The Attorney Generals of 49 states and the US Justice Department have reached a settlement with the five biggest mortgage servicers - Wells Fargo. JP Morgan Chase, Ally Financial, Bank of America, and Citigroup – regarding their fraudulent foreclosure practices. You were asking me, what does this settlement mean for me. Probably NOTHING! That’s right, NOTHING or at the most – next to nothing!
It’s a great deal – FOR THE BANKS!! It’s a ROTTEN deal for the PEOPLE!! Here are five reasons why:
1. The banks are now OFF THE HOOK as far as being prosecuted by either the states or federal governments for CRIMINAL document FORGERY and FRAUD! There will be no punishment for these politically connected banksters who knowingly committed these frauds.
2. Of the $26 Billion in “fines”, $17 Billion has been designated to be used towards principal reductions. The average principal reduction will only be $20,000 and will only be for people who are current in their payments. If you now owe $300,000 and it is worth $150,000 in today’s market – you will then ONLY owe $280,000 on a house worth $150,000. WOW, not that helps doesn’t it?
3. The banks have up to THREE YEARS to implement the terms of the settlement. Based upon how they’ve worked with distressed homeowners to get a modification, I don’t see them moving quickly on something they have three years to implement. You might NOT want to plan on getting any help from this settlement any time soon
4. A small part of the settlement ($1.5 Billion) is to go to those unfortunate homeowners whose properties were stolen using the fraudulent, robo-signed documents. They will get only $2000 each!! Not their home back, but $2000 period.
5. Foreclosures will most likely increase !!! Now that the banks know how small the penalties are for their criminal acts, they will move forward with full speed to continue their outright theft of property through foreclosure.
If you are in foreclosure or facing the prospect of a foreclosure, you will NOT GET HELP from the government.
The only way to protect your rights is to have a knowledgeable and capable attorney fighting for you. That’s where we come in!
You can SAVE and KEEP YOUR HOME through FORECLOSURE DEFENSES NETWORK!
www.ForeclosureDefensesNetwork.com
One-On-One FREE consultations, FREE educational workshops with the next upcoming workshops on March 1st and 3rd.
Call anytime and we will connect you to one of our trained consumer advocates, speak to a live person
..saving the American Dream one home at time 847-356-1564 Info@FDANTeam.com
Monday, February 20, 2012
Monday, February 13, 2012
The Deal Is Done, but Hold the Applause
By GRETCHEN MORGENSON
Published: February 11, 2012
FIVE big banks finally reached a deal with government authorities last week over dubious mortgage practices and foreclosure abuses.
After months of talks, Ally Financial, Bank of America, Citibank, JPMorgan Chase and Wells Fargo agreed to pay a total of $5 billion in cash to try to remedy this fiasco. They will also help homeowners who are underwater on their mortgages by reducing the principal on their loans by a combined $17 billion over the next three years.
Borrowers who qualify will get $3 billion in refinancing arrangements. Those who were improperly foreclosed on will get a combined $1.5 billion. That probably nets out to less than $2,000 a person.
The banks crowed that this settlement would help the economy and the reputation of the mortgage industry. Michael J. Heid, president of Wells Fargo Home Mortgage, characterized the deal as “a very important step toward restoring confidence in mortgage servicing and stability in the housing market.”
But it’s hard to imagine that this one settlement will be enough to restore trust in loan servicers. Given what we know about their questionable practices — how they larded improper fees on struggling homeowners, for example, and forced people to buy home insurance at three times market rates — restoring confidence in these firms will take some doing.
There’s no doubt that the banks are happy with this deal. You would be, too, if your bill for lying to courts and end-running the law came to less than $2,000 per loan file.
As for the supposed benefits to the economy, skeptics abound. One of them is Paul Diggle, property economist at Capital Economics in London. In a report last week, he rejected the notion — espoused by both banks and government authorities — that this deal would help turn around the American housing market.
For most homeowners, it will barely move the needle. Forgiving $17 billion in principal “is a drop in the ocean,” Mr. Diggle said, “given that close to 11 million borrowers are underwater on their loans to the tune of $700 billion in total.” Doing the math, $17 billion in write-downs would be about 2.4 percent of the total negative equity weighing down borrowers across the nation now.
Yves Smith, the perspicacious founder of the Naked Capitalism Web site, was especially critical. In a post, “The Top 12 Reasons Why You Should Hate the Mortgage Settlement,” she wrote that this deal was a stealth bailout of the major banks.
Why? It will improve the value of the second liens or home equity lines of credit they own. These vast holdings — roughly $400 billion — are worthless if the first mortgages preceding them are underwater. But if the banks don’t write down the second liens alongside the first mortgages, the seconds become more valuable. A lower principal balance on the first mortgage makes the second more likely to pay.
But perhaps the largest question looming over this settlement is how it will be policed. Recent history is littered with agreements that required banks to take specific steps to make amends. All too often, the banks have skated away from their promises.
