Tag: Mortgages

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Thirty percent of mortgaged Chicago homes seriously underwater

Thirty percent of mortgaged Chicago homes seriously underwater

RealtyTrac defines a mortgaged home as "seriously underwater" when "the combined loan amount secured by the property is at least 25 percent higher [...]
One-third of mortgaged Chicago-area homes are deeply in the red

One-third of mortgaged Chicago-area homes are deeply in the red

Here's some bad news for home buyers who've been expecting rising home values to result in a broader selection of homes coming on the market. A [...]
Woodstock Institute makes foreclosure data more accessible

Woodstock Institute makes foreclosure data more accessible

The Woodstock Institute self-describes as "a leading nonprofit research and policy organization in the areas of fair lending, wealth creation, and [...]
Foreclosures, shadow inventory in steep decline, Chicago still troubled

Foreclosures, shadow inventory in steep decline, Chicago still troubled

CoreLogic released its May National Foreclosure Report yesterday along with a supplement featuring quarterly shadow inventory data as of April 201 [...]
Chicago real estate weekly, week ending June 28, 2013

Chicago real estate weekly, week ending June 28, 2013

This is the first edition of our weekly recap of Chicago real estate news. Check back each Saturday for a look back at the previous week – and off [...]
The four types of VA loans

The four types of VA loans

Daniel Chookaszian, a Vice President of Perl Mortgage, specializes in working with veterans on VA loan financing. I recently connected [...]
Down payment grants available for Chicago, select suburbs

Down payment grants available for Chicago, select suburbs

CityLIFT is a program sponsored by Wells Fargo Bank that provides up to $15,000 in down payment grant funds to qualified home buyers for the purch [...]
Quote of the day – mortgage cops will lock you up

Quote of the day – mortgage cops will lock you up

Thinking about strategically defaulting on your mortgage and seeing how long you can live in your home without paying? Think about what Heath Wolf [...]
Positive news on the negative equity front

Positive news on the negative equity front

According to the latest CoreLogic statistics, 30.1% of all homeowners with a mortgage in the Chicago-Joliet-Naperville area owed more on their hom [...]
Is that condo really FHA-approved?

Is that condo really FHA-approved?

The Federal Housing Administration (FHA) insured only 1 in every 50 new mortgage loans in Chicago in 2006. In 2009 the FHA insured one in every 5 [...]
Chicago has fourth-highest foreclosure inventory in nation

Chicago has fourth-highest foreclosure inventory in nation

CoreLogic has just released its National Foreclosure Report for April (registration required). According to CoreLogic, Illinois (5.3%) ranked t [...]
Fannie Mae and FHA ban loans in Englewood, West Englewood

Fannie Mae and FHA ban loans in Englewood, West Englewood

In a surprise move, Fannie Mae and the Federal Housing Administration, the largest sources of mortgage liquidity in the US housing market, announc [...]
On Veterans Day, a primer on VA loans

On Veterans Day, a primer on VA loans

VA-guaranteed loans may be the most misunderstood type of mortgage loan in the market today. Some time ago I met with Daniel Chookaszian, who [...]

Attorney General sues Chicago-area mortgage scammers

Attorney General Lisa Madigan has filed lawsuits against a number of companies and individuals involved in fraudulent loan modification and mortgage r [...]
Greetings from Nigeria – Bronzeville condo goes from $315K to $9,900

Greetings from Nigeria – Bronzeville condo goes from $315K to $9,900

In September of 2007 Afolarin Gbenga bought Unit 1N at the Michigan Manor Condo, 4343 S Michigan Ave for $315,000 with first and second mortgages [...]

Mortgage fraud and cash back at closing deals

Mortgage fraud and appraisal fraud were, I've always suspected, rampant in Chicago's South Side and West Side neighborhoods during the past decade. A [...]

60 Minutes looks at the mortgage mess

An experienced attorney can make the process of proving ownership of a mortgage in a foreclosure a tedious, time-consuming and therefore expensive [...]

A peek behind the mortgage modification curtain

The Columbia Journalism Review is not a typical starting point for a behind-the-scenes look at how banks are handling the mortgage modification proces [...]

Quote of the day: Blackballed buildings

"Not only are the banks protecting themselves, but they're protecting the borrower. There's a reason the bank doesn't like that building." - Russel [...]

Is that home FHA-approved? Check again

You might want to double-check the status of that FHA-approved condo you have your eye on. According to an article published in the Daily Herald earli [...]
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