Another Loan Modification Failure... Forces HomeOwner to Short Sell... - 05/27/10 01:14 PM
I recently listed 2 condos as Short Sales after both sellers contacted me after they gave up trying to modify their loans with their lenders.
In both situations they tried to modify their loans with a HUD approved office and got frustrated with the process after 11 months of getting nowhere with their lender.
I know a high percentage of trial modifications will fail but these homeowners were never given a chance.
 Its hard to call both these Loan Modifications as failures when they never began>
In the end when homeowners are forced to sell instead of staying in their homes … (2 comments)

Short Sales For Profit... The Flip Side Approach..Can it be Trusted? - 05/19/10 01:41 AM
During the past several days I have been approached by Investors who have a Short Sale for Profit Model. I am hesitant to work with them for several reasons:
1. Their offer is an Option Contract. Their Option is recorded on title to the property. They say they do this to notify the Short Sale lender that they have an interest in the property. This recorded notice has to be released to work with any future buyers should the buyer of the option contract not close on the transaction.
2. These investors come in with ridiculously low initial offers which have no chance … (2 comments)

NEW STUDY ON FORECLOSURES IN ILLINOIS BY WOODSTOCK INSTITUTE... - 05/04/10 04:40 PM
The Woodstock Intstitute releases new study on Foreclosures in Illinios and the results do not look favorable.
According to this new study, there were 9,302 completed foreclosure auctions in the first quarter in the region. This number was the largest number recorded in a quarter since 2006.
This number represents a 56% jump when compared to the first quarter in 2009.  Within a six county region, Kane County saw the largest  increase with a  122% year over year completed foreclosure auctions.
According to the Woodstock Institute the reason for the increase in Foreclosure auctions maybe the result of the statewide moratorium on foreclosures in … (1 comments)