Illinois ranks third in seriously underwater mortgages
RealtyTrac today released its U.S. Home Equity & Underwater Report for the first quarter of 2014. Thirty percent of all Illinois homes with a mort [...]
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 [...]
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 [...]
Phrase of the day – reverse staging
The Mortgage Fraud Blog is a great way to glimpse the endless creativity of our real estate criminal class.
One of yesterday's posts focused on [...]
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 [...]
Mortgage fraudsters – 200 down, 20,000 to go
Late last week the US Attorney for the Northern District of Illinois announced the indictment of seven individuals on mortgage fraud charges. Acco [...]
Inflated claims about Illinois mortgage rescue scam enforcement
A hat tip to the Mortgage Fraud Blog for alerting us to a news release last month from Attorney General Lisa Madigan:
Attorney General Lisa Madigan [...]
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 [...]
Quote of the day – get crooked or get out
From this morning's e-mail:
I … did flips and short sales on the south side until early 2007. By then, the vast majority of flips had at least one [...]
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 [...]
How many Chicagoans have mortgage-free homes?
A recent Tribune article calls attention to the recently-released 2009 American Housing Survey (AHS) data for the Chicago Metropolitan Area.
The A [...]
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 [...]
The Sweet Home Chicago affordable housing ordinance
The Sweet Home Chicago Ordinance, which would set aside 20 percent of TIF revenues for affordable housing, goes before the City Council on December 8. [...]
Mortgage lending is still alive on the North Shore
At an open house event in Winnetka, Joe Zekas met Diane Falk, a mortgage loan originator at Fifth Third Bank.
Joe had been hearing stories of p [...]
Higher credit scores needed for FHA-backed loans
Wells Fargo and Bank of America have tightened their standards for FHA-backed loans, says Bloomberg. Both banks now require applicants to have FICO sc [...]
An REO specialist on FNMA's HomePath programs
Steve Klein, an REO manager for Coldwell Banker Realtor and REO specialist Frank DeNovi, sat down with YoChicago's Joe Zekas earlier this month to e [...]
Tip jar: Watch that debt load
Here's some advice from a local lender to buyers who are already thinking ahead to home furnishings and a ride to park in the garage:
Nowadays, once [...]
No mortgage fraud in Illinois?
If you’re a regular follower of the Mortgage Fraud Blog, FlippingFrenzy and similar sites, you’re used to reading headlines like “Arizona broker convi [...]
Quote: FHA isn't the new subprime
“All we think about is credit risk, but comparing it to subprime just doesn’t make any sense. Let’s be rational."
- FHA Commissioner David Stevens, d [...]
FHA delays new condo rules, may avoid bottlenecks
Changes in the FHA approval process for condos that were supposed to go into effect this week have been delayed until December 7 (a day which will liv [...]