A prime example is a settlement over predatory lending that was reached by Countrywide Financial in 2008. Led by attorneys general in California and Illinois, that deal had Countrywide vowing to provide $8.4 billion in loan relief to borrowers in the form of lower interest rates and loan modifications.
It sounded good on paper. But Bank of America, Countrywide’s parent, defied many aspects of the settlement, according to Catherine Cortez Masto, Nevada’s attorney general. She sued Bank of America last summer, contending that it had raised interest rates on loan modifications even though Countrywide had promised to lower them.
Bank of America also declined to provide loan modifications to qualified homeowners as required in the deal and improperly proceeded with foreclosures while borrowers’ modification requests were pending, Ms. Masto’s suit said. Furthermore, the bank failed to meet the settlement’s 60-day requirement on granting new loan terms, allowing months — and in some cases, more than a year — to go by with no resolution, the lawsuit said.
Bank of America has disputed the allegations.
Other borrower programs also seemed promising until bank resistance stymied them. Consider the Foreclosure Mediation Program in Nevada, set up in 2009 to help resolve the mountain of delinquent and troubled loans in that state.
Under the program, banks must mediate with borrowers who request such help. But two years of statistics, through last September, show 5,771 cases where mediators found that banks had failed to participate in good faith or were not complying with other aspects of the mediation law. That is equivalent to 42 percent of all the mediations completed in the program.
Perhaps more troubling, the percentage of mediations where lenders have failed to comply has risen in the most recent six months of data.
“It’s astounding that in such a huge percentage of cases the lenders are not complying,” said Philip A. Olsen, a former Nevada Supreme Court settlement conference judge. “The banks have learned that they can thumb their noses at the program and it won’t cost them anything.”
So you have to wonder whether banks will thumb their noses at last week’s settlement, too. That makes policing compliance crucial.
That task falls to Joseph A. Smith Jr., the banking commissioner for North Carolina since 2002. Not only must he oversee the monetary relief programs in the settlement, he must also enforce extensive changes to loan-servicing practices that the deal entails.
I had hoped to ask Mr. Smith how he planned to monitor the expansive and arcane terms of the settlement and what size of army he would be deploying to ensure that the banks fulfilled their promises. But he was not available on Friday to answer my questions.
An administration official, speaking on condition of anonymity because he was not authorized to discuss the deal, said that Mr. Smith would hire accountants and consulting firms to audit the banks’ performance and that as monitor, he would be able to interview bank employees. If the monitor finds that a bank has failed to meet its commitment, he can impose penalties of up to $5 million, depending on the errors’ seriousness or frequency.
Additional details will emerge. But this kind of minutiae will determine whether the settlement succeeds. So many borrower programs have failed since the foreclosure crisis began. Another nonstarter will only add to the mistrust that many people harbor toward those large institutions, both public and private, that contributed so mightily to this mess.
Published: February 11, 2012
FIVE big banks finally reached a deal with government authorities last week over dubious mortgage practices and foreclosure abuses.
After months of talks, Ally Financial, Bank of America, Citibank, JPMorgan Chase and Wells Fargo agreed to pay a total of $5 billion in cash to try to remedy this fiasco. They will also help homeowners who are underwater on their mortgages by reducing the principal on their loans by a combined $17 billion over the next three years.
Borrowers who qualify will get $3 billion in refinancing arrangements. Those who were improperly foreclosed on will get a combined $1.5 billion. That probably nets out to less than $2,000 a person.
The banks crowed that this settlement would help the economy and the reputation of the mortgage industry. Michael J. Heid, president of Wells Fargo Home Mortgage, characterized the deal as “a very important step toward restoring confidence in mortgage servicing and stability in the housing market.”
But it’s hard to imagine that this one settlement will be enough to restore trust in loan servicers. Given what we know about their questionable practices — how they larded improper fees on struggling homeowners, for example, and forced people to buy home insurance at three times market rates — restoring confidence in these firms will take some doing.
There’s no doubt that the banks are happy with this deal. You would be, too, if your bill for lying to courts and end-running the law came to less than $2,000 per loan file.
As for the supposed benefits to the economy, skeptics abound. One of them is Paul Diggle, property economist at Capital Economics in London. In a report last week, he rejected the notion — espoused by both banks and government authorities — that this deal would help turn around the American housing market.
For most homeowners, it will barely move the needle. Forgiving $17 billion in principal “is a drop in the ocean,” Mr. Diggle said, “given that close to 11 million borrowers are underwater on their loans to the tune of $700 billion in total.” Doing the math, $17 billion in write-downs would be about 2.4 percent of the total negative equity weighing down borrowers across the nation now.
Yves Smith, the perspicacious founder of the Naked Capitalism Web site, was especially critical. In a post, “The Top 12 Reasons Why You Should Hate the Mortgage Settlement,” she wrote that this deal was a stealth bailout of the major banks.
