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foreclosure: $100 Down Payment Initiative for HUD REO's - 08/14/08 11:00 PM
Did you know that buyer's can buy a HUD REO with as little as $100 Earnest Money.  This may be good news for some. The Atlanta Homeownership Center approved the use of this initiative for Illinois and Indiana for purchaser's using FHA financing.  This is specifically geared towards Owner Occupants, effective date Oct. 5, 2007. 
This incentive is not available unless it is presented on the executed contract presented to the closing agent.  For more information visit www.hud.gov click on HUD Homes and choose your state to see if it is applicable there.  This is a great incentive for Illinois and … (3 comments)

foreclosure: Is Your Mortgage Professional Really a Professional? - 02/13/08 01:16 AM
  In today's ever changing market it is extremely important that buyer's and realtors work with a MORTGAGE PROFESSIONAL!  I can't begin to tell you how many times I get a disgruntled client on the phone who has been through numerous originators who call themselves professionals.  This post is not to bash those of us who are out there working and really making sure our clients have the best service possible.  However, it is to give those who are looking to build new relationships and buyer's looking to purchase a home or investment a few tips, so here they are:
1.  Ask … (8 comments)

foreclosure: Foreclosure.....HELP! - 02/01/08 03:25 PM
"5 Ways to Save You or Someone You Know from Foreclosure, w/o getting scammed!"
Problem: In 2007, homes in foreclosure were up 79% an alarming rate. 
Reality: This is such a personal tragedy, that many people don't reach out for help until it's too late, and then they don't know where to look, if they don't just give up at all.
Invitation:  GET HELP!  Don't lose such a valuable asset that you have worked so hard to achieve.
Solutions:
Start with your mortgage company.  Most lender's DO NOT want your home, is too costly for them.  They have work out options available.Ask a family member … (3 comments)

foreclosure: Hope maybe in sight for clients with ARM's due to reset! - 11/30/07 04:28 PM
  An article I read today, stated that lenders are currently discussing a new program that would allow current borrower's to freeze their ARM's due to high rates of foreclosure.  The Initiative is called HOPE NOW.  Some of the participating banks include Bank of America, Citigroup, Inc, Countrywide Financial Corp., Fannie Mae and Freddie Mac, JP Morgan Chase & Co., just to name a few.  It appears that the long term effects of increasing foreclosures are causing more conversations revolving around solutions.  If you'd like to read more please click the link below.  Quick read! Just keeping you informed.  Sounds like … (1 comments)

foreclosure: New FHA Secure Program! - 11/17/07 05:47 PM
   FHA is currently doing a significant business in refinancing non-FHA mortgages.  The program is designed to help homeowners, who previously demonstrated the ability to make timely monthly mortgage payments prior  to their reset of an Adjustable Rate Mortgage (ARM) an opportunity to refinance into a prime-rate FHA-insured mortgage. In many cases homeowners may be permitted to include mortgage payment arrearages into the new loan amount, subject to existing geographical mortgage limits and the loan-to-value limits.
 Eligibility Highlights
 1. The mortgage being refinanced is a non-FHA ARM that has reset.
 2.  6 months of current mortgage payments prior to the ARM reset.
3. It must be determined that … (4 comments)

 
Cecelia

Cecelia Marlow

Chicago, IL

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Chicago Bancorp

Address: 300 N Elizabeth, FL 3E, Chicago, IL, 60607

Office Phone: (312) 738-6294

Cell Phone: (773) 547-3677

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