Laura's Blog

How changing the property taxes can help you sell a home faster!

Laura Moore Godek (Laura Moore Godek, PC) — Wed, 16 Jun 2010 00:09:59 -0700

Whether you plan to stay in your house or sell, lowering your tax assessment will save you money.

Home on the market? Appeal your real estate taxes to:

•· Save money at closing.

You will pay your share of 2010 real estate taxes at closing, which normally aren't paid until 2011.

Minimize your 2010 assessment and save more money when your house sells.

•· Make your home more attractive to buyers.

Everyone wants to pay less in taxes.

Advertise that you're appealing the taxes to generate more interest in your home.

•· Help interested buyers afford your home.

Buyers who are going to pay less in taxes can qualify to buy more home.

If you're interested in reducing the assessed value on your home through appeal, please call or email my office to find out more information.

Sincerely,

Laura Moore Godek,

Attorney at Law

www.godeklaw.com

godeklawoffice@yahoo.com

815.344.1965

Moving forward with a Kane/McHenry County Tax Appeal

Laura Moore Godek (Laura Moore Godek, PC) — Mon, 26 Apr 2010 13:49:10 -0700

The 2010 real estate tax appeal services we offer are:
· Evaluate the property and evidence for the maximum reduction
· Submit evidence to township assessor and request a reduction
· If necessary, appeal to the County Board of Review
· Obtain the assessor's evidence and minimize its impact at hearing, prepare rebuttal evidence
· If necessary, appeal to the Illinois Property Tax Appeal Board

We charge a nominal upfront retainer fee. We charge for tax appeal services on a contingency basis. When the final assessment has been decided, our office is owed ½ of the amount of the 2010 tax bill reduction, less the retainer fee already paid.

If you are interested in moving forward with our office, I need a little more information from you.

Owner's Name:

Address:

Type House: 1 story, 2 story, ranch, tri-level:

Amount you think property is currently worth:

Year purchased:

Was the property recently appraised?

Was the property recently refinanced?

Comments about property that may affect the value (waterfront, golf course, wetlands, etc):

I recommend starting your appeal as soon as possible, so I have time to gather the evidence needed and frame an argument. Many of our cases are settled with the township assessor during the summer. There are two forms necessary to begin the process an authorization agreement and a retainer agreement. Our office will contact you to discuss your property further.

Laura Moore Godek
Attorney at Law
(815) 344-1965
Fax: (815) 363-1972
www.godeklaw.com
New: Follow us on Twitter! attylauragodek

Lowering property taxes in Kane and Lake Counties

Laura Moore Godek (Laura Moore Godek, PC) — Sun, 25 Apr 2010 21:53:05 -0700

My office appeals real estate assessments at the county and state level. I fought to reduce the fair market values of my clients' properties by over $9.8 million dollars last year and won 94% of our tax appeal cases at the county level. If your assessment can be lowered, I know how to do it.

Need help with a real estate transaction or property tax assessment appeal in McHenry County, Kane County, Boone County, or Lake County, Illinois?

The law office of Laura Moore Godek is now actively appealing clients' assessments. Contact us to find out if your home and/or other properties are being over-assessed. Our real estate office is successful at lowering tax bills. Add your story to our successes.

So far last year we have reduced the property values of our 2009 clients by $9,816,722! Let us help you reduce your 2010 property tax bill.

Laura Moore Godek, P.C.
913 N. Curran Rd.
McHenry, IL 60050
ph: 815.344.1965
fax: 815.363.1972 www.godeklaw.com
Email: godeklawoffice@yahoo.com
Follow us on Twitter! attylauragodek

More on Short Sales

Laura Moore Godek (Laura Moore Godek, PC) — Wed, 24 Mar 2010 14:19:27 -0700

Are you reluctant to list a home if the Seller is delinquent on his mortgage or already in foreclosure? I can help you with many of these transactions and you can help a seller headed to foreclosure avoid bankruptcy or foreclosure.

Buyers purchase a property with equity, often a great deal. The mortgage holder gets the delinquent loan off their books without the problems associated with taking possession of the property.

Many homeowners in distress situations may not be aware of alternatives to bankruptcy and foreclosure With rising forclosure rates in Illinois opportunities to earn commission checks doing short sales will only increase. You can grow your profits and results quickly.