Why? It will improve the value of the second liens or home equity lines of credit they own. These vast holdings — roughly $400 billion — are worthless if the first mortgages preceding them are underwater. But if the banks don’t write down the second liens alongside the first mortgages, the seconds become more valuable. A lower principal balance on the first mortgage makes the second more likely to pay.
But perhaps the largest question looming over this settlement is how it will be policed. Recent history is littered with agreements that required banks to take specific steps to make amends. All too often, the banks have skated away from their promises.
A prime example is a settlement over predatory lending that was reached by Countrywide Financial in 2008. Led by attorneys general in California and Illinois, that deal had Countrywide vowing to provide $8.4 billion in loan relief to borrowers in the form of lower interest rates and loan modifications.
It sounded good on paper. But Bank of America, Countrywide’s parent, defied many aspects of the settlement, according to Catherine Cortez Masto, Nevada’s attorney general. She sued Bank of America last summer, contending that it had raised interest rates on loan modifications even though Countrywide had promised to lower them.
Bank of America also declined to provide loan modifications to qualified homeowners as required in the deal and improperly proceeded with foreclosures while borrowers’ modification requests were pending, Ms. Masto’s suit said. Furthermore, the bank failed to meet the settlement’s 60-day requirement on granting new loan terms, allowing months — and in some cases, more than a year — to go by with no resolution, the lawsuit said.
Bank of America has disputed the allegations.
Other borrower programs also seemed promising until bank resistance stymied them. Consider the Foreclosure Mediation Program in Nevada, set up in 2009 to help resolve the mountain of delinquent and troubled loans in that state.
Under the program, banks must mediate with borrowers who request such help. But two years of statistics, through last September, show 5,771 cases where mediators found that banks had failed to participate in good faith or were not complying with other aspects of the mediation law. That is equivalent to 42 percent of all the mediations completed in the program.
Perhaps more troubling, the percentage of mediations where lenders have failed to comply has risen in the most recent six months of data.
“It’s astounding that in such a huge percentage of cases the lenders are not complying,” said Philip A. Olsen, a former Nevada Supreme Court settlement conference judge. “The banks have learned that they can thumb their noses at the program and it won’t cost them anything.”
So you have to wonder whether banks will thumb their noses at last week’s settlement, too. That makes policing compliance crucial.
That task falls to Joseph A. Smith Jr., the banking commissioner for North Carolina since 2002. Not only must he oversee the monetary relief programs in the settlement, he must also enforce extensive changes to loan-servicing practices that the deal entails.
I had hoped to ask Mr. Smith how he planned to monitor the expansive and arcane terms of the settlement and what size of army he would be deploying to ensure that the banks fulfilled their promises. But he was not available on Friday to answer my questions.
An administration official, speaking on condition of anonymity because he was not authorized to discuss the deal, said that Mr. Smith would hire accountants and consulting firms to audit the banks’ performance and that as monitor, he would be able to interview bank employees. If the monitor finds that a bank has failed to meet its commitment, he can impose penalties of up to $5 million, depending on the errors’ seriousness or frequency.
Additional details will emerge. But this kind of minutiae will determine whether the settlement succeeds. So many borrower programs have failed since the foreclosure crisis began. Another nonstarter will only add to the mistrust that many people harbor toward those large institutions, both public and private, that contributed so mightily to this mess.
Thursday, February 2, 2012
Tuesday, January 31, 2012
FREE WORKSHOP - FEB 2 and FEB 4 - KNOW YOUR OPTIONS
FREE Community Educational Seminar
Limited seating to ensure One-on-One Consultations
Do you need help with your home, rebuilding credit, or regaining your financial sanity?
Do you wonder if your assets can be saved if your home is being foreclosed upon?
Thinking that declaring Bankruptcy is your only answer?
Next Upcoming FREE Educational Seminar
Dates Currently Available:
Location: Thursday, February 2, 2012 6:30 PM
Saturday, February 4, 2012 2:00 PM
Lindenhurst, Illinois
REGISTRATION REQUIRED (to unsure FREE One-on-One Consultations)
Registration Line: 847.356.1564
In only one hour this FREE foreclosure defenses educational seminar will help you:
**Understand the process and timeframes of foreclosure in the Chicagoland court system. What and when you need to do it, if you are looking to save your home.
**How long can you stay in your home and how soon do you need to take action.
**Why your best first line of defense to save your home or credit may NOT be filing bankruptcy immediately.
**If you are working with your lender to work out a plan to save your home, why did they file a foreclosure complaint against you in court?
**Credit repair IS possible while you are in foreclosure status. You can regain your scores!
**Learn that you CAN afford to defend yourself and WIN with your lender
"As the founder and coordinator of The Foreclosure Defenses Network, I have brought together professionals that truly want to help people like you!" Most of the "free info" out there is self-serving and directs you to a particular profession or professional. I learned that there are many options that can help you strategically rebuild that I would like to share with you. Come to this seminar and find out!" - S. Mathes
http://foreclosuredefensesnetwork.blogspot.com/
Limited seating to ensure One-on-One Consultations
Do you need help with your home, rebuilding credit, or regaining your financial sanity?
