Welcome to chicagoshortsalelaw.com
This website is intended to provide general information about the short sale process from the attorney perspective regarding short sales in the Chicagoland region.
This website is produced by:
Reda | Ciprian | Magnone, LLC
Attorneys at Law
8501 W. Higgins Suite 440
Chicago, IL 60631773-399-1122
fax 773-399-1144
Author Archives: Richard Magnone
New law proposed to speed short sale decisions
On April 12, 2011, a new law was introduced in the U.S. Congress by Representatives Tom Rooney (R-FL) and Robert Andrews (D-NJ) known as the “Prompt Decision for Qualification for Short Sale Act of 2011″. The law will require lenders … Continue reading
Posted in Short Sale, Short Sale Lender, Short Sale Lender
Tagged approval, short sale lender
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Possible Good News for Short-Sales
The Los Angeles Times reports that a settlement between a number of major banks and the federal government and attorneys general from all 50 states may pave the way for eased short sale approvals.
Posted in Foreclosure, Short Sale Lender
Tagged Bank of America, chase, Citi, foreclosure, short sale
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Another crazy delay in foreclosures
In case you have not hear, the Cook County Illinois Chancery Court (the place where they hear foreclosure cases) issued a general administrative order on March 2, 2011 suspending most, if not all, of the foreclosure cases being prosecuted by … Continue reading
So, when do we close again?
Short sales and REO transactions remind many buyers of being in the military. Hurry up and wait. Most contracts contain a little clause that says “time is of the essence”. This simple little provision in a contract means that dates … Continue reading
Illinois Foreclosures Down?
An article in Chicago Real Estate Daily indicates that Illinois foreclosures are down – way down – for February. Does this mean things are getting better? Likely not. The drop is probably attributable to the mess brewing in the foreclosure … Continue reading
Guest View: Getting a Loan after a Shortsale or Foreclosure
Is it worth it to do a short sale? Why not just go into foreclosure? What’s the difference when it comes to getting a loan in the future? There is much confusion about the aftermath of a foreclosure or a … Continue reading
A Disturbing Trend
I have seen more and more short sale deals that are not disclosed as such. This is a strange trend. I suspect that the Sellers feel that they can get a better price if they do not publicize the transaction … Continue reading
FTC issues MARS rules to combat Mortgage Relief Scams
Whenever there is turbulence or uncertainty in any market, it always seems that opportunists with greed driven motives pop up to take advantage of the situation. The mortgage mess has spawned an entire industry of companies that claim that they … Continue reading
Bank Walkaways Create New Issue for Chicago
An article in the Chicago Tribune highlights the research data of a group known as the Woodstock Institute indicating that there are “thousands” of bank filed foreclosures on City of Chicago properties that are never completed by the bank. Instead, … Continue reading
Posted in Foreclosure
Tagged Chicago, foreclosure, lender, servicer, vacant property
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Amendment to Illinois Transfer Declaration to Track Short Sales
Public Act 96-1083, effective January 1, 2011 amends 35 ILCS 200/31-25 the information to be provided on the Illinois Transfer Tax Declaration Form PTAX-203 to add a line item indicating whether or not the transaction was a short sale or … Continue reading