Real Estate Blog

A church deacon, Truman McGill, came to me about modification possibilities after he had already lost his foreclosure hearing and had a sale date 3 weeks away. His servicer was Litton Loan Servicing and they amazingly agreed to stop the sale process once they received a complete modification request with all the supporting documents. Litton won’t hold things up for clients that make half-hearted attempts but this client was motivated and Litton proved sincere. He ended up shaving over 30% off his mortgage payment and was reset to “current” without any makeup payments. Please visit illinoismortgagemods.com to review even more actual loan mods delivered through us. Truman actually lives in Florida (Our Attorney is licensed in Illinois and Florida) but for details on a couple of local mods continue reading below.

A West Chicago man that lost his foreclosure hearing and had a sale date scheduled is still in his home after not making a payment for 24 months! His lender is Countrywide and once I got his file into the loss mitigation department they cancelled the sale date. There are now working on qualifying him for the Making Home Affordable program and he is likely to keep his home. He is capable of making payments going forward but can’t make up the 24 months past due. I have been able to help clients avoid upfront forbearance payments on all my loan modifications so 24 months without a payment is really 24 months without a payment!

Continue reading ‘Actual Loan Modifications!’ »

A construction business, by definition, exists to be profitable. You must ascertain if a job or project will be profitable before it even begins. Fastest way to determine profitability? Easy – produce a careful cost estimate.

For a small or medium builder, the procedure without Cost Estimating Software is mostly simple for small jobs. The builder will meet with the client and generate an approximate range estimate on the spot. A broader project will entail a blueprint review and formal proposal, as well as a elaborate budget quote. Continue reading ‘How to Use Construction Cost Estimating Software’ »

A new report from Harvard’s Joint Center for Housing Studies indicates that if there is to be any stabilization in the housing market, it will be at “…extremely low levels that will make the climb up all that more difficult.” Muting any of the recent news in the steadiness of new construction and sales are housing price declines, a record level of foreclosures, rising interest rates, and a shrinking job market. Summing up the study, Nicolas P. Retsinas, Director of the Joint Center said, “Although there are some signs of improvement or at least steadiness in new construction and sales, housing starts stand near 60+ year lows and any life in home sales is coming from distressed foreclosure sales, temporary first-time buyer tax credits, and low interest rates that moved higher in recent weeks.”

Sounding like they were trying to find anything at all possible to spin to the positive, the center was optimistic about the coming of age of the “echo baby boom”, counting on the largest generation in American history to “refuel demand for housing of all types”. Considering that the EBB’s are witnessing the meltdown firsthand, it’s hard to make a convincing argument that the collective will be urgently buying real estate any time soon.

Continue reading ‘Harvard’s Study, Citi’s Recommendations and Home Loan Modifications’ »