Real estate blog entries tagged with foreclosure by Randy Schulenburg, Schulenburg Realty, Inc. (Schulenburg Realty, Inc.)

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foreclosure: Past Foreclosure or Short Sale? - Time to Buy Again! - 05/30/16 01:03 PM

This is a great time for so called 'Boomerang Buyers' to purchase a home. Those who were once homeowners but lost their home due to unforeseen circumstances, like a Foreclosure or Short Sale, need to know when they may re-enter the mortgage marketplace. What makes this such a great time to buy?

Interest rates are still at Historic Low Levels with a 30 year fixed rate hovering around 3.750% APR with many lenders we work with. Even though we see a Seller's Market in many areas, with rates this low it creates a dynamic opportunity to find a great home matched with … (0 comments)

foreclosure: Why a Lease/Purchase Makes Sense in 2015! - 03/26/15 10:30 AM

Q. My husband and I had a short sale 2 years ago. We were told by our Loan Officer that we can't buy a house until we have saved enough to put down at least a 3.5% down payment and 3 years has past since the short sale was finalized. Even though FHA has the 'Back to Work' program which he said allows some people to buy in just 1 year after a short sale, we did not qualify. We have been renting for almost 2 years and really want to take advantage of today's housing prices before they go up. … (1 comments)

foreclosure: What fees am I responsible for paying if I 'Short Sell' my house? - 08/08/12 11:57 PM

It's frustrating, isn't it? Here we are, trying to do the best we can to get through these tough times, and we are now faced with the pressures of losing our home. The reality sets in, and we try to put our emotions aside, and agree that it's time to move on with our life.We need to take a step backwards in order to start moving ahead in a direction that will be financially beneficial to our families. We realize that not only will we not get any money from the sale of our home but most likely will have to … (1 comments)

foreclosure: Do I have to be late in order to be considered for a 'Short Sale'? - 08/08/12 11:55 PM

I'm often asked 'Do I have to be late in order to be considered for a Short Sale'? That is a great question that has a quick 'YES' answer usually associated with it. However, every situation is unique. A 'Short Sale' is a sale that takes place when a mortgage lender, usually a Bank, agrees to accept less to settle the debt than the full amount contractually owed by the debtor. To be 'forgiven' of a large portion of a mortgage debt is a blessing for which a debtor may be very thankful. In order to have your personal and unique … (0 comments)

foreclosure: How long does it take to sell my home if it is considered a 'Short Sale'? - 08/08/12 11:53 PM

I'm often asked 'How long does it take to sell my home if it is considered a 'Short Sale'? That is a great question that doesn't have a common answer. A 'Short Sale' is a sale that takes place when a mortgage lender, usually a Bank, agrees to accept less to settle the debt than the full amount contractually owed by the debtor. To be 'forgiven' of a large portion of a mortgage debt is a blessing for which a debtor may be very thankful. A lender typically takes up to 90 days to review all the paperwork and approve a … (0 comments)

foreclosure: Barrington IL Real Estate Issues: What's the Problem? - 10/31/11 10:19 AM

It's a problem that's not going away anytime soon. It's also a Nationwide problem and not just isolated to your area. The problem is that as of this writing 30% +/- of all homeowners Nationwide owe more on their home than what it is currently worth.
Now for those who have not lost their job, been downsized or had some other hardship occur in their lives to where they can no longer afford their mortgage payments, too owe more on their house than its current value is really not an issue. After all, you're still able to make the payments and … (0 comments)

foreclosure: Northwest Suburbs of Chicago: Exit Gracefully - 'Short' Sell Your Home or Foreclose? - 10/12/11 08:51 AM

foreclosure: Can it Be True?!?! Is the $8,000 Tax Credit REALLY Coming to an End? - 03/15/10 03:35 PM

Yes, it's true! As a matter of fact it's coming to an end very soon! If you hope to take advantage of this special tax credit incentive you have until April 30, 2010 to have a contract accepted and until July 01, 2010 to close.
I talk with people weekly about the incentives given by the government to encourage people to buy homes. So many are confused about the extension of the tax credit. They seem to have much mis-information. This credit is expiring soon so make your move today!

