U.S. Secretary of Housing and Urban Development Shaun Donovan said Wednesday that the onus is on banks to fix whatever foreclosure-related problems are found. Donovan, who made the statement during a White House briefing about the matter, said problems found thus far haven't appeared to be very serious, but the full investigation won't be finished until the end of the year. If more serious problems are found, possible penalties could include fines and a ban against writing mortgages for more serious violations, he added Bank of America and GMAC Mortgage have ended their foreclosure freeze because they didn't find significant problems. Donovan said the government wasn't involved in those decisions. Source: Dow Jones Business News, Jared A. Favole (10/20/2010)
About Me
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Gerard Scheffler- Default and Distressed Property Sales Expert (773) 909-3346
www.chicagolandhomegallery.com - Park Ridge, Illinois, United States
- Gerard Scheffler has been very actively involved in the real estate profession for over seven years. In 2005, immediately after receiving his Broker’s License, he established his first Chicago based brokerage company. The company turned out to be very successful with hundreds of satisfied customers and millions of dollars in closed real estate transactions. Over the years, Gerard has developed a network of returning customers who always refer his services to their family and friends. He is presently a managing broker at Home Gallery Realty brokerage firm specializing in default and distressed property sales. Regardless of his professional development and success, Gerard is constantly looking for ways to improve his skills as well as build his company image and reputation. He is very hardworking and aggressive when it comes to representing his customers ‘ real estate needs and doing his job right. He will work with you to ensure that your property is sold for the highest price possible in the shortest amount of time with the least amount of inconvenience to you. Area of service includes Cook, DuPage, Kane, Lake and Mchenry County in the State of Illinois.
Saturday, October 23, 2010
Tuesday, October 12, 2010
Mortgage Relief Project-Saturday, October 23, 2010 !!!!!!!
Offering homeowners immediate assistance to prevent foreclosure, Governor Pat Quinn's Mortgage Relief Project will be making its next stop at Crete-Monee High School in Chicago's south suburbs on Saturday, October 23, 2010.
Homeowners who have recently fallen behind on their mortgage payments can obtain a 90-day grace period by entering housing counseling, according to the Homeowner Protection Act, which was signed into law by Governor Quinn in 2009. Administered by the Illinois Department of Financial and Professional Regulation and the Illinois Housing Development Authority, property owners can take advantage of state and federal program on-site at Mortgage Relief Project outreach events. "By participating in this event, homeowners can literally save their homes," said Brent E. Adams, Secretary of Financial and Professional Regulation. "The Mortgage Relief Project provides direct, tangible, and free assistance to homeowners." "We partner struggling homeowners with financial counselors who assist them in getting the resources they need to keep their homes," said Gloria L. Materre, IHDA Executive Director. The Crete-Monee High School event is being co-hosted by State Senator Toi Hutchinson (D-Olympia Fields), State Representative Anthony DeLuca (D-Crete), and State Representative Lisa Dugan (D-Bradley). It will be the 16th stop in a statewide tour that began last summer. The free workshops will be held from 9 a.m.-1 p.m. on Saturday, October 23, 2010, at Crete-Monee High School, 1515 W. Exchange St., Door #3 in Crete. Homeowners will receive helpful advice about mortgage refinancing, foreclosure prevention, legal rights, credit counseling and avoiding scam artists. Homeowners can also obtain private, one-on-one housing counseling with HUD-certified counselors. Be sure to bring your latest mortgage documents (bills, statements, notices, etc.), two most recent paystubs, and your state ID or driver's license.The Homeowner Protection Act establishes a grace period of up to 90 days on mortgage foreclosures for homeowners that enter housing counseling. The law requires that all lenders and loan services notify homeowners who are at least 30 days late on their mortgage payments that they have 30 days to seek housing counseling to get their loan back on track. If a homeowner enters housing counseling, they get an additional 30-day grace period on foreclosure in order to work out a payment plan or refinance option. For more information or to receive immediate assistance in advance of the October 23rd event, please call IDFPR's toll-free consumer hotline (800) 532-8785 during regular business hours or visit www.idfpr.com or www.ihda.org. A list of HUD-approved housing counseling agencies in Illinois can be found atwww.hud.gov.Gerard Scheffler, GRI ,ADPR
Real Estate Broker -Home Gallery ,Inc
www.scheffler.posterous.com
www.scheffler.listingbook.com
cell 773 909-3346 "It takes hands to build a house .Only hearts can build a home"
The greatest compliment I can receive is a referral....your family, friends or anyone you know!
