the wasserblawg

The concept of exchanging a deed & keys for money still remains the same, but the steps to the crazy tribal dance we perform while helping buyers buy and sellers sell keep changing. Whereas closings ten years ago could best be thought of as graceful arm in arm waltzes and minuets, todays closings are more akin to post-modern amalgams of sudden thrusts, breaks, pops, and martial arts-flavored acrobatics. The dance just keeps on changing and anyone who's lawyer is not prepared to embrace these changes is going face a heck of a time trying to get their closings done.

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. You lost your house - but you still have to pay Posted using ShareThis 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 taxes Assessed 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), and Exemptions (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.

A friendly reminder to readers who own real estate in the City of Chicago - If you call Chicago your home and reported income of less than $200,00o, the City wants to give you back some of your tax money. For real! Up to $200 of it. Details here . The deadline for this program is March 31st. Do not delay. As always, please feel free to contact me if you have any questions or would like additional information about this program.