If your sellers are late on payments, headed towards foreclosure and have little equity, stop and call me. Don't avoid short sales, profit from them. Many sellers have negative equity and are unable to sell their homes at a high enough price to satisfy outstanding mortgages, taxes and pay commissions. You may earn future referrals from their family members and friends

Most lenders will require sellers to provide a complete financial package to prove financial hardship. Most lenders will allow a 5% commission. Sellers should call an accountant to discuss tax ramifications.

www.Godeklaw.com

godeklawoffice@yahoo.com

Short Sales

Laura Moore Godek (Laura Moore Godek, PC) — Tue, 23 Mar 2010 16:29:29 -0700

Short Sales

A short sale happens when property is sold for less than the Sellers owe on the property. For property owners who can no longer keep up on their mortgage payments it is an alternative to bankruptcy or foreclosure. A short sale works well with delinquent homeowners who have little or no equity in their property who want to lessen the impact to their credit by selling the property before it goes all the way through foreclosure. Short sales create a win-win situations. Sellers payoff their mortgage, end the foreclosure process, prevent further damage to their credit.We can find out if the mortgage company will agree to accept less than the amount they are owed. Not all lenders will accept short sales or discounted payoffs. Each case is researched independently. There is no charge to the seller for this work unless the lender agrees to the short sale and the property is sold and closes.

815.344.2075

godeklawoffice@yahoo.com

godeklaw.com

Property Tax Appeals

Laura Moore Godek (Laura Moore Godek, PC) — Tue, 16 Mar 2010 15:58:54 -0700

If you tried to appeal your real estate assessment in McHenry County and were not successful, you may need my help. The deadline to appeal your assessment to the Illinois Property Tax Appeal Board is coming up.

I assisted the McHenry County Board of Review in deciding tax appeals for several years. I've been a real estate attorney for more than 20 years. I know what evidence is needed to obtain the greatest reduction possible for my clients. Let my experience work for you.

Don't miss another opportunity to lower your real estate taxes. Contact my office by phone or e-mail to find out how I can help you.

815.344.1965

godeklawoffice@yahoo.com

There are ALTERNATIVES that allow you to keep the house such as: part 10

Laura Moore Godek (Laura Moore Godek, PC) — Fri, 29 Aug 2008 16:15:12 -0700

SHORT SALE.

Also known as "pre-foreclosure sale." This option gives the homeowner some time to be able to sell the property to try to avoid foreclosure. If a buyer is found, but the sale price agreed to will not pay the mortgage balance in full, some mortgage companies agree to accept less than the mortgage amount. Mortgage companies will agree to a short sale if they think they will receive more money for the property than they will after foreclosure, while avoiding the costs associated with foreclosure. Some lenders require the owners to sign a new note agreeing to pay part or all of the discrepancy between the amount they received at the time of the closing and the amount needed to pay off the mortgage. In the past, the homeowner had to pay income tax on the amount the mortgage was reduced. However, in December of 2007, Congress enacted the Mortgage Forgiveness Relief Act, which, in most cases, excludes "qualified principal-residence indebtedness" from taxation. The exclusion is retroactive to January 1, 2007.

There are ALTERNATIVES that allow you to keep the house such as: part 9

Laura Moore Godek (Laura Moore Godek, PC) — Fri, 29 Aug 2008 16:13:22 -0700

CHAPTER 13 BANKRUPTCY

. You may be able to keep your home if you file for Chapter 13 Bankruptcy Protection. You must be able to afford the payments.

In situations where you do not want to keep the home, the following alternatives may be available to you. These options will affect your credit rating less than a foreclosure will.

SELL THE HOME.

If there is sufficient equity in the property, you may be able to sell the home, payoff the mortgage(s) and walk away with money in your pocket.

LOAN ASSUMPTION.

Even if you do not have an assumable mortgage, some mortgage companies will allow your buyer to assume your mortgage and take over your payments. FHA loans are usually assumable. If your mortgage company approves the buyer's credit, you will obtain a release of liability and transfer ownership of the house to the new buyer.

DEED-IN-LIEU OF FORCLOSURE.

