This morning, CNNMoney.com reports on an ugly phenomenon - the fact that many mortgage lenders are chasing borrowers for "deficiencies", the difference between what is owed and what is recouped whether by "short sale" or foreclosure or a deed in lieu of foreclosure.
Notes, Mortgages, and Deeds are all legal documents. Short sales and Foreclosures are transactions that significant legal consequences. The cases described in this report all seem to have involved borrowers who entered into these arrangments with their mortgage lenders without legal counsel.
Good Lawyering can help distressed homeowners avoid these sorts of deficiency judgments. I have helped clients avoid these and other pitfalls as they try to extract themselves from distress situations.
Please let me know if I can help you (or anyone you know) too.
Local property tax bills are computed using a formula that takes four important variable into consideration:
Governmental tax rates (set every year based on the budget needs of the various taxing bodies that collect property taxesAssessed Valuations (what the County thinks your property is worth) The State Equalization Factor, a/k/a the multiplier (a formula used to balance the assessment formulas used by various counties state-wide), andExemptions (special discounts afforded to particular classes of tax payers, such as Homeowners, Seniors, and Veterans).All Cook County properties are all reassessed on a triennial basis (see graphic), that is, once every three years. Properties in our north and northwest Townships are due for re-assessments in 2010.