U.S. service members may qualify for the tax credit through April 30, 2011.
Members of the U.S. military, foreign service and intelligence communities have another year to purchase a home and claim the home buyer tax credit. According to the Internal Revenue Service, the extension applies to "any individual (and, if married, the individual's spouse) who serves on qualified official extended duty service outside of the United States for at least 90 days during the period beginning after Dec. 31, 2008, and ending before May 1, 2010." Qualifying service members have until on or before April 30, 2011, to sign a sales contract and on or before June 30, 2011, to close on the property. Both the $8,000 first-time and the $6,500 repeat home buyer tax credits are included in the extension.
Gerard Scheffler, GRI ,ADPRReal Estate Broker -Home Gallery ,Inc
www.scheffler.posterous.com
www.scheffler.listingbook.com
cell 773 909-3346 "It takes hands to build a house .Only hearts can build a home"
The greatest compliment I can receive is a referral....your family, friends or anyone you know!
12 Reasons to Choose a REALTOR®-Real Estate Agent that help you buy or sell
1. Your REALTOR® can help you determine your buying power - that is, your financial reserves plus your borrowing capacity. If you give a REALTOR® some basic information about your available savings, income and current debt, he or she can refer you to lenders best qualified to help you. 2. Your REALTOR® has many resources to assist you in your home search. Sometimes the property you are seeking is available but not actively advertised in the market, and it will take some investigation by your agent to find all available properties. 3. Your REALTOR® can assist you in the selection process by providing objective information about each property. Agents who are REALTORS® have access to a variety of informational resources. REALTORS® can provide local community information on utilities, zoning, schools, etc. There are two things you'll want to know. First, will the property provide the environment I want for a home or investment? Second, will the property have resale value when I am ready to sell? 4. Your REALTOR® can help you negotiate. There are myriad negotiating factors, including but not limited to price, financing, terms, date of possession and often the inclusion or exclusion of repairs and furnishings or equipment. The purchase agreement should provide a period of time for you to complete appropriate inspections and investigations of the property before you are bound to complete the purchase. Your agent can advise you as to which investigations and inspections are recommended or required. 5. Your REALTOR® provides due diligence during the evaluation of the property. Depending on the area and property, this could include inspections for termites, radon, asbestos, faulty structure, roof condition, septic tank and well tests, just to name a few. Your REALTOR® can assist you in finding qualified responsible professionals to do most of these investigations and provide you with written reports. You will also want to see a preliminary report on the title of the property. Title indicates ownership of property and can be mired in confusing status of past owners or rights of access. The title to most properties will have some limitations; for example, easements (access rights) for utilities. Your REALTOR®, title company or attorney can help you resolve issues that might cause problems at a later date. 6. Your REALTOR® can help you understand different financing options and identify qualified lenders. 7. Your REALTOR® can guide you through the closing process and make sure everything flows together smoothly. 8. When selling your home, your REALTOR® can give you up-to-date information on what is happening in the marketplace and the price, financing, terms and condition of competing properties. These are key factors in getting your property sold at the best price, quickly and with minimum hassle. 9. Your REALTOR® markets your property to other real estate agents and the public. Often, your REALTOR® can recommend repairs or cosmetic work that will significantly enhance the salability of your property. Your REALTOR® markets your property to other real estate agents and the public. In many markets across the country, over 50% of real estate sales are cooperative sales; that is, a real estate agent other than yours brings in the buyer. Your REALTOR® acts as the marketing coordinator, disbursing information about your property to other real estate agents through a Multiple Listing Service or other cooperative marketing networks, open houses for agents, etc. The REALTOR® Code of Ethics requires REALTORS® to utilize these cooperative relationships when they benefit their clients. 10. Your REALTOR® will know when, where and how to advertise your property. There is a misconception that advertising sells real estate. The National Association of REALTORS® studies show that 82% of real estate sales are the result of agent contacts through previous clients, referrals, friends, family and personal contacts. When a property is marketed with the help of your REALTOR®, you do not have to allow strangers into your home. Your REALTOR® will generally prescreen and accompany qualified prospects through your property. 11. Your REALTOR® can help you objectively evaluate every buyer's proposal without compromising your marketing position. This initial agreement is only the beginning of a process of appraisals, inspections and financing - a lot of possible pitfalls. Your REALTOR® can help you write a legally binding, win-win agreement that will be more likely to make it through the process. 12. Your REALTOR® can help close the sale of your home. Between the initial sales agreement and closing (or settlement), questions may arise. For example, unexpected repairs are required to obtain financing or a cloud in the title is discovered. The required paperwork alone is overwhelming for most sellers. Your REALTOR® is the best person to objectively help you resolve these issues and move the transaction to closing (or settlement). Copyright NATIONAL ASSOCIATION OF REALTORS®, used with permission. Gerard Scheffler, GRI ,ADPR
Real Estate Broker -Home Gallery ,Inc
www.scheffler.posterous.com
www.scheffler.listingbook.com
cell 773 909-3346 "It takes hands to build a house .Only hearts can build a home"
The greatest compliment I can receive is a referral....your family, friends or anyone you know!
