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tenants by the entirety vs joint tenants

tenants by the entirety vs joint tenants

If you are married and you use the home as the primary residence where the couple lives together. The married couple can also title one vacation home in tenants by the entirety. Lastly tenants by the entirety can be used with Illinois land trusts.

The benefits are: 1). The couple owns the entire property together – not 50/50 – each owns all of it. 2). The debts or bankruptcy of one spouse does not affect the other spouses ownership of the entire interest 3). Basically the bad credit decisions of one spouse do not destroy the other spouses interest in the property 4). One spouse cannot quit claim or transfer their interest without the consent of the other.

A great way to protect the marital home from creditors.

oak park il transfer stamps

oak park il transfer stamps

Don’t Get Caught by the Oak Park Exemption Charge $30

I rarely file quit claim deeds.  Usually this is handled by title companies.  But once in a while, I will draft a quit claim and file it myself.  This is always a good lesson in the practice of law which can be very tricky.  I recently recorded a quick claim deed for a property in Oak Park and the result was that the transaction was exempt and not subject to transfer tax, except, being exempt cost $30 and requires a stamp from Oak Park.

Oak Park is a great municipality to work with and the EZ-Dec used by the Cook County Recorder of Deeds is a snap.  Bottom line – don’t forget in Oak Park – its $30 (transfer tax) to transfer an “exempt” property.

Zillow Adds 1.8 Million Foreclosure Properties to Website

Zillow Adds 1.8 Million Foreclosure Properties to Website.

 

This is an important article about the listing of foreclosures in Illinois.  Chicago Agent Magazine, reports that Zillow is going to make foreclosure listings public to show inventory coming up through the pipeline.  This will be exceptionally valuable and…..embarrassing for those losing their homes.  Previously, you had to pay $30 or more per month to subscribe to realtytrac.com to see these types of listings online.  Now they will be available for free and no need for a trip to Daley Center.  Get ready for the 21st – we’re here already!

Let us know what you think about this new service!

 

locksmith rogers park chicago

 

clark-devon hardware

clark-devon hardware

locksmith rogers park chicago

LOCKSMITH REFERRALS
1.    A ASHLAND LOCK
773-348-5106
2.    AMAZING LOCK
773-935-8900
3.    BULLIS LOCK
773-545-8033
4.    DEXTER LOCK
773-935-0008
5.    SECURITY SHOP LOCK
773-525-6705

 

Locksmith Referrals put together with the assistance of a local hardware store, my review of yelp reviews and other considerations.  You should use this referral list with caution and make your own investigation.  However, all of these long-established businesses can handle the complex lock requirements of condos, apartments and antiquated locks.

For your specialized hardware needs, NLO recommends:  CLARK-DEVON HARDWARE

 

illinois foreclosure rate

More Snow Piled Up on the Garage

More Snow Piled Up on the Garage

illinois foreclosure rate

Illinois Q3 foreclosures up 31 percent over 2011 – Springfield, IL – The State Journal-Register

Illinois Q3 foreclosures up 31 percent over 2011 – Springfield, IL – The State Journal-Register.

 

We’ve all heard about the $106 million dollar national foreclosure settlement and we’ve all seen that some borrowers are getting short sales approved and balance forgiveness sometimes over $200,000.  However, it is clear from the statistics that the last wave of Great Recession Foreclosures is starting to build and hasn’t hit the beach yet.

I recently heard from a realtor that inventory is really down regarding downtown loop Chicago Condominiums.  That may be true temporarily but these foreclosures will make a huge volume of real estate units available for the 2013 Real Estate Selling Season.

Buyers – you’ve got some good prices on homes coming.

Sellers/Defendant’s in foreclosures – keep a wary eye on modification applications, loan forgiveness offers and short sale approvals – according to Patrick Lang,our US Bankruptcy Trustee, there is over $9 million available to Illinois to fund short sales, loan forgiveness and modifications.  Look to the big servicers for this help:  Wells Fargo, Bank of America, Chase, and a few others for most of these increased offers.

If you get stuck and want to keep your home but can’t get help from the bank – consider Chapter 13 Bankruptcy.  When you have adequate income – it’s the best way to comprehensively reduce debt and save your home.

 

 

highest foreclosure rate in us

Vacant Lot & Alley Chicago

Vacant Lot & Alley Chicago

highest foreclosure rate in us

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Illinois posts highest foreclosure rate in U.S. in August – chicagotribune.com.

This is an article that my colleagues and I have discussed while waiting to be called in Bankruptcy Court.  Everybody can see the incredibly high volumes.  The largest firms in our County, Codilis & Associates and Pierce and Associates continue to run at the red line in trying to accommodate this volume.  Two things can be said:  1)  The lack of any reasonable way to restructure these home loans in Chapter 13 is to blame for the necessity to foreclose on these home  2)  The lack of good employment income is clearly why people are simply walking away.  3)  The need for Chapter 7 discharges of deficiency judgments will be great starting in Spring of 2013.

 

The big question – do you think this is it?  Do you think we have reached the peak of foreclosure volume?  My best is yes?  What do you think?

Update:  Summer 2013.  Foreclosure Filings are steady, but the need to discharge deficiency judgments has decreased as less deficiency judgments are seen.  This is primarily because the home values are rising and banks are increasingly interested in taking back properties to sell themselves.  The motivations are simple – profit maximization.  What’s been lost is the overall goal of increasing overall home ownership.  Over the last 6 years we’ve lost most of the gains made in home ownership.  Is this wrong?  Probably not, the great recession is a good example of over promoting home ownership to such an extreme level that  many people who aren’t qualified to own a home end up owning a home, losing it and filing bankruptcy to pick up the pieces.