Do you wonder if your assets can be saved if your home is being foreclosed upon?
Thinking that declaring Bankruptcy is your only answer?
Next Upcoming FREE Educational Seminar
Dates Currently Available:
Location: Thursday, February 2, 2012 6:30 PM
Saturday, February 4, 2012 2:00 PM
Lindenhurst, Illinois
REGISTRATION REQUIRED (to unsure FREE One-on-One Consultations)
Registration Line: 847.356.1564
In only one hour this FREE foreclosure defenses educational seminar will help you:
**Understand the process and timeframes of foreclosure in the Chicagoland court system. What and when you need to do it, if you are looking to save your home.
**How long can you stay in your home and how soon do you need to take action.
**Why your best first line of defense to save your home or credit may NOT be filing bankruptcy immediately.
**If you are working with your lender to work out a plan to save your home, why did they file a foreclosure complaint against you in court?
**Credit repair IS possible while you are in foreclosure status. You can regain your scores!
**Learn that you CAN afford to defend yourself and WIN with your lender
"As the founder and coordinator of The Foreclosure Defenses Network, I have brought together professionals that truly want to help people like you!" Most of the "free info" out there is self-serving and directs you to a particular profession or professional. I learned that there are many options that can help you strategically rebuild that I would like to share with you. Come to this seminar and find out!" - S. Mathes
http://foreclosuredefensesnetwork.blogspot.com/
Thursday, January 26, 2012
16% of homes sold in Illinois in 3Q were in foreclosure
http://www.chicagotribune.com/business/breaking/chi-16-of-homes-sold-in-illinois-in-3q-were-in-foreclosure-20120126,0,6701982.story
16% of homes sold in Illinois in 3Q were in foreclosure
Associated Press
5:52 a.m. CST, January 26, 2012
Sixteen percent of homes sold in Illinois in the third quarter of 2011 were in foreclosure or owned by a bank.
That's according to a report released Thursday by Irvine, Calif.-based RealtyTrac. The company says the total number of foreclosures sold from July through September last year was 6,537 and the average sale price was $133,121.
The number of foreclosure sales dropped almost 20 percent from the third quarter of 2010 because of paperwork processing problems that delayed many foreclosures.
Nationally, foreclosure homes accounted for 20 percent of all residential sales in that same period.
The highest percentage of foreclosure sales were in Nevada, California and Arizona.
RealtyTrac says foreclosures continue to be an excellent bargain for many people.
16% of homes sold in Illinois in 3Q were in foreclosure
Associated Press
5:52 a.m. CST, January 26, 2012
Sixteen percent of homes sold in Illinois in the third quarter of 2011 were in foreclosure or owned by a bank.
That's according to a report released Thursday by Irvine, Calif.-based RealtyTrac. The company says the total number of foreclosures sold from July through September last year was 6,537 and the average sale price was $133,121.
The number of foreclosure sales dropped almost 20 percent from the third quarter of 2010 because of paperwork processing problems that delayed many foreclosures.
Nationally, foreclosure homes accounted for 20 percent of all residential sales in that same period.
The highest percentage of foreclosure sales were in Nevada, California and Arizona.
RealtyTrac says foreclosures continue to be an excellent bargain for many people.
Tuesday, January 24, 2012
$25B foreclosure deal: What it could mean for homeowners
(
http://www.cbsnews.com/8301-505145_162-57364338/$25b-foreclosure-deal-what-it-could-mean-for-homeowners/
MoneyWatch) Government officials announced Monday the nation's five biggest lenders have agreed to overhaul the industry after deceptive foreclosure practices and robo-signing caused many homeowners to lose their homes. The proposed settlement applies to privately held mortgages issued between 2008 and 2011.
According to an Associated Press report, five major banks -- Bank of America, JPMorgan Chase, Wells Fargo, Citibank and Ally Financial -- and U.S. state attorneys general could adopt the agreement within weeks. It's expected President Barack Obama will mention new developments in the negotiations in his State of the Union address on Tuesday.
Feds tighten housing loan standards
Video: Your best real estate moves in 2012
What do do if you're renting a short sale
A settlement between the banks and the states doesn't mean homeowners who lost their homes to foreclosure will get them back. In fact, they're unlikely to benefit much at all financially, though the total financial settlement could be as high as $25 billion.
What's worse is the settlement does not apply to loans held by Fannie Mae or Freddie Mac. Since Fannie and Freddie own about half of all U.S. mortgages - or 31 million U.S. home loans - that means a lot of homeowners who have been hurt by the banks' deceptive foreclosure practices won't be getting much-needed assistance.
Here's how the settlement could shape up:
-- $17 billion would go toward reducing the principal balance struggling homeowners owe on their mortgages.
