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One of the best web sites I can refer people to on the subject of Loan Modifications and Short Sales is at http://Honish.com.  It’s an eye opener and training ground for handling the banks when it comes to settling debts on an upside down mortgage transaction.

If you or someone you know is in the middle of or considering defaulting on their mortgage-they need to read up and this site is guaranteed to have insightful tips on conducting the safest ways of dealing with a mortgage debt collector.  If you should decide to Short Sale after reading the materials provided on this site.  Please give us a call to discuss further what the benefits and outcome in your particular situation could be.

Lenders are having to stop and review their foreclosure files after it was brought up that some are not checking their work. Bank of America actually suspended foreclosure sales across America until they could verify their processes are being adhered to. approx 35 lenders were mentioned including Chase, JP Morgan & many other large institutions.

Stephen Snyder has great newsletters that I find particularly interesting on Credit- this last one focused on Scoring and why the numbers you buy are not the “real” scores unless they are FICO scores.   They go on to say you can buy real FICO scores at: www.myfico.com/12 or to get more info on getting scores,  go to: www.stephensnyder.com/yourficos
I’m suggesting that you pull your credit report FREE at www.AnnualCredit Report.com but only to review your tradelines and look for errors.   When you go to get the actual FICO numbers prior to purchasing a car or home, then it’s time to pull the actual FICO scores-the paid FICO ones.

But what about any other scores-if you purchase anything other than FICO scores then you’ve been ripped off as they aren’t used for credit purposes.   In that case Mr. Snyder suggests writing a letter to your atty, congressional leaders or the Federal Trade Commission and letting them know you’ve been ripped off… and I have to agree.    Letting them know it’s not right for agencies to offer scores that aren’t used for credit purposes… to be paid for as if they were actual credit scores should be criminal- and is a total waste of your  money and time.

I’ve contacted many homeowners that were glad they opened the door. Some, I never spoke with.   Some, probably didn’t know if I could be trusted with the family homestead… But, one thing was true across the board- everyone didn’t have a clue as to how to help themselves.

If you called the Lenders- they didn’t have skilled representatives to help or encourage a proactive approach to save a Borrower’s home- they still don’t. They aren’t supposed to be helping Borrower’s lower their payments. Many of the Loss Mitigation staff can’t handle your request if you don’t know what you are doing and /or you don’t give them a quick analysis of your financial situation.

But, if you are reading this because you do need help and you are reading this because you are hearing more and more about Loss Mitigation terms such as Loan Mod’s (modifications of the terms of your loan), or Short Sales (assisted selling of your home with a lenders acceptance of a smaller portion of the settlement amount in place of the full amounts owed the Lender)   Each borrower’s needs are different and each Lenders situation is different- I suggest calling us to talk about your situation- no charge because it’s that important to our economy and you, I’m sure!

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We’ve established this blog to promote real estate and financing topics as they relate to what’s going on in our local markets of Northwestern Chicagoland, Illinois.

We will be providing our featured listings with feature articles, pictures and research links, providing insights into the neighborhoods we serve and what each neighborhood area has to giveback to it’s community that makes it a unique place to call home. We hope that by providing content on local real estate for sale, snippets on investing, inspections and expanding on legislation that affects how we buy and sell real estate in illinois… our readers will gain insights and be motivated, informed purchasers in the future.

Knowing what your doing makes sense- spending money on property that can be expensive to own or will not appreciate as much as others; are factors that people whom study the markets and follow financing issues, are suited best to consult with. Specialists- keeping in mind, people you surround yourself with should be making it their business to know the field/industry they are in, in order to properly represent your interests.

Gone are the days of purchasing anything because it will go up no matter what, anyways. Now days, if it wasn’t a problem then -it’s a selling problem now! Buyers have more reasons to shoot down a property than to purchase it- cherry picking of the best properties is the name of the game, discounting til it hurts, and multiple offers highest and best. In order to compete for these desired properties, you need a Professional Realty Partner- “Carole Merrill” models don’t sell houses in Illinois anymore! We believe in keeping informed on the industry, ramping up for unique transactions and what can happen by preparing with detailed information and consulting of our own. We’ve done the leg work-even more so we continue to do the leg work for our customers thru education, positioning and communication.

We invite you to select a topic and search for the keyword in our site search box at href=”http://professionalrealtypartners.com”>ProfessionalRealtyPartners.com discover the reasons why experience always wins out. Oh, and let us know if you don’t find any mention of your topic. If it’s important to you, it’s important to us!