Chicago Real Estate

If you look at the online town hall you will see that 2nd ward Alderman Fioretti is angling for a Mayoral run? All the power to him I think. He’s a thinker and a guy of action. I’m intrigued with him. And I have to say that I’m a little jealous of the 2nd ward residents.. they have a independent minded leader..

If you want to see his online town hall…click here he will keep it online until he’s out of office… ouch… that takes guts.. .what if he messes up…

Chicago IL – I know a guy that wiped out 300k in mortgage debt. I’ll call him Tom. The name and some of the details have been changed to protect his privacy. Tom owed a lot of money on his house. He owed 600k on a first mortgage and then another 300k on a second mortgage.

<a href=”http://stopchicagoforeclosure.info/Short_Sale.html”>Discover how other sellers successfully did a short sale and request a free consultation by clicking here.</a>

Tom’s income dropped dramatically. He almost lost his home. He finally got a new job and was able to pay the first mortgage payment. Because they were closer to foreclosing, he found a way to pay them. But, he didn’t have enough money to pay the second mortgage.

So Tom didn’t pay the second mortgage. He was doing everything he could to save his home. The second mortgage called Tom a lot. “If you don’t pay us, then we will file for foreclosure”, they would say. <strong>Twelve months went by and no one filed for foreclosure.</strong>

Tom was quite surprised. “I had no idea when the sheriff was going to come out and kick us out”, Tom told me. We told him that most second mortgages never file for foreclosure. (Here is why they hardly ever do. In a foreclosure, the first mortgage gets paid off before the second mortgage gets a dime.)

In Tom’s case, his home’s value had dropped below the 600k he owed to his first mortgage. This meant that if the second mortgage did foreclose, then they would only lose more money. That is not a winning business proposition.

We also told Tom that he could probably settle with his second mortgage for five to ten cents on the dollar. That means he can eventually settle for $10,000 to $20,000. We first talked to him over a year ago.

Today, Tom still hasn’t made a single payment on his second mortgage. He has caught up all the payments on his first mortgage. In addition, he has been able to get back on his feet financially. <strong>He expects that he will settle with the second mortgage in a year or two.</strong> The first priority is getting all his other finances completely in order.

This story illustrates that you are not doomed. Many people owe more than their home is worth. They are able to short sale and get rid of the debt. Or, they can use creative strategies to reduce the level of debt. <strong>You can get your finances back in order with a little work and time.</strong>

Do you want to short sale your property and never pay the bank another penny? I can help you do that. Call me at (312) 953-6725 for a free consultation. When you call, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can e-mail me at <a href=”mailto:myrealtorphil@gmail.com”>myrealtorphil@gmail.com</a>.

Discover how other sellers successfully completed a short sale and request a free consultation by <a href=”http://stopchicagoforeclosure.info/Short_Sale.html”>clicking here</a>.

Thinking about a loan modification? Our Chicago Loan Modification Kit has the instructions you will need to get a loan modification approved with your lender. <a href=”http://stopchicagoforeclosure.info/Loan_Modification_Secrets.html”>Click here to request a copy.</a>

Thanks for reading this, Phil Buoscio.

Phil is a Real Estate Agent at Better Living Realty – Buoscio Brokerage, Inc..

Phone: (312) 953-6725. <a href=”mailto:myrealtorphil@gmail.com”>myrealtorphil@gmail.com</a>.

View My homes for sale at <a href=”http://”></a>.

Phil Buoscio specializes in short sales in Chicago Illinois. Chicago Loan Modification Help can be referred to you. Chicago Short Sales. Chicago Short Sale Realtor. Chicagoland Short Sale Realtor. Chicago IL Short Sales. Chicago Realtor. Pilsen. McKinley Park. Bridgeport. Wicker Park. West Town. Ukranian Village. Lincoln Park. Logan Square.

Copyright 2010 SFI Marketing Institute, LLC. All Rights Reserved.

We just launched a blog strictly dedicated anything short sale related www.chicago-shortsaleblog.com The site will offer loads of knowledge and details about the whole short sale process.  There will be personal stories regarding short sales our office handles, articles explaining the basic principles behind short sales and even stories from other brokerages and agent across the Country.  Given current economic conditions, we feel that shorts sales are already a major force in the real estate market.  Now you have a Team you can trust that works on short sales daily and knows how to get your deals closed.  So if you or anyone you know are having trouble hanging onto a property, give us a call or at least visit our new blog www.chicago-shortsaleblog.com and get educated on short sales.  Considering distressed sales (foreclosures and short sales) are probably going to make up the majority of what closes in the next 2 years, you need to be in the know, whether buyer or selling.  So visit www.chicago-shortsaleblog.com often, as we will be making new postings every day.

It’s not an April fools joke — jobs improved. I think we’ve hit bottom in the job decline… With the exception of maybe oneore bump down in June or July. But it can’t get much worse. Good thing Chicagos economy is diverse or it could be worse – like Rockford 18 percent unemployment ( the worst in the state).

The unemployment rate in the Chicago metropolitan area slipped to 11.3 percent in February from 11.6 percent in January, the Illinois Department of Security said Thursday.

Nationally, the unemployment rate stood at 9.7 percent in February.

January’s rate was the highest for the Chicago metro area in 27 years. So this hoefully was the Bottom.

Now for the bad news:
The bad news might be coming: Illinois employers announced 10,329 job cuts in March- this is several tines more than February. This was largely — due largely to school job cuts, according to a report by Chicago-based Challenger, Gray.

Interested in finding out all that Logan Square and Roscoe Village have to offer? Click on the link below and read up on a variety of topics ranging from what these neighborhoods are famous for, great restuarants, and other awesome places to visit!

Logan square and roscoe village

-Phil Buoscio

• Extends the First-Time Home Buyer Tax Credit of up to $8,000 to first-time home buyers until April 30, 2010.
• Expands the credit to grant up to $6,500 credit to current home owners purchasing a new or existing home between November 7, 2009 and April 30, 2010.

Recently looking at 35 homes in the $1.1 range through the Roscoe village, North Center and Lincoln Square n’hood I definately witness a pickup in the market. 4 homes that my client and I viewed within 3 weeks had gone under contract.

With a market of 17 months of inventory you would think that shelf life was longer.

But in calling agent back that saw offers and contract the word on the street was that the first time buyer tax credit buyer hit the streets in the early fall and contracts ensued…. thus pushing the mid range property owner out of their home/smaller condos and into the field for the higher priced homes.

Two people have a condo, have two children and live in a condo and haven’t been able to sell–and now can sell. They go buy a house.

Now think about how much more the market will tip with the second component of this extra extension we all lobbied so hard for…

-Phil Buoscio