Archive for September, 2011

DO YOU KNOW WHAT IT FEELS LIKE WAITING FOR SHORT SALE APPROVAL?

imagesCAF6DVZXDo you know what it feels like waiting for the Short Sale to be Approved by the Bank?

Well I do because I just completed my own Short Sale and am happy to share those thoughts.

It feels like all the weight I have been carrying has finally been lifted.

The constant burden one feels waiting, anticipating, felling helpless during the Short Sale process has been totally lifted off my shoulders. I can stand straight and tall now that the Short Sale has closed. imagesCAFWEMSP

Written by Jack Lewitz | Discussion: No Comments »

Age Does Not Matter When It Comes Eviction..

DETROIT (AP) — A 101-year-old woman was evicted from the southwest Detroit home where she lived for nearly six decades after her 65-year-old son failed to pay the mortgage.

Texana Hollis was evicted Monday and her belongings were placed outside the home. Her son, Warren Hollis, said he didn’t pay the bill for several years and disregarded eviction notices.

“I kept it from her because I didn’t want to worry her,” Warren Hollis told WXYZ-TV for a report that aired Monday night. “I was just so sure it wasn’t going to happen.”

Wayne County Chief Deputy Treasurer David Szymanski told The Associated Press on Tuesday that the Hollises took out an adjustable-rate mortgage in 2002. A default and foreclosure notice was filed in November.

“They ended up owing $80,000 on the home,” Szymanski said. “Warren indicates he did not make the payments. He got the notices, but threw them away.”

Written by Jack Lewitz | Discussion: No Comments »

FREE MONEY TO AID IL HOMEOWNERS

imagesCAPJT3U4 Illinois is receiving $345 million in Federal Funds to assist struggling homeonwers who are either unemployed or underemployed and not able to pay their mortgage.

Eligibility to the program is expected to help up to 15,000 families who have been rejected by other assistance programs.

Illinois residents whose income has fallen  at least 25% or are currently unemployed can seek up to $25,000 in mortgage help.

The purpose of the program is to give temporary relief to homeowners who have fallen behind in their mortgage payments. 

Program Highlights:

  • For Illinois residents whose incomes have fallen 25% or are temporarily unemployed.
  • Provides up to a maximum of $25,000 to bring delinquent loans current and keep them current for up to 18 months.
  • This loan is for 10 years and may be forgiven if homeowner meets all program criteria.
  • Homeowner must participate in making payments of 31% of income toward their mortgage.
  • If unemployed the program will pay 100% of the mortgage until homeowner gets a job.

For more details on this program please contact your local Illinois Housing Development (HUD or CEDA) offices. The program is a FREE PROGRAM. http://www.ihda.org/

Written by Jack Lewitz | Discussion: No Comments »

Buying Foreclosures

imagesCAS1UB1C This is a first in a series of blog articles that wil be dedicated to helping First Time Home buyers understand how to buy a foreclosure.

Many people do not understand that Fannie Mae has a program that is called “First Look” that allows “First Time Home Buyers” the option to make offers on their homes over “Investors” offers.

“First Look” is a way Fannie Mae encourage more homeownership and let’s be frank a real estate market driven by homeownership vs investor driven market is a healthier real estate market.

So for the first 15 days a Fannie Mae Property is on the market it can only receive offers from buyers who want to occupy the home. Investors are not permitted to make offers during this 15 day “First Look” period.

So if you are a first time home buyer then I would consider buying a Fannie Mae owned property.

Written by Jack Lewitz | Discussion: No Comments »

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