-- $5 billion would be put into a reserve account for various state and federal programs. A portion of this money would cover the $1,800 checks that would be sent to homeowners affected by deceptive practices. Only about 750,000 Americans, or half of the households who might be eligible for assistance under the deal, will likely receive checks.
-- About $3 billion would be used to help homeowners refinance at 5.25 percent, far above current mortgage interest rates.
Nearly 11 million people - one in four homeowners - owe more than their home is worth. According to current guidelines, these underwater homeowners have few options and little chance at refinancing.
If the proposed settlement terms are accepted, roughly 1 million of these homeowners could see the principal amount of their mortgages reduced by an average of $20,000. That's good news for some, but bad news for the other 10 million homeowners who would like to claim a principal reduction but won't qualify.
The better news is this settlement has the potential to reshape long-standing lending guidelines and make things easier for at-risk and underwater homeowners across the board. But critics say it doesn't do enough. Sen. Sherrod Brown (D-Ohio) tells the Associated Press: "Wall Street is again trying to pass the buck. Instead of criminal prosecutions, we're talking about something that's not more than a slap on the wrist."
Some states have disagreed over what to offer banks, with states like New York, Delaware, Nevada and Massachusetts arguing banks should not be "protected from future civil liability." The deal will not fully release banks from future criminal lawsuits by individual states, and a few of those states' attorneys general have already promised to pursue their own investigations.
Bank officials have argued few, if any, foreclosures wrongfully took place as a result of documentation issues. Ally Financial CEO Michael Carpenter has been among the most vocal, claiming the company found no instances of wrongful foreclosure after its own internal audit. Carpenter has said he will fight the government in court if need be.
Brown tells HousingWire: "[The settlement] is not vengeance against banks. It's [incentivizing] better behavior in the future." If the banks are held accountable and realize there are consequences to misleading practices, it's possible this settlement could have far-reaching effects.
If you're a homeowner who is not affected by the settlement but has questions about your options, contact the Homeowner's HOPE hotline at 1-888-995-HOPE.
The Associated Press contributed to this report
http://www.cbsnews.com/8301-505145_162-57364338/$25b-foreclosure-deal-what-it-could-mean-for-homeowners/
MoneyWatch) Government officials announced Monday the nation's five biggest lenders have agreed to overhaul the industry after deceptive foreclosure practices and robo-signing caused many homeowners to lose their homes. The proposed settlement applies to privately held mortgages issued between 2008 and 2011.
According to an Associated Press report, five major banks -- Bank of America, JPMorgan Chase, Wells Fargo, Citibank and Ally Financial -- and U.S. state attorneys general could adopt the agreement within weeks. It's expected President Barack Obama will mention new developments in the negotiations in his State of the Union address on Tuesday.
Feds tighten housing loan standards
Video: Your best real estate moves in 2012
What do do if you're renting a short sale
A settlement between the banks and the states doesn't mean homeowners who lost their homes to foreclosure will get them back. In fact, they're unlikely to benefit much at all financially, though the total financial settlement could be as high as $25 billion.
What's worse is the settlement does not apply to loans held by Fannie Mae or Freddie Mac. Since Fannie and Freddie own about half of all U.S. mortgages - or 31 million U.S. home loans - that means a lot of homeowners who have been hurt by the banks' deceptive foreclosure practices won't be getting much-needed assistance.
Here's how the settlement could shape up:
-- $17 billion would go toward reducing the principal balance struggling homeowners owe on their mortgages.
-- $5 billion would be put into a reserve account for various state and federal programs. A portion of this money would cover the $1,800 checks that would be sent to homeowners affected by deceptive practices. Only about 750,000 Americans, or half of the households who might be eligible for assistance under the deal, will likely receive checks.
-- About $3 billion would be used to help homeowners refinance at 5.25 percent, far above current mortgage interest rates.
Nearly 11 million people - one in four homeowners - owe more than their home is worth. According to current guidelines, these underwater homeowners have few options and little chance at refinancing.
If the proposed settlement terms are accepted, roughly 1 million of these homeowners could see the principal amount of their mortgages reduced by an average of $20,000. That's good news for some, but bad news for the other 10 million homeowners who would like to claim a principal reduction but won't qualify.
The better news is this settlement has the potential to reshape long-standing lending guidelines and make things easier for at-risk and underwater homeowners across the board. But critics say it doesn't do enough. Sen. Sherrod Brown (D-Ohio) tells the Associated Press: "Wall Street is again trying to pass the buck. Instead of criminal prosecutions, we're talking about something that's not more than a slap on the wrist."
Some states have disagreed over what to offer banks, with states like New York, Delaware, Nevada and Massachusetts arguing banks should not be "protected from future civil liability." The deal will not fully release banks from future criminal lawsuits by individual states, and a few of those states' attorneys general have already promised to pursue their own investigations.
