57.7% from the previous year. Bank-owned properties decreased 10.7% from the previous month and 35.5% from the previous year. Pre-foreclosures decreased 7.6% from the previous month and 3.4% from the previous year.

chicago foreclosure

Chicago Foreclosure Geographical Comparison

Chicago foreclosures were 0.01% higher than national statistics, 0.02% lower than Illinois figures, and 0.03% lower than Cook County numbers in February.

chicago foreclosure

 

Chicago Foreclosure Status

The current distribution of foreclosures based on the number of active foreclosure homes in Chicago.

In February, Pre-foreclosures accounted for 52.7% of the foreclosures activity, Auctions accounted for 22.3%, and Bank-owned properties 52.7%.

chicago foreclosure

 

Are you or someone you know behind on mortgage payments? There are options to Chicago foreclosures. A short sale may be the answer to saving you, your family and your credit. Contact us for a private consultation. We can help!

MAKING A POSITIVE DIFFERENCE IN PEOPLE’S LIVES.

Karen Breen Elia & Louis M. Elia, REALTORS®, are brokers for homes, condos, and multi-unit properties on Chicago’s North Side.

ChicagoCityHomes, RE/MAX Exclusive Properties
2951 North Lincoln Avenue
Chicago IL 60657
Toll Free: (866) 404-3585 Fax: (773) 938-1467  Send An Email

We know Chicago Real Estate!  Call us today!

Chicago Foreclosure Trends for January 2015

March 4, 2015

In January, the number of properties that received a foreclosure filing in Chicago, IL was 6% lower than the previous month and 17% lower than the same time last year, according to RealtyTrac.com.

Chicago Foreclosure Activity

In January 2015, the number of Auctions decreased 37.0% from the previous month and 34.9% from the previous year. Bank-owned properties increased 47.2% from the previous month and 9.5% from the previous year. Pre-foreclosures increased 24.6% from the previous month and dropped 6.6% from the previous year.

chicago foreclosure

Chicago Foreclosure Geographical Comparison

Chicago foreclosures were 0.06 higher than national statistics, the same as Illinois figures, and 0.05% lower than Cook County numbers in January.

chicago foreclosure

 

Chicago Foreclosure Status

The current distribution of foreclosures based on the number of active foreclosure homes in Chicago.

In January, Pre-foreclosures accounted for 33.6% of the foreclosures activity, Auctions accounted for 38.3%, and Bank-owned properties 28.1%.

chicago foreclosure

 

Are you or someone you know behind on mortgage payments? There are options to Chicago foreclosures. A short sale may be the answer to saving you, your family and your credit. Contact us for a private consultation. We can help!

MAKING A POSITIVE DIFFERENCE IN PEOPLE’S LIVES.

Karen Breen Elia & Louis M. Elia, REALTORS®, are brokers for homes, condos, and multi-unit properties on Chicago’s North Side.

ChicagoCityHomes, RE/MAX Exclusive Properties
2951 North Lincoln Avenue
Chicago IL 60657
Toll Free: (866) 404-3585 Fax: (773) 938-1467  Send An Email

We know Chicago Real Estate!  Call us today!

Chicago Foreclosure Trends for December 2014

January 16, 2015

In December, the number of properties that received a foreclosure filing in Chicago, IL was 48% higher than the previous month and 9% lower than the same time last year, according to RealtyTrac.com.

Chicago Foreclosure Activity

In December, the number of Auctions increased 109.1% from the previous month and 23.2% from the previous year. Bank-owned properties increased 2.4% from the previous month and decreased 32.0% from the previous year. Pre-foreclosures increased 9.9% from the previous month and dropped 32.2% from the previous year.

chicago foreclosure

Chicago Foreclosure Geographical Comparison

Chicago foreclosures were 0.07% higher than national statistics, 0.01% higher than Illinois figures, and 0.04% lower than Cook County numbers in December.

chicago foreclosure

 

Chicago Foreclosure Status

The current distribution of foreclosures based on the number of active foreclosure homes in Chicago.

In December, Pre-foreclosures accounted for 25.2% of the foreclosures activity, Auctions accounted for 56.9%, and Bank-owned properties 17.9%.

chicago foreclosure

 

Are you or someone you know behind on mortgage payments? There are options to Chicago foreclosures. A short sale may be the answer to saving you, your family and your credit. Contact us for a private consultation. We can help!

