For many homeowners, a loan modification request is much like a ride on a Ferris wheel. The lender offers assistance through HAMP or some other federal program, raising hopes and expectations. Then, the bank suddenly withdraws its offer, many times based on technical grounds, such as turning in documents a day or two late, a Debt To Income ration that is a few points too low or a Loan To Value ratio that is a few points too high.
Trulia, a leader in the real estate industry, recently reported that refinance rates for a 30 year fixed mortgage in Waukegan, Illinois can be obtained for as low as 2.250 percent. Trulia further reported that the median sales price of a home in Waukegan is $91,250, a 30.4 percent home value increase as previously reported a year ago.
Illinois citizens have a friend in Attorney General Lisa Madigan. As head of the Consumer Protection Division, Madigan and her staff are constantly fielding legitimate cases of fraud, deceptive and unfair business practices. Available to all Illinois citizens is information and review of unfair practices through the following bureaus:
The housing crisis that began concurrently with the financial crisis of 2008 may be a distant memory for most Americans, but according to Forbes there are many families still holding underwater mortgages, who are still dealing with it every day.
Many news reports from the last few months have talked about the “fiscal cliff” and how badly consumers and businesses would be affected by increased taxes. At the last moment, Washington came to an agreement about how the tax breaks would be handled, if that meant modifying them, extending them or letting them expire at the end of 2012. One tax measure included the decision was the Mortgage Forgiveness Debt Relief act of 2007.
If you’re a typical homeowner, you probably feel like David facing up at Goliath when you speak with your lender about modification of your home mortgage. Despite efforts to put the odds more in the consumer’s favor, most aspects of modification are in the bank’s hands. But there are some ways to make easier.
A recent report from RealtyTrac indicates that March foreclosure filings in the Chicago metropolitan area rose by 18.5% from March, 2011, and by 1.8% from February, 2012. There were a total of 12,818 foreclosure filings in March, which is equal to one in every 296 homes.