Bank officials have argued few, if any, foreclosures wrongfully took place as a result of documentation issues. Ally Financial CEO Michael Carpenter has been among the most vocal, claiming the company found no instances of wrongful foreclosure after its own internal audit. Carpenter has said he will fight the government in court if need be.
Brown tells HousingWire: "[The settlement] is not vengeance against banks. It's [incentivizing] better behavior in the future." If the banks are held accountable and realize there are consequences to misleading practices, it's possible this settlement could have far-reaching effects.
If you're a homeowner who is not affected by the settlement but has questions about your options, contact the Homeowner's HOPE hotline at 1-888-995-HOPE.
The Associated Press contributed to this report
Wednesday, January 18, 2012
High Year End Foreclosure Activity in Chicagoland Area. New Foreclosure Filings Dropped by 26.04% in 2011.
http://www.prweb.com/releases/2012/1/prweb9107494.htm
According to numbers released by ILFLS.com, The Illinois Foreclosure Listing Service, in December, new foreclosure filings in Cook County have increased by 14.32% while in the rest of Chicago land, the numbers of new filings have dropped on average by 11%. The increase in the number of completed foreclosures was 13.23%. In 2011 there were 26.04% less default notices filed compared to 2010.
Chicago, IL (PRWEB) January 15, 2012
As expected, in the Great Chicagoland Area the foreclosure auction activity soared at the end of the calendar year. On the other hand, due to the holidays season the new filings in most counties were less compared to the numbers in November 2011.
According to numbers released by ILFLS.com, The Illinois Foreclosure Listing Service,
in December, the new foreclosure filings in Cook County have increased by 14.32% while in the rest of Chicago land the number of new filings have dropped on average by 11%. In DuPage County, new foreclosure filings also saw increase of 9.86%.
The number of properties sold at foreclosure auctions in December have increased to a total of 3,048, an increase of 13.14% compared to November of 2011 and with 81.00% compared to December 2010.
As noted by ILFLS one of the reason of this decline was due to the delayed paperwork from the banks and legal issues with some of the lenders.
The biggest drop in new filings in December was in Kendall County, 18.42% decline, followed by Will County with 14.42% decline.
In 2011 there were 69,471 new default notices in the Chicago 7 County area versus 87,558 in 2010, a 26.04% decline. In the suburban 6 county area, the drop in new foreclosure filings was 26.47%.
"We expect there to be a similar trend in 2012 with possible increase of 5-10% in the number of new filings. This is partly due to the fact that most of the cases dismissed in 2010 and 2011 due to robo-signing errors are being refiled again." -a spokesperson for ILFLS said.
The Illinois Foreclosure Listing Service (ILFLS) is a Chicago-based subscription service that provides up-to-date data on foreclosure filings and related activities throughout the Chicago area, including Cook, DuPage, Lake, Will, McHenry, Kane and Kendall Counties. ILFLS recorders are assigned to every courthouse in the coverage area, which they visit daily to collect the latest data. ILFLS provides a searchable database and a broad array of productivity tools, all designed by and intended primarily for real estate professionals.
According to numbers released by ILFLS.com, The Illinois Foreclosure Listing Service, in December, new foreclosure filings in Cook County have increased by 14.32% while in the rest of Chicago land, the numbers of new filings have dropped on average by 11%. The increase in the number of completed foreclosures was 13.23%. In 2011 there were 26.04% less default notices filed compared to 2010.
Chicago, IL (PRWEB) January 15, 2012
As expected, in the Great Chicagoland Area the foreclosure auction activity soared at the end of the calendar year. On the other hand, due to the holidays season the new filings in most counties were less compared to the numbers in November 2011.
According to numbers released by ILFLS.com, The Illinois Foreclosure Listing Service,
in December, the new foreclosure filings in Cook County have increased by 14.32% while in the rest of Chicago land the number of new filings have dropped on average by 11%. In DuPage County, new foreclosure filings also saw increase of 9.86%.
The number of properties sold at foreclosure auctions in December have increased to a total of 3,048, an increase of 13.14% compared to November of 2011 and with 81.00% compared to December 2010.
As noted by ILFLS one of the reason of this decline was due to the delayed paperwork from the banks and legal issues with some of the lenders.
The biggest drop in new filings in December was in Kendall County, 18.42% decline, followed by Will County with 14.42% decline.
In 2011 there were 69,471 new default notices in the Chicago 7 County area versus 87,558 in 2010, a 26.04% decline. In the suburban 6 county area, the drop in new foreclosure filings was 26.47%.
"We expect there to be a similar trend in 2012 with possible increase of 5-10% in the number of new filings. This is partly due to the fact that most of the cases dismissed in 2010 and 2011 due to robo-signing errors are being refiled again." -a spokesperson for ILFLS said.
The Illinois Foreclosure Listing Service (ILFLS) is a Chicago-based subscription service that provides up-to-date data on foreclosure filings and related activities throughout the Chicago area, including Cook, DuPage, Lake, Will, McHenry, Kane and Kendall Counties. ILFLS recorders are assigned to every courthouse in the coverage area, which they visit daily to collect the latest data. ILFLS provides a searchable database and a broad array of productivity tools, all designed by and intended primarily for real estate professionals.