MAKING A POSITIVE DIFFERENCE IN PEOPLE’S LIVES.

Karen Breen Elia & Louis M. Elia, REALTORS®, are brokers for homes, condos, and multi-unit properties on Chicago’s North Side.

ChicagoCityHomes, RE/MAX Exclusive Properties
2951 North Lincoln Avenue
Chicago IL 60657
Toll Free: (866) 404-3585 Fax: (773) 938-1467  Send An Email

We know Chicago Real Estate!  Call us today!

Chicago Foreclosure Trends for October 2014

December 7, 2014

In October, the number of properties that received a foreclosure filing in Chicago, IL was 9% higher than the previous month and 22% lower than the same time last year, according to RealtyTrac.com.

Chicago Foreclosure Activity

In October, the number of Auctions increased 17.0% from the previous month and 2.9% from the previous year. Bank-owned properties increased 2.67.5% from the previous month and dropped 36.2% from the previous year. Pre-foreclosures increased 4.3% from the previous month and dropped 32.1% from the previous year.

chicago foreclosure
Chicago Foreclosure Geographical Comparison

Chicago foreclosures were 0.05% higher than national statistics, the same as Illinois figures, and 0.04% lower than Cook County numbers in October.

chicago foreclosure

Chicago Foreclosure Status

The current distribution of foreclosures based on the number of active foreclosure homes in Chicago.

In October, Pre-foreclosures accounted for 37.6% of the foreclosures activity, Auctions accounted for 41.0%, and Bank-owned properties 21.4%.

chicago foreclosure

 Are you or someone you know behind on mortgage payments? There are options to Chicago foreclosures. A short sale may be the answer to saving you, your family and your credit. Contact us for a private consultation. We can help!

MAKING A POSITIVE DIFFERENCE IN PEOPLE’S LIVES.

Karen Breen Elia & Louis M. Elia, REALTORS®, are brokers for homes, condos, and multi-unit properties on Chicago’s North Side.

ChicagoCityHomes, RE/MAX Exclusive Properties
2951 North Lincoln Avenue
Chicago IL 60657
Toll Free: (866) 404-3585 Fax: (773) 938-1467  Send An Email

We know Chicago Real Estate!  Call us today!

Chicago Foreclosure Trends for Sept 2014

October 31, 2014

In September, the number of properties that received a foreclosure filing in Chicago was 2% higher than the previous month and 19% lower than the same time last year, according to RealtyTrac.com.

Chicago Foreclosure Activity

In September, the number of Auctions decreased 6.4% from the previous month and 19.0% from the previous year. Bank-owned properties decreased 7.5% from the previous month and 33.5% from the previous year. Pre-foreclosures increased 18.4% from the previous month and dropped 6.1% from the previous year.

chicago foreclosure
Chicago Foreclosure Geographical Comparison

Chicago foreclosures were 0.05% higher than national statistics, the same as Illinois figures, and 0.03% lower than Cook County numbers in September.

chicago foreclosure

Chicago Foreclosure Status

The current distribution of foreclosures based on the number of active foreclosure homes in Chicago.

In September, Pre-foreclosures accounted for 39.2% of the foreclosures activity, Auctions accounted for 38.1%, and Bank-owned properties 22.74.9%.

chicago foreclosure

 Are you or someone you know behind on mortgage payments? There are options to Chicago foreclosures. A short sale may be the answer to saving you, your family and your credit. Contact us for a private consultation. We can help!

MAKING A POSITIVE DIFFERENCE IN PEOPLE’S LIVES.

Karen Breen Elia & Louis M. Elia, REALTORS®, are brokers for homes, condos, and multi-unit properties on Chicago’s North Side.

ChicagoCityHomes, RE/MAX Exclusive Properties
2951 North Lincoln Avenue
Chicago IL 60657
Toll Free: (866) 404-3585 Fax: (773) 938-1467  Send An Email

We know Chicago Real Estate!  Call us today!