This alternative allows the property owner to deed the property back to the mortgage company so the mortgage company can pursue selling the property. For this to be legally binding the lender must agree. The homeowner can avoid legal fees, but receives no equity from their home. Often a mortgage company will only consider this alternative as a last resort.

There are ALTERNATIVES that allow you to keep the house such as: part 8

Laura Moore Godek (Laura Moore Godek, PC) — Fri, 29 Aug 2008 16:10:37 -0700

REAMORTIZATION.

When a loan is reamortized, the delinquency is added to the loan balance in order to bring your payments up to date. This increases your loan amount and will also increase your monthly payments. The amount of the payment increase will not be as great if the life of your loan is extended at the same time. Some VA loans and other types of loans may be able to be reamortized.
REFUNDING.
If you have a VA loan and the ability to make the mortgage payments, or will have the ability to make the payments in the future, and your mortgage company has decided to continue to foreclose, you may qualify for refunding. The VA has the discretionary authority to buy a loan from the mortgage holder and take over the service. This is called "refunding." If refunding is appropriate, the VA will notify you

There are ALTERNATIVES that allow you to keep the house such as: part 7

Laura Moore Godek (Laura Moore Godek, PC) — Fri, 29 Aug 2008 16:08:14 -0700

LOAN MODIFICATIONS

You may be able to refinance the debt and/or extend the term of your mortgage loan with your mortgage company. Your mortgage company may agree to a loan modification if you have recovered from a financial problem and can afford the new payment amount. Such modifications can be done quickly and inexpensively. Loan documents can be modified in a variety of ways, but most modifications affect the interest rate and/or the term of the loan.

There are ALTERNATIVES that allow you to keep the house such as: part 6

Laura Moore Godek (Laura Moore Godek, PC) — Fri, 29 Aug 2008 16:06:56 -0700

PAYMENT ASSISTANCE.

Some state and local governments and charitable organizations offer programs that will pay part or all of your mortgage for a limited amount of time. Call your church, your city, village, county and state government offices to ask for assistance. If they do not offer a program that can help ask them to refer you to someone else that may be able to help. Not everyone can get help. But you will not get assistance if you do not ask for it.

There are ALTERNATIVES that allow you to keep the house such as: part 5

Laura Moore Godek (Laura Moore Godek, PC) — Fri, 29 Aug 2008 16:04:47 -0700

FORBEARANCE PLAN.

This option may provide for a temporary reduction or suspension of payments. The payment amount will be increased at a later time to repay the delinquent amount. Forbearance is available if you have a VA loan and may be available for other types of loans. If the reason you have missed a mortgage payment or two was temporary this alternative may work for you.

There are ALTERNATIVES that allow you to keep the house such as: part 4

Laura Moore Godek (Laura Moore Godek, PC) — Fri, 29 Aug 2008 16:03:45 -0700

PARTIAL CLAIM.

This alternative may work if the reason you fell behind on your mortgage payments was temporary. If your loan is an FHA insured loan, your lender may be able to obtain a one-time payment from the FHA Insurance Fund to bring your mortgage loan current with payments. You may qualify if your loan is at least four months delinquent but no more than twelve months delinquent, and you are able to resume making full mortgage payments.

There are ALTERNATIVES that allow you to keep the house such as: part 3

Laura Moore Godek (Laura Moore Godek, PC) — Fri, 29 Aug 2008 16:02:56 -0700

REPAYMENT PLAN.

Your mortgage company may agree to set a schedule of payments to allow you to catch up on delinquent payments. This usually involves making a full regular monthly payment plus paying a little extra each month to repay the delinquent amount over a specified period of time. A repayment plan may help if the reason for the mortage delinquency was temporary.

There are ALTERNATIVES that allow you to keep the house such as: part 2

Laura Moore Godek (Laura Moore Godek, PC) — Fri, 29 Aug 2008 16:00:54 -0700

REINSTATEMENT.

If you can pay the total outstanding amount owed to the mortgage company, you can continue on with the mortgage with no changes to the terms. Illinois law allows a one-time opportunity to reinstate the mortgage before the foreclosure judgment is rendered. The payment amount and the interest rate will not change.

There are ALTERNATIVES that allow you to keep the house such as: Part 1

Laura Moore Godek (Laura Moore Godek, PC) — Fri, 29 Aug 2008 15:56:16 -0700

REFINANCE.