WHY CAN'T I GET STRAIGHT ANSWERS ABOUT FORECLOSURE OR NEGATIVE EQUITY IN MY HOME?
WHY CAN'T I GET STRAIGHT ANSWERS ABOUT FORECLOSURE OR NEGATIVE EQUITY IN MY HOME?
Have you ever wondered why you still don't have a precise strategic plan to deal with your housing or debt situation? Why, after spending hours researching the internet, or talking to the "pro's" about foreclosure or the fact that you owe more on your home than it will be worth in a VERY long time, you still are looking for the answers?
For almost a year I watched clients and friends struggle to just make their mortgage payments, slowly start to fall behind and then come to the realization that even if they wanted to refinance they either couldn't due to credit or to the value of their homes (non-value more accurately).
We created the Foreclosure Defenses Network for ONE reason. To talk with people at length and give then a consultation that is FREE OF CHARGE, that has no agenda, no vested interest in pointing towards any particular solution. We are here to be honest with you, sometimes brutally so. To explain the truth of your entire situation, to try and give you the knowledge you need to decode the misinformation that is everywhere. We work with you to build a strategic plan that will keep you in your home as long as possible, if not forever. To also show you how you can take advantage of this time to strategically rebuild the rest of your credit, pay down debt and start over without foreclosure reporting on your credit We do periodic FREE workshops to help you believe that there is hope out there. There are professionals that want to help while not taking advantage of you. These are passionate people with the knowledge and determination to back up their passion. We have recommendations to Foreclosure Defense attorney's that may counter sue your lender if it is appropriate. A mortgage forensic audit team that will find the ammunition needed to defend yourself against foreclosure. Credit Counselors to work with you NOW to start the rebuilding process so you are credit worthy as soon as possible. Bankruptcy and Tax attorneys hen it may be appropriate. TIMING is everything when building a strategic plan of when (or if) you need to work with any of the professionals in the network. We have no vested interest in pointing you in any one direction, so call us to set an appointment for a FREE consultation or arrange seating for one of the FREE workshops. Office direct: 847.356.1182 or for the workshop registration line: 847.356.1564. Visit our website at: www.ForeclosureDefensesNetwork.com
Maybe you have heard or read a few of these statements. Don't believe any of them as the "whole truth and nothing but the truth". Often these statements are the furthest thing from the "whole" truth.
From your lender "Don't worry about the time it's taking us to get your modification approved, as long as you have a file in active review we can't get a sale date on your home". REALLY? What about the fact that Illinois is a judicial state and once the judgement has been approved by the courts, they can get a sale date in as little as 60 days. The judgment date is to be feared. If you haven't been able to work it out with them in this long, what makes you believe that you can do it in the very short 90 day redemption period that you have by law once the judgment is entered? After that redemption period, they will get the sale date approved.
From a Bankruptcy firm, "We can save your home, just file bankruptcy and it will stop the foreclosure process and allow you to eventually work something out with your lender". REALLY? What about the fact that after your bankruptcy has been discharged, the lenders court process will pick up where it left off. Now, months later you are out the bankruptcy attorney fees, and right back where you started in the court system. Broke and wondering what to do now.
From a debt consolidation firm, "Let us negotiate for you, we will stop all calls and threats, the late charges, make your unsecured debt (credit cards, loans etc.....) payments much lower than what you are currently paying now and THIS solution will put more money in your pocket every month so you will be able to keep up with your mortgage payments. After what seems like 1,000 a week from bill collectors it sounds like a great idea. REALLY? This "idea" still does not solve the fact that your lender has probably already filed a lawsuit against you, or is simply waiting for a denial of a workout plan to file the foreclosure complaint. REALLY? If you were not able to work it out with them over the last many, many, many months, are you really willing to just "let things go in the court system" until the lender MAY pull it together? All the while living on the edge of "when will they serve me with foreclosure papers"?
PEOPLE, IF IT LOOKS LIKE A DUCK, QUACKS LIKE A DUCK IT PROBABLY IS A DUCK. Most "specialized" assistance has one thing in mind. Fitting your situation into their way of "fixing it for you". They have a vested interest in steering towards their solutions. MONEY.
Again, we have no vested interest in pointing you in any one direction, so call us to set an appointment for a FREE consultation or arrange seating for one of the FREE workshops. Office direct: 847.356.1182 or for the workshop registration line: 847.356.1564. Visit our website at: www.ForeclosureDefensesNetwork.com
S.Mathes
Have you ever wondered why you still don't have a precise strategic plan to deal with your housing or debt situation? Why, after spending hours researching the internet, or talking to the "pro's" about foreclosure or the fact that you owe more on your home than it will be worth in a VERY long time, you still are looking for the answers?