Chicago IL Foreclosure Trends for August 2014

October 2, 2014

In August, the number of properties that received a foreclosure filing in Chicago, IL was 2% lower than the previous month and 14% lower than the same time last year, according to RealtyTrac.com.

Chicago IL Foreclosure Activity

In August, the number of Auctions increased 3.3% from the previous month and decreased 6.0% from the previous year. Bank-owned properties decreased 0.8% from the previous month and 18.3% from the previous year. Pre-foreclosures decreased 7.3% from the previous month and 20.6% from the previous year.

chicago il foreclosure
Chicago IL Foreclosure Geographical Comparison

Chicago IL foreclosures were 0.04% higher than national statistics,0.01% higher than Illinois figures, and 0.02% lower than Cook County numbers in August.

chicago il foreclosure

Chicago IL Foreclosure Status

The current distribution of foreclosures based on the number of active foreclosure homes in Cook County, IL.

In August, Pre-foreclosures accounted for 33.6% of the foreclosures activity, Auctions accounted for 41.4%, and Bank-owned properties 24.9%.

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Are you or someone you know behind on mortgage payments? There are options to Chicago IL foreclosures. A short sale may be the answer to saving you, your family and your credit. Contact us for a private consultation. We can help!

MAKING A POSITIVE DIFFERENCE IN PEOPLE’S LIVES.

Karen Breen Elia & Louis M. Elia, REALTORS®, are brokers for homes, condos, and multi-unit properties on Chicago’s North Side.

ChicagoCityHomes, RE/MAX Exclusive Properties
2951 North Lincoln Avenue
Chicago IL 60657
Toll Free: (866) 404-3585 Fax: (773) 938-1467  Send An Email

We know Chicago Real Estate!  Call us today!

Chicago IL Foreclosure Trends for July 2014

September 5, 2014

In July, the number of properties that received a foreclosure filing in Chicago, IL was 13% lower than the previous month and 10% lower than the same time last year, according to RealtyTrac.com.

Chicago IL Foreclosure Activity

In July, the number of Auctions decreased 21.6% from the previous month and increased 49.3% from the previous year. Bank-owned properties decreased 6.4% from the previous month and 4.3% from the previous year. Pre-foreclosures decreased 5.0% from the previous month and 39.7 from the previous year.

chicago il foreclosure
Chicago IL Foreclosure Geographical Comparison

Cook County IL foreclosures were 0.05% higher than national statistics, the same as Illinois figures, and 0.04% lower than Cook County numbers in July.

chicago il foreclosure

Chicago IL Foreclosure Status

The current distribution of foreclosures based on the number of active foreclosure homes in Cook County, IL.

In July, Pre-foreclosures accounted for 35.8% of the foreclosures activity, Auctions accounted for 39.5%, and Bank-owned properties 24.8%.

chicago il foreclosure

 

Are you or someone you know behind on mortgage payments? There are options to Chicago IL foreclosures. A short sale may be the answer to saving you, your family and your credit. Contact us for a private consultation. We can help!

Cook County and Chicago IL Foreclosure Trends for June 2014

August 11, 2014

In June, the number of properties that received a foreclosure filing in Cook County, IL was 10% higher than the previous month and 30% lower than the same time last year, according to RealtyTrac.com.

Cook County IL Foreclosure Activity

In June, the number of Auctions increased 14.3% from the previous month and decreased 56.2% from the previous year. Bank-owned properties increased 11.4% from the previous month and 29.7% from the previous year. Pre-foreclosures increased 2.9% from the previous month and 13.8 from the previous year.

chicago il foreclosure
Cook County IL Foreclosure Geographical Comparison

Cook County IL foreclosures were 0.11% higher than national statistics and 0.03% higher than Illinois figures in June.

chicago il foreclosure

Cook County IL Foreclosure Status

The current distribution of foreclosures based on the number of active foreclosure homes in Cook County, IL.

In June, Pre-foreclosures accounted for 31.0% of the foreclosures activity, Auctions accounted for 41.7%, and Bank-owned properties 27.3%.

chicago il foreclosure

 

Are you or someone you know behind on mortgage payments? There are options to Chicago IL foreclosures. A short sale may be the answer to saving you, your family and your credit. Contact us for a private consultation. We can help!