Below is the current and correct information regarding the tax … (3 comments)

foreclosure: Is it Worth your Time to Pursue a Distressed Property? - 03/14/10 12:25 AM

As a buyer you may be wondering if it is really worth your time to pursue a distressed property. Foreclosures and Short Sale Homes continue to be the hot topics these days. Purchasing one of these proerties can present multiple challenges that is not found when closing on a typical home.
Is it really worth your time? You will need a lot of patience as these can range from being a big time fixer upper to being in great condition. They can also receive multiple offers which drives up the price and take a long time to close. It's also quite … (1 comments)

foreclosure: Update - Mortgage Loan Modifications - Do They Really Work? - 12/23/09 04:50 AM

I just received an update today on a client going through a 1st mortgage loan modification. As most are well aware, a loan modification is an option made to a borrower who is struggling to make their payments due to a hardship, who is not able to refinance their mortgage.
This client qualified for the program, completed the three month trial period, and still hasn't received the final modification paperwork. Instead, he received a "summons" and an "appearance" from the mortgage companies attorney after making the first payment on the modification.
This frustrated and scared the client. The client went to … (0 comments)

foreclosure: 2010 - Time for the Smart Realtor to Shine - 12/16/09 12:03 PM

2010 will continue to develop as a time for the smart Realtor to shine amongst the competitors. The statistics continue to show that values will drop as foreclosures rise.
The wildcard continues to be the intervention by our Federal Government. When the $8,000 tax credit expires April 2010 will it be extended with modifications . . . again? Will the Federal Reserve rapidly raise interest rates? We just don't know. We will have to be resilient.
The smart agent will make adjustments. What adjustments are you making as you set your goals for 2010? How will you differentiate yourself from the … (1 comments)

foreclosure: Bank of America - REO Properties - Insiders Information To Help With Your Offers - 12/15/09 12:03 PM

I had a client today that identified a property recently foreclosed by Bank of America. He asked me to find out how he could place a cash offer on it before it came to market.
I have several contacts at Bank of America so I went directly to the source to find out. The information I received could be useful to those Realtors who have not yet experienced working directly with the Bank on an REO property.
Here is the answer from the representative at Bank of America:
"After we acquire a property though the judicial process and are issued a … (2 comments)

foreclosure: When a Loan Modification isn't a Viable Option . . . - 12/08/09 02:59 PM

Loan Modifications, or "Loan Mods" as they're commonly known, have been a real help for a lot of troubled homeowners. Contrary to a lot of negative talk, this option has helped many people that I personally know who wanted to stay in their home and had no other option.
However, many people can't take advantage of a loan modification or refinance they're home for various reasons. As new programs continue to evolve hope may be just around the corner. The problem is . . . we just don't know when or how the government is going to intervene.
Just last week … (0 comments)

foreclosure: Short Sale Listing in Elgin, IL - Motivated Seller and Bank - 12/04/09 05:14 PM

Now is the time to consider making an offer on this Elgin home. The seller and bank want it sold now. Take a look:
Lots of room here! Huge beautiful back yard. 5 Bedrooms. All bedrooms on second level. Bank final approval necessary for serious contracts.
READY TO NEGOTIATE NOW.

… (2 comments)

foreclosure: Terrace Lakes - Algonquin - Beautiful Original Owner Home - Not a Short Sale - 12/04/09 03:45 PM

Simply stunning! Many "exquisite" touches to a home that shows like a designer's model. Hardwood floors in entry, dining room and great room. Gorgeous molding thru out. 9' ceilings! Well-designed fireplace in great room.Gourmet kitchen with cherry cabinets, Thermador range and hood, Bosch dishwasher and Jenn-Air frig. Island with prep sink. Master bathroom with two-person Jacuzzi tub, double sinks . . .
Great layout with master bedroom separated from guest rooms. Work from home? The den will be a great space for you. Large corner lot professionally landscaped with brick paver patio and firepit. 9' deep basement. 3-car garage. Painted 2007.
… (0 comments)

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