Archive for November, 2009

Search Commercial Real Estate

As part of our goal to become the “Number 1 Source forInformation about Illinois Foreclosures” we found it necessary to include a heading for “Commercial Real Estate”.

The process of searching for Commercial Real Estate Foreclosures is simple.

  • Go to Active Listings tab on the home page.
  • Register by typing email address and create password (skip this if already registered)
  • Go to Search Property Type and Press “Commercial Listings”

Written by Jack Lewitz | Discussion: 2 Comments »

Life after a Short Sale…

As realtors we often talk to past clients to see how things are going and I wanted to do the same with some of my Short Sale Clients.

Following is an email I recently received from one such client..

Hi Jack,

Things are actually going pretty well for me.  “The Short Sale was the best thing that happened ” :).

I am living in my own apartment with my dog in the city. I had a hard time buying a new car because of my credit not my income but my family was able to give me a loan and I am paying them back.

I don’t have any major debts, outside of a student loan and Ihave a comfortable life within my means. Overall, things are as they should be.

I will definitely pass your name if given the opportunity.

Good luck with the blog and I hope you have an enjoyable Thanksgiving…

Written by Jack Lewitz | Discussion: No Comments »

It May Look Like Steak but Taste Like Beef Jerky.. The ‘Deed For Lease Program”

another-great-idea-turned-crappy

Fannie Mae announced a new program on Thursday that may look like steak to some but taste like beef jerky. The program is called ‘The Deed for Lease Program.

‘The Deed for Lease Program”is a temporary solution to the foreclosure problem.  The program is for homeowners who DO NOT qualify for a loan modification program but DO NOT want to move from their home.

In this program the borrower voluntarily transfers the deed back to the lender and the lender rents back the home to the borrower at Fair Market Value or no more than 31% of the borrowers gross monthly income.

Doe this sound familiar. It should because the 31% is also used as the criteria for the  Home Affordable Modification program (HAMP) program. If Borrowers did not qualify for a home modification program why would anyone think the lender would now rent the same home to some who has defaulted on their mortgage and would not be considered a good candidate for a new loan.

There seems to be a flaw in logic to this plan. It may look like steak, smell like steak, but it taste like beef jerky…

Written by Jack Lewitz | Discussion: No Comments »

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