Chicago NPR takes on certain short sales

Posted on January 8, 2012 by Richard Magnone

Reporter Ashley Gross of Chicago NPR’s WBEZ radio did a recent story on some Chicagoland real estate agents who are making a killing on short sales.  The article, which can be found here, explains that these agents, acting either as independent investors or as real estate agents are making big money by flipping shortsale transactions. Continue reading →

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I hear things…

Posted on October 20, 2011 by Richard Magnone

I hear that there are both investigative journalists and certain law enforcement agencies investigating some of the more questionable short sale practices in Chicagoland.

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Cook County Commissioner Bridget Gainer foreclosure survey

Posted on July 28, 2011 by Richard Magnone

One of the Cook County Commissioners, Bridget Gainer, is doing a survey of homeowners in foreclosure to see if there are ways Cook County can help its residents.  I encourage all Cook County homeowners who meet her criteria to fill out the survey which can be found here.

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Bear with us!

Posted on July 26, 2011 by Richard Magnone

The building where Reda | Ciprian | Magnone, LLC resides was a victim of this weekends storms.  The building will be closed for two or three weeks while they install a whole new electrical system.  During that time, our office is “virtual” and we are working hard to contact clients and provide the high manner of service our clients expect.  Please “pardon our dust” during this time.  Thanks!

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Lenders starting to backlash against Buyer contributions

Posted on June 28, 2011 by Richard Magnone

It appears that more short sale lenders looking deeper into Buyer contributions on the HUD.  I have heard mention of lenders prohibiting certain buyer contributions, especially those being paid to a second lender.

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Property owner gets Bank of America to pay up

Posted on June 6, 2011 by Richard Magnone

A property owner who was wrongfully foreclosed upon by Bank of America scored a victory recently when they made an attempt to seize Bank of America Assets.  Apparently, the homeowners never had a loan with Bank of America – never had a loan at all, in fact.  However, Bank of America mistakenly attempted to foreclose upon them.  After securing a dismissal of the case, the property owners had a judgment for attorney’s fees awarded against Bank of America, who then failed to make timely payment resulting in an amusing scenario of a homeowner actually going after the Bank.  Chalk one up for the little guys, but I doubt that this whimsical event will result in more reasonable REO or shortsale terms in the future.

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Odd side effect of slowdown in foreclosures

Posted on June 3, 2011 by Richard Magnone

I have had clients reporting to me that there is a scarcity of housing inventory and that they are having trouble finding a house to buy. Go figure.

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What about all that stuff?

Posted on April 28, 2011 by Richard Magnone

Buyers of REO properties (REO means “real estate owned” and usually the term means that the seller is a financial institution or government agency that took title to the property via a foreclosure) are usually required to accept special contract terms from an REO Seller.  One of the more common terms in an REO transaction is a provision that the REO Seller will not provide a “bill of sale” for personal property to the buyer at at closing. Continue reading →

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I hear there’s a class action against Fisher & Shapiro, LLC

Posted on April 25, 2011 by Richard Magnone

It is my understanding that a class action complaint has been filed against Fisher & Shapiro, LLC in the case Hardwick v. Fisher & Shapiro, LLC (case 1:11 CV 02539) related to alleged violations of the Fair Debt Collection Practices Act in relation to the claims that the plaintiff’s foreclosure firm altered affidavits.  This case could have a nationwide impact on the time it takes to complete a foreclosure.

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Bank of America Shortsale Seminar

Posted on April 21, 2011 by Richard Magnone

Yesterday, I attended a seminar at the State of Illinois building coordinated by Chicago Title but put on by Bank of America.  The seminar is one meant to educate real estate agents attorneys about how to navigate the Bank of America short sale process.  The speaker was personable and knew her stuff.  Unfortunately, my time could have been better spent, as, it seems to me, the point of the seminar was to explain to the room of attorneys in attendance why consumers, real estate agents, and attorneys cause delays in the short sale process and how Bank of America is not responsible for those problems. Continue reading →

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