August

Blog Posts in August, 2012

  • Through the first half of the year, foreclosure auctions in Chicago more than doubled. In fact, according numbers released by the Woodstock Institute - a research organization - the number of completed auctions in the Chicago area increased by 105 ...
  • New Data on Underwater Borrowers

    Dr. Stan Humphries, the Chief Economist at Zillow.com, recently released some data from the Zillow Negative Equity Report. Some of the data may be a bit unsurprising. For example, underwater homes are most common for borrowers who purchased during ...
  • New FHFA Guidelines to Streamline Short Sale Process

    On August 21, the FHFA announced new short sale guidelines for loans backed by Fannie Mae and Freddie Mac. The guidelines, which go into effect on November 1, are part of FHFA's Servicing Alignment Initiative, which is intended to streamline short ...
  • I frequently receive calls from prospective clients who have friends in California that simply walked away from an underwater home. This may work in California, but it does not work in Illinois. Foreclosures vary from state-to-state. Some states, ...
  • Although there are no accurate foreclosure numbers on a national scale, the Woodstock Institute does a good job of keeping track of foreclosure data in the Chicagoland area. The Institute's most recently released data shows a major spike in completed ...
  • Hope LoanPort(R) and Your Loan Modification

    If you are seeking a loan modification from Bank of America, you will soon be required to submit your documents through an online portal called Hope LoanPort. We recently received this notification from Bank of America: After reading this, I decided ...
  • Frighteningly enough, nobody knows. I spend a lot of time absorbing data about the housing market. More often than not, when one news outlet reports, "Foreclosures at All Time Low," another is reporting, "Foreclosures in Chicago Up 20% ...
  • Oregon Senator Jeff Merkley has drafted a modest proposal for creating a modern version of the Home Owner's Loan Corporation (HOLC) to bail out underwater homeowners. The HOLC was created as part of the New Deal and was designed to preserve ...
  • The Federal Housing Finance Agency, the entity that oversees Fannie Mae and Freddie Mac, recently released a study demonstrating that principal reductions for underwater homeowners would have a significant, positive effect on the housing market. The ...