Tag: Mortgages
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
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
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
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
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
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
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
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
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?
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
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
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
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
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 [...]