This option allows you to use the equity you have in your home to pay the delinquent amount by obtaining a new loan. Depending on the interest rate of the new loan, your monthly payments might be reduced. You can explore refinancing with your existing mortgage company as well as with any lender of your choice. The sooner you explore this alternative, the better. Once you've missed mortgage payments, your credit score will be lowered and this will limit your refinance options.

Alternatives continued!

Laura Moore Godek (Laura Moore Godek, PC) — Fri, 29 Aug 2008 15:52:53 -0700

There are several alternatives to foreclosure which have less impact on your credit. The type of mortgage loan you have and what your mortgage company will allow determine what alternatives may be available. How do you learn which alternatives are available to you?

1. Contact your mortgage company to discuss the alternatives available to you. A housing counseling agency can also help you determine which, if any, of these options may meet your needs. They may assist you in interacting with your lender.

2. Talk to a real estate attorney that deals with foreclosures. If you are uncomfortable speaking with your mortgage company or don't understand the terminology, hire someone to represent your interests. Paying a small fee now may save you thousands of dollars later and may save your credit.

There are alternatives to forclosure!

Laura Moore Godek (Laura Moore Godek, PC) — Fri, 29 Aug 2008 15:49:47 -0700

THERE ARE ALTERNATIVES TO FORCLOSURE!

If you are behind on your monthly payments, then you should consider the alternatives to foreclosure. Foreclosure results in adverse credit and other financial difficulties. It becomes more difficult to obtain credit or another mortgage if you have a foreclosure history.

Forclosure results when you are unable to pay your mortgage(s) according to the terms set by the mortgage company. Foreclosure is the legal process your mortgage company uses to take possession of your home. At the end of the legal process, you must move out of your home or be evicted. In Illinois, the house is sold at a sheriff's auction approximately three months after the Judgement of Foreclosure is entered. If the property sells for less than the amount owed on the mortgage, the mortgage company may decide to obtain a deficiency judgment against you for the difference. If that happens, you not only lose your home, but you also owe the mortgage company the balance of the deficiency judgment. Foreclosures and deficiency judgments seriously affect your ability to qualify for credit in the future.

Be sure to check out my next few blogs for more information!

65th Birthday Present for Illinois Homeowners

Laura Moore Godek (Laura Moore Godek, PC) — Mon, 18 Jun 2007 07:26:36 -0700

65^th Birthday Present for Homeowners in Illinois - Real Estate Tax Reduction

Illinois Senior Homestead Exemption

Senior home owners' in Illinois can apply for a Senior Homestead Exemption to reduce their real estate taxes the year in which they reach 65 years old. The Senior Homestead Exemption lowers the equalized assessed value of the property by $3,500. The equalized assessed value is 1/3 of the fair market value. This means the assessor will reduce the fair market value of the senior's home by $10,500. This will result in a real estate tax reduction of approximately $200.00

Seniors may apply for the exemption at their Township Assessor's Office. He or she will need a copy of their deed and proof of their age. If title to the property is held in trust a copy of the trust agreement will also be required. He or she must have lived in, and owned, the property on or before January 1 of that tax year.

The exemption amount may be prorated for the portion of the year the owner was over the age of 65. For example if the homeowner turned 65 in July they may receive only ½ of the exemption that year. The following year, if they still own and live in the home, they will receive the full exemption.

Directions to office

Laura Moore Godek (Laura Moore Godek, PC) — Thu, 24 May 2007 14:41:53 -0700

LAURA MOORE GODEK

Attorney at Law

913 N. Curran Road

McHenry, IL 60050

Telephone (815) 344-1965

Fax (815) 363-1972

DIRECTIONS TO OFFICE

The office is located on the Northwest corner of Draper Road and Curran Road. The office is attached to a residence at 913 N. Curran Road.

The address numbers are located over the front door.

The two-story house is brown cedar with white brick.

Please park in between the trees.

The office door is at the end of the driveway.

From Route 120: Take Route 120 West through McHenry. As you are leaving McHenry you will come to a stop light. If you turn left the road is marked Curran Rd, to the right it is marked Ringwood Rd. Turn left on Draper Rd. Continue straight past Chickaloon Drive and Ojibwa Lane, both roads on the right hand side. If you drive passt the Legend Lakes

Subdivision, you've gone too far. 913 N. Curran is the second house past Ojibwa Lane on the right hand side of the road.

