Wells Fargo is helping move damaged REO properties by donating them to renovaters that will rehab and resell

Posted in Lender News Reports,Welcome by Administrator on the August 16th, 2012

Through the REO program, Wells Fargo donates foreclosed homes to Rebuilding Together affiliates in eight cities. Participating Rebuilding Together Affiliates are in the following cities: Baltimore, Los Angeles, Oakland, Philadelphia, Providence, St. Paul (Twin Cities), Tampa, and Washington, DC.  Our City of Chicago could use a similar program to help blighted areas which were once viable growing areas.

Each Rebuilding Together Affiliate then renovates the donated REO property and works with a real estate agent to sell the home to a buyer that is between 80-120% of the area median income (AMI). As part of the initiative, buyers are also required to complete a Homebuyer Education class and show a certificate of completion before closing.  The buyers also must live in the home; homes cannot be sold to an investor or rapidly resold to capture profits.

Once the home is sold, the proceeds from the sale are returned to the Rebuilding Together affiliate’s operating fund, allowing the organizations to continue to make critical home repairs for homeowners in need.

“We are so grateful to Wells Fargo for helping Rebuilding Together establish the REO program as a way to transform REO properties back toward viable homes in stable communities, while helping low- and moderate-income families obtain safe, healthy and affordable housing,” said Gary A. Officer, President and CEO of Rebuilding Together, “The sale of these properties can provide critical income to support Rebuilding Together Affiliates in their core mission work.”

In 2011, Wells Fargo Housing Foundation programs delivered a record $23.4 million, 697 discounted and 1245 donated properties to support local affordable housing and community revitalization programs.

“Wells Fargo is proud to support the work of Rebuilding Together to help create affordable and sustainable housing opportunities for low-to-moderate income families,” said Kimberly Jackson, head of the Wells Fargo Housing Foundation.

The first home to be sold under the program was in Philadelphia, PA where the affiliate renovated the home in the Greater Northeast neighborhood and sold it to a first time home buyer who is also a police officer candidate.

In Tampa, FL the home donated by Wells Fargo sold within three weeks of it being donated to Rebuilding Together Tampa Bay.

Rebuilding Together Twin Cities also has renovated its first house in Richfield, MN through the program and put it up for sale.  Rebuilding Together- Twin Cities has plans to renovate and sell a total of four homes this fiscal year.

In addition, Wells Fargo has made grants to other Rebuilding Together affiliates (Milwaukee and New Orleans) for the purpose of rehabilitating and/or purchasing REO properties (Roanoke and Sacramento) as part of their asset building strategies and to support the mission of their local organizations.

ABOUT REBUILDING TOGETHER Rebuilding Together believes in a safe and healthy home for every person. Rebuilding Together provides critical repairs to an existing home, addressing both structural issues and those that affect the health of the homeowners. House by house, block by block, we work with our nearly 200 affiliates & 200,000 volunteers, who are skilled tradesperson’s, corporate partners and everyday citizens, to repair homes, to stabilize and revitalize communities. For nearly 25 years, we have seen the benefits when people remain in their homes: lives are improved and communities are revived.

For more information: You can also follow Rebuilding Together on Twitter @rebldgtogthr or become a fan on Facebook at

About Wells Fargo Wells Fargo & Company (NYSE: WFC) is a nationwide, diversified, community-based financial services company with $1.3 trillion in assets. Founded in 1852 and headquartered in San Francisco, Wells Fargo provides banking, insurance, investments, mortgage, and consumer and commercial finance through more than 9,000 stores, 12,000 ATMs, the Internet (, and has offices in more than 35 countries to support the bank’s customers who conduct business in the global economy. With approximately 265,000 full-time equivalent team members, Wells Fargo serves one in three households in the United States. Wells Fargo & Company was ranked No. 26 on Fortune’s 2012 rankings of America’s largest corporations.

Wells Fargo’s vision is to satisfy all our customers’ financial needs and help them succeed financially.

SOURCE Rebuilding Together

Who are the LIBOR 16 & HSBC lenders- “Terror Supporters”?

