That's right; apply for a Loan Modification and your payment is more likely to come back with a higher payment than you are currently paying!  I've seen it happen over and over. 

Julie, a client of mine, submitted a Loan Modification package and her Loan Modification came back at $974.00 a month OVER what she is currently paying.  REALLY?  She couldn't make her current payments and asked for help and this is what happens? 

What would possess a lender to modify a loan and ask for a HIGHER payment?  Under the Administration's new program, the Treasury will subsidize every modification by paying lenders and mortgage servicers a share of the borrower's monthly modification.  Servicers are also given an additional $1,000 incentive payment for every modified loan. Surprise!  So these lenders aren't really here to help you, they are here to help themselves once again. 

Another 12% of home owners had Loan Modifications approved and saved less than 10% a month on their payments. This is a little better, but many times the modification simply extended the term of the mortgage for a longer period of time to lower the payment, so again who wins?

Is it any wonder that nearly 70% of all Loan Modifications fail in the following few months after approval?

This is simply like putting a Band-Aid on a broken bone.  The banking industry has been given trillions of dollars to help save us from this outrageous number of foreclosures and the Treasury Department predicted they would save about 4,000,000 homes.  But three months after the program was announced, a Treasury spokeswoman, Jenni Engebretsen, estimated the number of loans that have been modified at "more than 10,000 but fewer than 55,000."  What a joke!

75 Billion dollars and we have helped less than 25,000 people across the country, putting more money into the lenders pockets!  In my opinion this is a crime.  Loan Modifications are a lot of work and these lenders are deceiving a lot of people.  This needs to be stopped.

I currently have an 80 year old client that is having trouble making his mortgage payments, so we applied to Citi Mortgage, his lender, for a Loan Modification. We were told that he needs to be late with his current payment before they would even consider him for a Loan Mod.  He opted to miss a payment and after many hours of paper work and phone calls, waiting approximately 75 days, we get the good news that the Loan Mod is approved. They claim they will be sending him his new payment amount in writing.  3 days later the client calls to tell us he was denied in writing.  After many hours on the phone with Citi Mortgage, we find out that even though we were told he was approved, the appraisal came back and he has too much equity in his home.  WHY would they tell us he was approved without having the appraisal in front of them?  Now the lender recommends that he tries to refinance.  OK, let's try the refinance: The manager goes over the account with me on the phone and sees that he missed one payment, so guess what?  He doesn't qualify for a refinance because he missed that one payment, AFTER Citi Mortgage stated he needed to be late.  Are these people for real?  They just caused a great paying customer the possibility of losing his home. 

Don't forget if your payment goes up and you cannot handle the new amount, a short sale is still possible to save you from foreclosure. A short sale usually costs you nothing out of pocket.

I'lll be there with my long johns on!  But for those meek at heart, you can come in the car!

ANyone got a heated seat?  Hope to see you there.

Posted by VIcki Watazlawick, Broker Owner, Exit Platinum Realty, LITH, IL  847-854-3800

How sad is this?  Out of the entire United States, Chicago has 4 High Schools that placed in the worst performing amongst High Schools!

Robeson HS placed 6 worst in the country

Harper HS placed 18 worst in the country

Englewood Tech HS places 21 worst in the country

                                Fenger Academy placed 24 worst int he country

Step up parents and do something about this!  Hold CPS accountable and make something happen!

When any study is conducted to compare and rate schools, the methodology is key. The findings reported here use each school's own No Child Left Behind test scores, but standardized by Neighborhood Scout's patent-pending methodology for true national comparison.

It is well known that the quality of education provided by public schools varies greatly across the country. Still further, the quality of a child's education can vary significantly from school district to school district within a state and can even be widely varied between two different schools within the same school district.

With scores like this we should all be ashamed!

School's 'State Test' Scores vs. State
(Grade 11)
Proficient in Math: 2% vs. 54%
Proficient in Reading: 5% vs. 58%

Posted by Vicki Watzlawick, Broker Owner, CERTIFIED Foreclosure Expert, New Office in Chicago!  IL 847-854-3800

Lunch with a Cop

Friday, April 17th and 24th the Lake in the Hills Police Department is hosting their Lunch with a Cop program.  It will be held both days from 11:00am to 1:00pm at the Lake in the Hills Police Department's Safety Educational Center, located at 1109 Crystal Lake Road.  It will include a pizza lunch, puppet show and safety tips.  Pizza and pop will be served to the children (and parents) by members of the Lake in the Hills Police Department, the puppet show with follow lunch.  This program is free and is a great opportunity for young children to realize that the police are their friends and someone that they should come to for help. 

Posted by Vicki Watzlawick, Broker Owner, Exit Platinum Realty LITH IL 847-854-3800 www.vickisdreamhomes.com