From Route 31: Take 31 North into McHenry. Turn left at stop light for Miller (Bull Valley) Road (near Centegra Hospital). Proceed West on Miller/Bull Valley Road for approximately 2 miles. Turn right onto Curran Road and travel approximately 1.4 miles. 913 N. Curran is the first house on the left side of Draper Rd. It is the first house on the left after the Legend Lakes subdivision that is currently under construction.
From I-90: Take I-90 West to Route 31 (near Elgin.) Exit onto Route 31 North. Follow directions from Route 31 as shown above.
From I-94: Take I-94 North to Route 60. Exit onto Route 60 West (near Volo.) At the end of Route 60, turn left onto Route 120 Westbound. Follow directions from Route 120 as listed above.

Short Sales

Laura Moore Godek (Laura Moore Godek, PC) — Wed, 23 May 2007 17:22:51 -0700

Are you reluctant to list a home if the Sellers:

are delinquent on their mortgage?

are in foreclosure?

have little equity, no equity, or negative equity?
can't afford to pay off their mortgage, closing costs, and still price their home realistically?

Short sales are a promising alternative to foreclosure or bankruptcy by creating a win-win situation for all parties involved. Short sales:

prevent further damage to Sellers' credit by ending the foreclosure proceedings.
include the lender's approval of a 5% real estate commission in most transactions.
enable the Buyers to purchase a property with equity, often a great deal.
pay a re-negotiated amount to the lender and end costly foreclosure proceedings.

Our office, partnering with an independent short sale consultant, will determine if a Sellers' lender is likely to accept a short sale. To use our short sale negotiation service, simply provide our office with the Sellers' contact information, a statement or coupon from Seller's lender, and the signed enclosed authorization letter.

Why not determine if a short sale is an option for your distressed Sellers by using our short sale negotiation service? Sellers pay no fees if they do not sell their home. The Sellers' lender pays the short sale consultant fee, real estate commissions, attorney's fee, and other fees in many circumstances.

Close short sale transactions confidently with the help of our short sale negotiation service. As foreclosure rates in Illinois continue to rise, our short sale negotiation service can help you earn more commissions and grateful client referrals! If you are interested in learning more about short sales or our short sale negotiation service, feel free to contact my office at (815) 344-1965.

~Laura

Spanish Translation available

Laura Moore Godek (Laura Moore Godek, PC) — Wed, 23 May 2007 16:15:34 -0700

We are pleased to announce our continued Spanish translation service. The Hispanic community is the fastest-growing demographic group in the country and in Illinois according to the U. S. Census Bureau. We are able to provide bilingual legal representation for a buyer or a seller in Spanish at no additional charge to our clients. Tracy Gonzalez Everhart continues to be on staff to help with this service. She comes to us with over sixteen years of experience in the financial industry.

We have been serving the community for nineteen years by assisting in residential real estate closings. We have grown our business from satisfied customers that refer their friends and family to us and return to us for additional services. Our office will continue to offer professional, knowledgeable, and courteous service.

We can help you and your clients before, during, and after the closing. If you have any questions, please feel free to contact us at (815) 344-1965. For Spanish speaking assistance, please call (815) 690-8965. We look forward to meeting you and your clients in the future. Thank you for your time and consideration.

~Laura

Short Sales

Laura Moore Godek (Laura Moore Godek, PC) — Wed, 23 May 2007 15:34:03 -0700

Are you reluctant to list a home if the Sellers:

are delinquent on their mortgage?

are in foreclosure?

have little equity, no equity, or negative equity?
can't afford to pay off their mortgage, closing costs, and still price their home realistically?

Short sales are a promising alternative to foreclosure or bankruptcy by creating a win-win situation for all parties involved. Short sales:

prevent further damage to Sellers' credit by ending the foreclosure proceedings.
include the lender's approval of a 5% real estate commission in most transactions.
enable the Buyers to purchase a property with equity, often a great deal.
pay a re-negotiated amount to the lender and end costly foreclosure proceedings.

~Laura