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preforeclosure: Navigating Short Sales! - 12/01/09 11:34 AM
Greg Olson, REMAX Suburban
  
Navigating Short Sales: What to Do When the Sale Price Leaves You ShortIf you're thinking of selling your home, and you expect that the total amount you owe on your mortgage will be greater than the selling price of your home, you may be facing a short sale. A short sale is one where the net proceeds from the sale won't cover your total mortgage obligation and closing costs, and you don't have other sources of money to cover the deficiency. A short sale is different from a foreclosure, which is when your lender takes title … (2 comments)

preforeclosure: Lose Your Job...Keep Your Home! - 11/18/09 05:31 PM
Lose Your Job, Keep Your Home
If you're faced with a layoff, there are ways to escape foreclosure and stay in your home.
Few words sting like the ones that inform you that you're being laid off - especially today, with jobs so hard to come by. If you're a homeowner, the blow of a job loss can be even worse.
In households with more than one wage earner, halving the monthly income can severely stretch a budget. And in households where there's one breadwinner, having zero income can be devastating. A rainy-day fund helps, but it's important to craft a … (1 comments)

preforeclosure: Basic Definition of a Short Sale! - 10/20/09 09:15 AM
Here is your basic definition of a short sale.  I have realized in recent months that most of my clients have no idea what a short sale is!  I have a great (but rather extensive document) that explains in detail exactly what a short sale is.  Knowledge is the king and I am finding that in my businees most of my buyers once informed are staying away from these...the timing (or complete lack of any timeframe) just doesn't seem to work for my buyers!!
"A short sale is a situation in which the real estate seller owes more money on the … (0 comments)

preforeclosure: Overlooked FHA Loan Ideal for Foreclosure Buyers - 203K Loans - 10/06/09 05:56 PM
Hidden away in the deep recesses of the federal government is a one-shot financing plan which will allow you to not only buy foreclosures but also to pay for repairs and upgrades.
 
The FHA's 203(k) program has been on the books for decades but over time it's been rarely used. That's changed recently, in part because the program is ideal for many foreclosure buyers. 
 
How It Works With the 203(k) program you get financing to purchase or refinance an existing home (it has to be at least a year old) plus additional dollars to fix it. Since the government … (0 comments)

preforeclosure: Mortgage Loan Programs & Help - 06/17/09 09:05 AM
State and Federal Loan Programs
The following specialized mortgage loan programs can help prospective buyers get better financing. Your Illinois REALTOR?/font> can provide you with mortgage information, discuss financing options and recommend loan sources ?and may be able to help you find financing that suits your needs and helps get you into your new home!
 
FHA Loans. Since 1934, mortgages insured through the Federal Housing Administration (FHA) have helped millions of people buy a home. Because FHA loans are insured by the federal government, they offer competitive interest rates and are an option for buyers with less than perfect credit. … (0 comments)

preforeclosure: Short Sale Q & A - 06/17/09 09:03 AM
What Happens in a Short Sale  
A 뱒hort sale?refers to a situation where the owner of the home does not have enough equity in the property and not enough cash or liquid assets to be able to sell the property, pay off liens and selling expenses (e.g., closing costs, property taxes, transfer taxes, real estate commissions) and provide a clear title to the purchaser. In short, there is more owed on the home than what it will likely sell for on the market. Lenders use the term to describe this as a loan that is 뱔pside down.?While many short sellers … (0 comments)

 

Gregory Olson

Streamwood, IL

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REMAX Suburban

Office Phone: (847) 577-9797

Cell Phone: (847) 977-7024

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