The long term solution is simple balance.  We should make it easy for qualified people to own a home.  Over promotion of the mortgage interest rate deduction needs to stop.  Instead, incentives should focus on the rent stabilization and moderate equity building potential of a home as opposed to interest tax deductions which ultimately encourage over borrowing.

principal reduction loan modification Fannie Mae and Freddie Mac Disallow

Buttercups!

Buttercups!

principal reduction loan modification Fannie Mae and Freddie Mac Disallow

 
News Alert
from The Wall Street Journal
The federal regulator for Fannie Mae and Freddie Mac will not permit the taxpayer-supported mortgage giants to participate in an Obama administration program that reduces mortgage balances for certain troubled homeowners.
The Treasury Department, which had put heavy political pressure on the Federal Housing Finance Agency to permit the companies to participate in a limited program of debt forgiveness, immediately responded by questioning the regulator’s assumptions and asking the agency to reconsider.
 

Today, the Wall Street Journal announced that Fannie Mae and Freddie Mac will not allow mortgage lenders to reduce mortgage loan balances on their loans.  This is a shock to some people, but not shocking or surprising to me.  A lender simply has no benefit in reducing the balance of a mortgage loan.  If they do this, then they subject all mortgage loans to being subject to the same modification for the same reasons.  This means that practically no mortgages would ever be foreclosed, instead mortgages would be reduced to what “people can afford”.  While this seems like a good thing – think again.  If a bank cannot count on the legal and financial stability of absolute security in their loan balances, they will have to build this uncertainty into loan pricing – i.e. higher interest rates.

Right now – nobody seems to care about loan pricing because “life is good” with interest rates less than 4%.  Guess What – the last time we had this type of rate – it was 1934 and the height of the great depression.  Just think about 1980 when interest rates were 21% on mortgages.  Trust me….at that time, people will be happy that the sanctity of loan agreements has been preserved.

Conclusion:  Every underwater mortgage in this country that no longer seems justifiable or payable by the borrower will be foreclosed.  Only those homeowners who treat their homes as tools will remain.  I would estimate that by the end of this second great depression we will see at least 50% of all underwater mortgages go into foreclosure if not more.  However, for those who value their home as a tool, I would estimate that none will go into foreclosure except those cases where borrowers become ill, disabled or unemployed.

Recommendation:  I strongly recommend that Congress Amend the Bankruptcy Act to allow mortgage loan balances to be modified in adverserial proceedings within a Chapter 13 and Chapter 11 Proceeding.  This will allow court supervision of loan balances and allow for the integrity of loan agreements to be preserved.

Write your congressman today and ask them to support amendments to the Bankruptcy Code that give real debt relief to homeowners.  For more information, visit the National Association of Consumer Bankruptcy Attorneys at:  www.nacba.org for this ongoing effort.

house hunters fake show

house hunters fake show

HGTV House Hunters fake – chicagotribune.com.  Click to the left to see a great Chicago Tribune Article on the sham that is realilty TV and especially with regard to the purchase or real estate.  Having been involved in residential real estate since 1994, one of the most disappointing things that I see is new buyer’s  who are “sold” on a home they either don’t need, can’t afford or is a bad value.  This article shows the almost unbelievable “persuasion” that we sometimes see in this field.

When looking for a home, you should look for a realtor who is:

1)  Five Years of Experience

2) Is Recommended or Affiliated with a Housing Association or carriers some sort of endorsement from a non-profit association.

3)  One who encourages honest, independent and vigorous representation of buyers by excellent licensed attorneys.

4)  Lastly, your realtor should spend time in the office with you going through listing and then setting up efficient tour dates instead of inefficient one stop views.

For more information about outstanding Illinois Real Estate Attorneys, please contact NLO Nelson Law Office at 877-464-6656 or take a look at the IRELA website which features Illinois Real Estate Attorneys.

How Long Can I Stay In My Home After I Stop Paying The Mortgage

494 days.

That’s according to an article in the Chicago Tribune, May 22, 2011.  This figure was pulled from RealtyTrac, who tracks foreclosures from the filing to the sheriff’s sale.  Bottom line: you can stay in your house at least a year.

The problem:  What if a deficiency judgment is entered against you?  Then you’ve gotten rid of your house, but still need a bankruptcy to get rid of the deficiency judgment.

Falling home prices have caused many people to choose to default on their home. It is good idea to see a qualified bankruptcy attorney to see if you are “judgment proof” or will the target of a deficiency judgment.

first time homebuyer guide

first time homebuyer guide

Every Year I update our First Time Home Buyer Guide and Brochure.  Way back in 2003; I made the first brochure for a series of home buyer workshops that I spoke at Latin United Community Housing.  Over the years, about 3000 of these brochures have been distributed while I give my 20 minute talk.  If you would like to download this brochure, simply click on the link:  First Time Homebuyer Guide

For more information about where I will be speaking next, please check out our facebook page, twitter presence or call our office at 877-GO-GO-NLO

We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code. CALL 877-GO-GO-NLO (877-464-6656) FOR A FREE BANKRUPTCY CONSULTATION TODAY! SATURDAY APPOINTMENTS ARE AVAILABLE.