Britta Rivera Venture

CHICAGO REAL ESTATE NEWS & MORE

FANNIE MAE ANNOUNCES NEW DEED-IN-LIEU PROCESS; NEW GUIDELINES FOR SHORT SALES; FHA FLIP RULE EXTENSION

FRONT BLD 639Fannie Mae announced a new deed-in-lieu process which is designed to help homeowner’s in trouble.  The surge in foreclosures and short sales has demanded a shift in how they do business and implementation of a new plan which will begin in March 2013.  It will essentially offer three alternatives for those looking for assistance.

Another new change, which will help streamline the short sale process, is that Fannie Mae no longer require servicers’ to obtain written approval when they want to postpone a foreclosure sale on a loan.   It will apply to loans which are more than 12 month’s delinquent as of the last paid installment date.

Investor’s will be happy to hear that the FHA 90-day flip rule has also been extended through 2014.   Check out Inman News for full story.

READ FULL STORY HEREhttp://www.housingwire.com/content/fannie-mae-announces-new-requirements-deed-lieu-process

INTERESTED IN SELLING YOUR CHICAGO HOME?  USE A CHICAGO REALTOR. 

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December 4, 2012 Posted by | REAL ESTATE NEWS | , , , , , , , , , , | Leave a comment

CHICAGO 2011: 25% OF HOMEOWNERS “UNDER WATER”; BUYERS MARKET STILL IN PLAY

Crain’s reported today that approximately 25% of Chicago-area homes with mortgages, are now worth less than the debt owed on them.  This is certainly no surprise to the many homeowners feeling the pain of the recession.  What’s shocking is that the number is not higher, it seems like everyone knows someone either in the process of a short sale or foreclosure.

The number of short sales and foreclosures seem to be growing at an epidemic rate.  Real estate agents specializing in short sale transactions are busier than ever and vultures are scooping up investment properties throughout the city.

The detailed report was prepared by CoreLogic and shows a quarter of Chicagoland homeowners with mortgages, are either “under water” or had “negative equity”, during the second quarter.  The chief economist, for CoreLogic, Mark Fleming, was quoted as saying, “The hardest-hit markets have improved over the last year, primarily as a result of foreclosures.  But nationally, the level of mortgage debt remains high relative to home prices.”

This is a serious issue and with the high number of homeowners feeling the pinch, the end does not appear anywhere in sight.  There is good news for some; first-time buyers, investors, and longtime renters have the opportunity of a lifetime to secure a heavily discounted property at record low-interest rates.  

It is impossible to believe that anyone with semi-decent credit, steady employment and a minimal down payment would not apply for a FHA loan and secure a home now.  Renters still hanging on in this market would have to be those who are just not in the position to buy a home.  In the end, it is still better to own a home than to pay rent to a landlord.

If you are interested securing an amazing deal in Chicago, start viewing incredible homes now or register here for assistance.

September 13, 2011 Posted by | CHICAGO REAL ESTATE | , , , , , , , , , , | Leave a comment

2011 VIDEO: R. KELLY FACING FORECLOSURE ON CHICAGO MANSION; JOIN THE CROWD

When it comes to a tough economy and a depressed housing market, it seems everyone is affected.  It was reported that this includes Grammy Award-winning singer, R. Kelly, who has been hit with a $2.9-million foreclosure suit on his 11,140 square foot mansion, located in Olympia Fields.  The Chicago suburb has seen a sharp decline in residential housing prices, and with Kelly buying at the peak in 1999, value on his home has also fallen.

The news surfaced when J.P. Morgan Chase Bank filed a complaint against, Robert S. Kelly, claiming he has not paid his monthly mortgage payments since June 2010.  This comes as a shocker to many, because he has made millions on his hit songs which include, “I Believe I Can Fly,” “Ignition”, “Your Body’s Callin”, and “Bump N Grind”.  But in the end, he would join the crowd of millions of other homeowners facing a foreclosure crisis.

According to a source, Kelly has not lived in the home for over a year, and he stopped payments on the mortgage due to the continuous drop in value.  It’s allegedly not due to financial troubles, as many originally suspected.  Sources say the reality is, like many homeowners, he felt the home pricing was in such bad shape, he quit paying the mortgage, in an attempt force the bank to negotiate a loan modification.

An appraisal shows the home price plunged by 26%, to $3.8 million, in 2010, compared  to $5.2 million in 2009.  Well, this sounds more like a short sale situation.  Hopefully Kelly will decide to go that route instead of a foreclosure, because although he is probably financially stable, it would cause his credit to fall into the gutter.  A short sale typically is a lot more forgiving than a foreclosure.

What superstar wants below grade credit?  R. Kelly, look up our short sale team if you would like to discuss this as a better option.  We would love to assist!

INCREDIBLE OLD IRVING PARK CONDO!