Real Estate Broker -Home Gallery ,Inc
www.scheffler.posterous.com
www.scheffler.listingbook.com
cell 773 909-3346 "It takes hands to build a house .Only hearts can build a home"
The greatest compliment I can receive is a referral....your family, friends or anyone you know!
Monday, October 11, 2010
Bank Of America Freezes Foreclosures Nationwide
With CEO Brian T. Moynihan citing a need to "clear the air," Bank of America announced last week that it would halt foreclosures in every U.S. state to ensure accuracy in its documentation. Bank of America, JPMorgan Chase & Co., and Ally Financial Inc. had previously frozen foreclosures in 23 states where courts have oversight of home seizures. The concern in those institutions was that employees hadn't properly reviewed foreclosure information. Bank of America's decision to extend foreclosure freezes to all 50 states was roundly hailed by political leaders. Senate Majority Leader Harry Reid (D-Nev.) said other banks should follow the company's example, and House Oversight and Government Reform Committee Chairman Edolphus Towns (D-N.Y.) said that Bank of America "did the right thing." However, Bank of America did take a hit in the market for the decision: The company's stock price fell 1 percent on the New York Stock Exchange the day of the announcement. Source: Bloomberg, Michael J. Moore, Lorraine Woellert, and Dakin Campbell (10/08/2010)
Thursday, October 7, 2010
Suspension of Foreclosure Activity
As you may have read in recent news reports or heard at the recent Legal Update at the IAR Convention, several banks/servicers have suspended foreclosure activities including GMAC, JPMorgan Chase and Bank of America. The Illinois Attorney General's Office has issued letters to JPMorgan Chase and Ally/GMAC demanding meetings to address concerns that the companies have violated the state's Consumer Fraud Act and reports about the accuracy of documents filed in foreclosure lawsuits. The Illinois Department of Financial and Professional Regulation also issued a statement.
According to IAR Chief Legal Counsel Steve Bochenek: "This moratorium will impact clients in different ways. A seller client will have a little more time to sell a house where the mortgage is in default. In addition, if the suspension lasts for long then the lenders/servicers might have some incentive to agree to a short sale. Buyer clients that may be in the process of purchasing REO properties will not be able to close until the suspension is lifted and so there may be some delay in closing a transaction, although we do not know how long. Also, buyer clients need to be advised to obtain title insurance to insure title to REO property they are purchasing. Clients that have rented properties that were then foreclosed on will have some additional time before they may be evicted. The key is that if any client of a brokerage company has a question as to how this suspension impacts them they need to talk to an attorney or call the Illinois Attorney General's office." The Attorney General's Homeowners' Referral Helpline is 1-866-544-7151
According to IAR Chief Legal Counsel Steve Bochenek: "This moratorium will impact clients in different ways. A seller client will have a little more time to sell a house where the mortgage is in default. In addition, if the suspension lasts for long then the lenders/servicers might have some incentive to agree to a short sale. Buyer clients that may be in the process of purchasing REO properties will not be able to close until the suspension is lifted and so there may be some delay in closing a transaction, although we do not know how long. Also, buyer clients need to be advised to obtain title insurance to insure title to REO property they are purchasing. Clients that have rented properties that were then foreclosed on will have some additional time before they may be evicted. The key is that if any client of a brokerage company has a question as to how this suspension impacts them they need to talk to an attorney or call the Illinois Attorney General's office." The Attorney General's Homeowners' Referral Helpline is 1-866-544-7151
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