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Showing posts from January, 2010

Cook County Property Tax Bills

We all know that the first installment, the "estimated" installment comes out every spring - due and payable on the first business day in March. (March 2nd for us here in 2010).
Two big changes this year - one expected and one a surprise:
First installment tax bills are higher than in past years - Previously, the County assessed 1st installment taxes at 1/2 of the previous year's taxes. This time, we will pay 55%.
Now the surprise - bills were mailed out this week and hit many mail boxes this weekend - a full week earlier than in past years.
What does this say about the state of governmental cash flows?

FHA "no-flip" Rule to be Suspended for 1 Year

A significant change in FHA lending guidelines is likely to spur quicker rehabilitation and absorption of foreclosure properties back into the real estate markets. On Friday, the Department of Housing and Urban Development announced that it is suspending the "90-day no flip" rule for one year, beginning on February 1, 2010.

Simply put, FHA policy denies mortgage loan guaranties to buyers if the seller had owned the property for less than 90 days. Buyers and Sellers that were agreed on sale terms were being forced to sit on the sidelines and wait until the Seller's title was properly "seasoned." This loan regulation tripped up several would-be buyers and sellers that I worked with last year. No doubt many other buyers and sellers hit the same road block.

"Flipping" is the practice of selling a property quickly after acquiring it. The idea of course is to buy low and sell high. The idea here is to enable entrepreneur/rehabbers to purchase bank-owned or d…

Mortgage Foreclosures up 33%

In all likelihood, someone you know is facing (or has already had to address) some sort of mortgage delinquency. One in every 31 households in the Chicago area received a foreclosure filing last year. That is up 33% from 2008 and nearly five times the number in 2007.

No doubt many news outlets and real estate bloggers will be reporting this data as well, but for more of the gory details, check out FRANCINE KNOWLES' summary in the Sun Times.

There are many ways that homeowners confronted with delinquency notices or foreclosure lawsuits can minimize - or avoid - financial loss. This can only happen if the homeowner is willing to confront the problem and acts quickly to mitigate potential losses.

Homeowners facing mortgage delinquencies or foreclosures should consult an experienced real estate lawyer to evaluate their situation and to help deal with their lenders.

There are often several options available including -
loan forbearancesloan modificationsdeeds in lieu of foreclosureshort sa…