CASEY ANTHONY RELEASED-READ STORY NOW!

July 17, 2011 Posted by | REAL ESTATE NEWS | , , , , , , , , , , , | 8 Comments

2011: ANTI-FORECLOSURE SUMMIT HELD IN WASHINGTON D.C.

Washington D.C. is hosting an Anti-Foreclosure summit today, uniting homeowners with lenders, in an effort to reduce the amount of new foreclosures.  This weeks reports suggest housing prices dropped an additional 5% from last year, and many attribute it to the huge amount of distressed properties on the market.

The summit being held in the nation’s capital, has lenders meeting face-to-face with homeowners in an attempt to get their home loans modified.  Lenders have been empowered to offer solutions to individuals, on a case-by-case basis.  It is to their benefit to assist homeowners in need of help, as they cannot afford, nor do they want to take on additional foreclosures.

While foreclosures and short sales have made up for a high number of sales in recent months, it also continues to be the cause of a huge drop home values for most homeowners.  This summit is desperately needed to stabilize the amount of inventory coming on-line, and will also be held in Atlanta next month.

Let’s hope this helps the millions of people in need of assistance, it is in the banks best interest to find a solution. Otherwise they may find themselves with many more distressed properties on their books, in the near future.

Searching for the perfect home in Chicago? Start viewing incredible homes  or register
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June 4, 2011 Posted by | REAL ESTATE NEWS | , , , , , , , , , , , , , | 1 Comment

(Video) SHORT SALE VS. FORECLOSURE? DO YOU QUALIFY?

A short sale is a sale of real estate in which the proceeds fall short of the balance owed on the property’s loan.  In simple terms, your home value is no longer above what you paid for it, so banks may allow you to sell it for the current market value.  Seller’s are first encouraged to try for a loan modification, but if that fails, a short sale is definitely a better option than a foreclosure.

Many have heard that short sales are complicated and take months to close.  Well, in some cases this may be true, but the process can be simplified when using an experienced short sale real estate agent and a short sale negotiator.  A negotiator has relationships with many top banks, which allows them to know exactly how to present the offer.  They also have the time required to stay on top of your file, to streamline the process.

Who truly qualifies for a short sale may surprise you.  It is not just the homeowner’s who have fallen behind on their mortgage payments.  In most cases it is anyone showing the financial inability to catch up on their payments or who may fall behind in the near future.  The banks will require a “hardship letter” which explains why a homeowner may qualify.  It could be due to illness, divorce, job loss, relocation, excessive debt or other similar situations.

Bottomline, if you cannot sell your home for what you currently owe on the loan and are suffering from a hardship, it would be wise to seek help.  Chances are, you may qualify for a short sale.  It is better to find out now, then to wait for the foreclosure to occur.

Chicago Real Estate: If you are interested in a FREE private short sale consultation with a Chicago negotiator, and realtor Register Here or contact Britta Rivera Venture at 312.475.4548.  Visit my website to learn more about us.

WATCH VIDEO TIPS ON BUYING AND SELLING A SHORT SALE.

May 29, 2011 Posted by | CHICAGO REAL ESTATE | , , , , , , , , , | 10 Comments

CHICAGO SHORT SALES TRENDING UP

Short sales are rapidly surpassing traditional sales in the Chicagoland area.  Just a few years ago many agents and seller’s were clueless as to what a short sale really was, and how to complete the transaction. But in today’s market real estate agents and the general public is more savvy about how they work.

A short sale is a sale of real estate in which the proceeds fall short of the balance owed on the property’s loan.  In simple terms, your home value is no longer above what you paid for it, so banks may allow you to sell it for the current market value.  Seller’s are first encouraged to try for a loan modification, but if that fails, a short sale is definitely a better option than a foreclosure.

Many have heard that short sales are complicated and take months to close.  Well, in some cases this may be true, but the process can be simplified when using an experienced short sale real estate agent and a short sale negotiator.  Their relationship with the banks allow them to know exactly how to present the offer.  They also have the time required to stay on your file to streamline the process.

Who truly qualifies for a short sale may surprise you.  It is not just the homeowner’s who have fallen behind on their mortgage payments.  In most cases it is anyone showing the financial inability to catch up on their payments or who may fall behind in the near future.  The banks will require a “hardship letter” which explains why a homeowner may qualify.  It could be due to illness, divorce, job loss, relocation, excessive debt or other similar situations.

Bottomline, if you cannot sell your home for what you currently owe on the loan and are suffering from a hardship, it would be wise to seek help.  Chances are, you may qualify for a short sale. It is better to find out now, then to wait for the foreclosure to occur.

Chicago Real Estate: If you are interested in a free private short sale consultation or market analysis, visit my website and email me at brittarivera@comcast.net.

May 18, 2011 Posted by | CHICAGO REAL ESTATE | , , , , , , , , | Leave a comment

   

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