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This website is intended to provide general information about the short sale process from the attorney perspective regarding short sales in the Chicagoland region.
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Category Archives: Short Sale
Chicago NPR takes on certain short sales
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 … Continue reading
Posted in Fraud, Short Sale, Short Sale Fraud
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Lenders starting to backlash against Buyer contributions
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.
Posted in Short Sale
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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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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
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
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
Regulators chime in on shortsale fraud
Although the Illinois Department of Financial and Professional Regulation has not chimed in on the issue of short sale fraud just yet, the governing bodies regulating real estate agents and real estate transactions of many states have. The California Department … Continue reading
Chase Bank Second Loan Unreasonable on Short Sale
I have been working on a case for a client who has a short sale. This is not an ordinary short sale. Based on the facts, one might think it is “better” than the average short sale. You see, there … Continue reading
Posted in Short Sale Lender, Short Sale Seller, Uncategorized
Tagged attorneys fees, chase, short sale
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Why are shortsales hard?
I was at a closing this morning and one of the real estate agents asked the attorney representing the other side in the closing whether or not she did many short sales. The attorney responded that she did not. She … Continue reading