Using Eminent Domain To Save Underwater Chicago Foreclosures: Is It a Good Idea?

August 7, 2012

Alderman Edward Burke wants to explore fighting Chicago foreclosures with eminent domain. Is this a good idea Chicago?

I think this comes back to the principal reduction issue.  Financial institutions feel (as do many people) that a debt is tied to a promise of repayment, and by reducing the amount of that debt, the value of the promise is compromised.  This is the “moral hazard risk”.  If debt forgiveness becomes acceptable, where does it end?  So although principal reduction may seem like a good solution to our housing crisis by assisting homeowners who are underwater with their mortgages,  the long term ramifications of debt forgiveness may be the greater future threat to the stability of our economy.

Read the whole story and let me know what you think… 

(Crain’s) — Chicago’s City Council is wading into the debate about whether governments should use their eminent domain power to save borrowers from foreclosure.

Under a controversial plan pitched by a San Francisco-based investment firm, municipalities and counties would use their eminent domain authority to buy up mortgages that are “underwater,” or exceed the value of the homes securing them. The governments would then reduce the principal owed on the loans and sell them to private investors.

Officials in Southern California and in New York already are considering the idea. Now, Chicago Ald. Edward Burke (14th) wants a joint committee to convene by mid-August to consider whether the city should pursue such tactics.

“This is something that’s starting to percolate in all major cities around the country,” said Mr. Burke, the powerful chair of the council’s Committee on Finance. “I’d like Chicago to be the first if it’s beneficial.”

Mr. Burke and Ald. Carrie Austin (34th) introduced a resolution at the City Council meeting last week calling for a hearing on the matter. A spokeswoman for Mayor Rahm Emanuel said the mayor’s office is reviewing the resolution.

Finance groups oppose the use of eminent domain powers to seize mortgages, arguing that they don’t pass constitutional muster and will scare off lenders from communities that adopt such tactics.

“I think what the discussion will find is this would be a bad policy outcome for the city of Chicago,” said Thomas Deutsch, executive director of the New York-based American Securitization Forum, a trade group.

Mortgage Resolution Partners LLC, the San Francisco-based firm pushing the idea, has had “conversations with people in the state of Illinois about the potential use of this technique,” said Steven Gluckstern, the company’s chairman. He declined to discuss specifics.

“When you have underwater mortgages, no amount of modification is going to fix that problem,” Mr. Gluckstern said. “The way to fix that problem is principal reduction.”

The firm is targeting underwater loans that have been packaged into mortgage-backed securities but are not guaranteed by the federally backed housing agencies Fannie Mae or Freddie Mac.

More than 503,000 residential properties in Cook County with mortgages were underwater in the first quarter, representing nearly 33 percent of all homes with mortgages, according to a recent report from research firm CoreLogic.

Using eminent domain to seize mortgages “would help refinance some of the most difficult loans that are subject to legal restrictions that make principal reductions difficult or impossible,” said Thomas Feltner, vice president at the Woodstock Institute, a Chicago-based non-profit that focuses on lending issues.

He added that the mere possibility of the city using its eminent domain powers could nudge lenders into making principal reductions.

“It’s a new idea and I think we don’t know a lot about it,” said Cook County Commissioner Bridget Gainer (10th), who has focused on foreclosure-related issues during her time on the county board.

But Ms. Gainer said the debate is worth having.

“You need to be willing to challenge assumptions to get an answer to a problem that has been intractable,” she said.

The Illinois Mortgage Bankers Association, however, is all but certain to oppose a measure that would allow the city to use eminent domain to take over residential mortgages.

“I can’t see anyone on our board supporting this,” said James Trausch, the group’s general counsel. Mortgage lenders won’t underwrite debt if “your mortgage is subject to some outside agency determining what its value is.”

MAKING A POSITIVE DIFFERENCE IN PEOPLE’S LIVES.

Karen Breen Elia & Louis M. Elia, REALTORS®, are brokers for homes, condos, and multi-unit properties on Chicago’s North Side.

ChicagoCityHomes, RE/MAX Exclusive Properties
2951 North Lincoln Avenue  
Chicago IL 60657
Toll Free: (866) 404-3585 Fax: (773) 938-1467 
Send An Email

We know Chicago!  Call us today!