Archive for April, 2010

New Study On Illinois Foreclosure reveals…

The Woodstock Intstitute releases new study on Foreclosures in Illinios and the results do not look favorable.

According to this new study, there were 9,302 completed foreclosure auctions in the first quarter in the region. This number was the largest number recorded in a quarter since 2006.

This number represents a 56% jump when compared to the first quarter in 2009.  Within a six county region, Kane County saw the largest  increase with a  122% year over year completed foreclosure auctions.

According to the Woodstock Institute the reason for the increase in Foreclosure auctions maybe the result of the statewide moratorium on foreclosures in support of the Home Affordable Modification Program (HAMP). In January the moratorium was lifted.

It  also appears from early data on HAMP that 50% of all loan modifications fail. As they fail lenders have no other recourse but to begin the foreclosure process.

Geoff Smith of the Woodstock Institute asks ” Did the moratorium help borrowers in the end?” “Are these foreclosure provention programs working” ” If HAMP was working you’d have less completed foreclosures.”

Written by Jack Lewitz | Discussion: No Comments »

Up or Down Goldman Sachs Wins

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During the last couple of days I have been hearing the testomony from top executives at Goldman Sachs.

It appears from their testimony that it does not matter whether the market is up or down they will always find a way to profit.

According to Lloyd Blankfein , Chief Exectutive at Goldman, betting against mortgage backed securities that the firm was selling to clients was not a conflict of interest, or unethical.

According to Blankfein and other at Goldman, betting against mortgage back securites was just good business sense for the firm since the firm was hedging against lossess  on sub-prime mortgages when they were on the other side of the transaction.

To them Short Selling a Security is just a normal activity for Goldman Sachs and their customers know this and trust them.

Yet would you trust a company when their interests come first before their customers?

It may take months before we see the affects of any financial reform legislation as a result of Golman Sachs behavior.

Written by Jack Lewitz | Discussion: No Comments »

TWO DIFFERENT STORIES… HARD TO FIGURE OUT

In the Tribune business section on Thursday were 2 articles with 2 different stories and its hard to figure out or who to believe.

The first article was on the front page of the business section ” Illinois Housing Defaults Double” the other was on page 4 of the same section “$3.3 billion profit at JPMorgan tops estimates”.

So here is my question, is JPMorgan  making such huge profits? I think the answer can be found in the article on the first page and that would be the homeowner.

Almost 15,000 Illinois homeowners lost their homes to foreclosure this year in the first 3 months. This is twice as many homes that went back to lenders during the same period in 2009.

Clearly there is a disconnect between what is being reported and the realities of the housing market as it relates to homeowners in Illinois.

According to Jamie Diamond, Chase Bank CEO, the US economy is clearly showing signs of improvement.

Well Jamie maybe it is showing signs at your bank with profits up from $2.1 billion in 2009 to $3.3 billion in 2010 but don’t tell that to homeowners who are loosing their homes to foreclosure in Illinois because I do not think they can appreciate what you are saying.

Maybe thats why this news is on the 4th page of the Business section instead of page 1.

Written by Jack Lewitz | Discussion: No Comments »

Short Sale Approved NEED BUYER

6918 N. Seeley Avenue 3 B (MLS # 07287794)

 

Short Sale Approved $56,000.00

 

Need Buyer

 

 

Is this the typical thing with short sales? You get an offer and submit your short sale package to the lender and you do not hear from them for months then out of the blue they come back to you and give you a counter offer and the original buyer has walked away.

 

So what do we do? We start all over and search for a buyer at the last minute. As I am doing here. Will the lender only give me 48 hours to find a buyer? A most difficult task, or should they give me a SSA based on the counter offer price and let me market it for 120 days as is required by HAFA.

 

I am not going to bet on it so anyone who has a buyer can contact me at:

 

Jack Lewitz, SFR Broker

IL Real Estate Specialists

http://www.ilrealestatespecialists.com

708-309-5334

Written by Jack Lewitz | Discussion: No Comments »

Political Action Voices Heard Loud and Clear…

002  The Voice of Frustration over the number of homes being foreclosed was Heard Loud and Clear today at James R. Thompson Center.

Several Political Action Neighborhood Associations met at a rally to voice support for a $1,000 fee on all judicial foreclosure sales in Illinois that would be used to try to prevent foreclosure.

 

  • The $1,000.00 fee would be collected from purchasers at a Sherrif Sale.
  • The collection of this fee would affect most lender’s  because they are usually the ones who buy back the property at a Sheriff Sale.
  • The fee would go into a Foreclosure Prevention Fund and help finance foreclosure prevention programs, organizations who are assisting homeowners who are delinquent on their mortgage.

Written by Jack Lewitz | Discussion: 3 Comments »

5 Personality Types People when Dealing with Stress

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Family Therapist Virginia Satir identifies 5 personaliy types when people are in a stressful situation. 

I would say working with homeowners in a Short Sale is definately a stressful situation so I suggest you become aware of these 5 personality types as you will most likely be confronted with them if you are a Short Sale Specialist.

  • The Placater:

The Placater will do almost anything to avoid stress.  Placaters tend to be a little narcissistic and are concerned about themselves and making a good impression. They feel uncomfortable in stressful situations and will ignore any situation that causes them discomfort. Direct confrontation is most likely not the approach you will want to do with a Placater.

  • The Blamer:

The Blamer feels all alone in the world and tend to look to others as the reason for their misfortunes. When Blamers are confronted with stress they tend to feel more isolated, and will often take look to take charge of the situation and bluff their way out of a situation as a way to over compensate for their feelings of helplessness. It is important to make sure your client does not feel alone and to give and share some empathy with a blamer.

  • The Computer:

The Computer does not like to show emotions and when confronted with stress will resort to logic and appear to be in control of their emotions when they are really churning mad on the inside. Beware of any explosions or melt downs when working with Computers.

  • The Distractor:

The Distractor gets easily confused during stressful situations and will grasp for straws when looking for answers to their stress. You know you are working with a distractor when you scratch your head and ask yourself “Who is this Person”. They often will become someone your are not familiar with and so you must be aware that they too are not sure who they are.

  • Leveller:

The Leveller is the ideal person to deal with stress. They like it when they are told things as they are without minimizing the situation. They are comfortable with who they are and can usually manage ambiquous situations. It would be nice if we all had clients who were Leveller’s during a Short Sale.

Written by Jack Lewitz | Discussion: No Comments »

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