For almost a year I watched clients and friends struggle to just make their mortgage payments, slowly start to fall behind and then come to the realization that even if they wanted to refinance they either couldn't due to credit or to the value of their homes (non-value more accurately).
We created the Foreclosure Defenses Network for ONE reason. To talk with people at length and give then a consultation that is FREE OF CHARGE, that has no agenda, no vested interest in pointing towards any particular solution. We are here to be honest with you, sometimes brutally so. To explain the truth of your entire situation, to try and give you the knowledge you need to decode the misinformation that is everywhere. We work with you to build a strategic plan that will keep you in your home as long as possible, if not forever. To also show you how you can take advantage of this time to strategically rebuild the rest of your credit, pay down debt and start over without foreclosure reporting on your credit We do periodic FREE workshops to help you believe that there is hope out there. There are professionals that want to help while not taking advantage of you. These are passionate people with the knowledge and determination to back up their passion. We have recommendations to Foreclosure Defense attorney's that may counter sue your lender if it is appropriate. A mortgage forensic audit team that will find the ammunition needed to defend yourself against foreclosure. Credit Counselors to work with you NOW to start the rebuilding process so you are credit worthy as soon as possible. Bankruptcy and Tax attorneys hen it may be appropriate. TIMING is everything when building a strategic plan of when (or if) you need to work with any of the professionals in the network. We have no vested interest in pointing you in any one direction, so call us to set an appointment for a FREE consultation or arrange seating for one of the FREE workshops. Office direct: 847.356.1182 or for the workshop registration line: 847.356.1564. Visit our website at: www.ForeclosureDefensesNetwork.com
Maybe you have heard or read a few of these statements. Don't believe any of them as the "whole truth and nothing but the truth". Often these statements are the furthest thing from the "whole" truth.
From your lender "Don't worry about the time it's taking us to get your modification approved, as long as you have a file in active review we can't get a sale date on your home". REALLY? What about the fact that Illinois is a judicial state and once the judgement has been approved by the courts, they can get a sale date in as little as 60 days. The judgment date is to be feared. If you haven't been able to work it out with them in this long, what makes you believe that you can do it in the very short 90 day redemption period that you have by law once the judgment is entered? After that redemption period, they will get the sale date approved.
From a Bankruptcy firm, "We can save your home, just file bankruptcy and it will stop the foreclosure process and allow you to eventually work something out with your lender". REALLY? What about the fact that after your bankruptcy has been discharged, the lenders court process will pick up where it left off. Now, months later you are out the bankruptcy attorney fees, and right back where you started in the court system. Broke and wondering what to do now.
From a debt consolidation firm, "Let us negotiate for you, we will stop all calls and threats, the late charges, make your unsecured debt (credit cards, loans etc.....) payments much lower than what you are currently paying now and THIS solution will put more money in your pocket every month so you will be able to keep up with your mortgage payments. After what seems like 1,000 a week from bill collectors it sounds like a great idea. REALLY? This "idea" still does not solve the fact that your lender has probably already filed a lawsuit against you, or is simply waiting for a denial of a workout plan to file the foreclosure complaint. REALLY? If you were not able to work it out with them over the last many, many, many months, are you really willing to just "let things go in the court system" until the lender MAY pull it together? All the while living on the edge of "when will they serve me with foreclosure papers"?
PEOPLE, IF IT LOOKS LIKE A DUCK, QUACKS LIKE A DUCK IT PROBABLY IS A DUCK. Most "specialized" assistance has one thing in mind. Fitting your situation into their way of "fixing it for you". They have a vested interest in steering towards their solutions. MONEY.
Again, we have no vested interest in pointing you in any one direction, so call us to set an appointment for a FREE consultation or arrange seating for one of the FREE workshops. Office direct: 847.356.1182 or for the workshop registration line: 847.356.1564. Visit our website at: www.ForeclosureDefensesNetwork.com
S.Mathes
Saturday, January 14, 2012
Illinois declared 2nd worst state to retire.
http://wjbc.com/illinois-2nd-worst-state-to-retire/
SPRINGFIELD – Illinois’ money woes have helped it top yet another list.
TopRetirements.com ranks the Land of Lincoln as the second worst state to retire. It cites the state’s massive economic troubles including underfunded pension systems, deficit spending, unemployment, and foreclosure rates. Only Connecticut beats Illinois in the of worst places to retire.
TopRetirements.com weighed their decisions on each state’s fiscal health, property taxes, income taxes, cost of living, and climate.
SPRINGFIELD – Illinois’ money woes have helped it top yet another list.
TopRetirements.com ranks the Land of Lincoln as the second worst state to retire. It cites the state’s massive economic troubles including underfunded pension systems, deficit spending, unemployment, and foreclosure rates. Only Connecticut beats Illinois in the of worst places to retire.
TopRetirements.com weighed their decisions on each state’s fiscal health, property taxes, income taxes, cost of living, and climate.
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