Posted in Financing- Loss Mitigation,Lender News Reports by Administrator on the August 1st, 2012

The LIBOR 16 & HSBC Terror Supporters

How encouraging to catch up on the news last night only to discover that, while there are still “no real conspiracies” in the world, however you can never fault greed and human nature.

So, much to my surprise after watching a few episodes of the Daily Show, I find out about HSBC and the LIBOR people (who knew they were actually people?) are both in trouble for some phenomenally insane practices!

The LIBOR Group

For those who do not know, LIBOR is the rate by which money is lent from bank to bank. I thought, as did many, that this was somehow created by a master computer formula based on a Boolean equation in the bowls of the Barclays Banking system.   At the very least it was a bunch of men and women sitting around a conference room behind closed doors discussing what the rate should be based on the worlds economics…

FOR GOODNESS SAKE, It is the rate by which we base our adjustable rate mortgages on in the United States…

Apparently the rate is set by 16 guys in London and you can send them an email and change the rate to help your bank…

Meaning that the actual LIBOR rate is complete CRAP and means JACK-SQUAT!
But, How does this effect homeowners?

I am sure there will be some wise-guy-attorneys who think they will now overturn mortgages that were based on adjustable rates based on the LIBOR for homeowners who are not making any payments. Further though, it will have zero bearing and all of these cases will get tossed out of court on one level or another. It’s a lawyers dream equivalent of clouded titles and robo-signing of documents.  There is a possibility it could be used as an escalation and even possibly used to purchase a property below actual fair market value (which is currently artificially accelerating from the lack of inventory and liquidation of REO’s).

HSBC (Hong Kong and Shanghai Banking Corporation), Terror Cells and Money laundering!

Yes, you read that correctly, HSBC has links to (including but not limited to) Terror Cells and Drug Cartels. They also gave a campaign contribution to Michelle Bachman and that just makes HSBC look bad for supporting a not-so-bright-yet-attractive politician.

I am wondering on the supposed lawyer-fringe thinking on this for homeowners… like:

“My client no longer wants to make payments to HSBC because they have been known to support Terrorists, Drug Cartels, and Michelle Bachman…”

“My client fears that they will be watched by the TSA for supporting terrorists and Cartels”

“My client fears Michelle Bachman may campaign on their door…”

Whatever the case, it was a ‘bar’ set by MANY banks including Chase, Bank of America, and Wells and that was long ago and far away for them. Almost every bank in the United States has allegedly accepted money from questionable sources. I would guarantee that many banks at this very moment have money that comes from ‘blood diamonds’, ‘child labor’ or they have all supported DUMB politicians!


Obviously an attorney will try and use these in an attempt to get a homeowner out of payments and they will fail! Far worse, it is the medias perception that will be handed down to homeowners…

Such fallacies as:

“I heard on the news that the president is mad at the LIBOR thing and he is gonna give us our home for FREE”

“My loan is with HSBC and I know someone who got their house for free cause they hired an attorney and sued them for supporting Michelle Bachman”


NONE OF THIS WILL HAVE AN IMPACT ON SHORT SALES! It’s just more influence knocking on the door that homeowners need to know about…

Just make sure you understand the truth behind the headlines and do a Short Sale so you can move on with your lives instead of paying for pie in the sky schemes!

Loan Modifications information reference site

Posted in Credit Notes,Financing- Loss Mitigation,REO -Lender Owned Properties,Welcome by Administrator on the December 18th, 2011

One of the best web sites I can refer people to on the subject of Loan Modifications and Short Sales is at  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.

Cook County stops evictions on some lenders

Posted in Welcome by Administrator on the November 1st, 2010

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.

Credit Scams-How do you fight back???

Posted in Credit Notes by Administrator on the November 1st, 2010

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: or to get more info on getting scores,  go to:
I’m suggesting that you pull your credit report FREE at www.AnnualCredit 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.

Facing up to the Mortgage Meltdown…

Posted in Financing- Loss Mitigation by Administrator on the October 26th, 2010

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!

* Buy . . * . . Sell . . * . . Finance . . * . . Consult * We are Professional Realty Partners, Inc.

Posted in Financing- Loss Mitigation,Real Estate by Administrator on the September 3rd, 2008

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=””> 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!

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