Goodbye Illinois - Hello Arizona

It's official - I've left the state of Illinois! After nearly 10 years in real estate - I've decided to leave Illinois and move to the sunny state of Arizona! I am still very connected to the Illinois Real Estate market and would be happy to connect you with some of my friends still working in the western suburbs of Chicago.

Sandwich 4 Flat for sale!

New four flat for sale in Sandwich. This four unit apartment building is unique in sandwich - it sits on over half an acre and has a four car detached garage!

These four units all have 2 bedrooms, front and rear entrances and private storage with laundry hookups! Plus - there is a four car detached garage!

For more information including photos, pricing, floor plan, etc. click on the following link:

http://illinoishousehunter.com/07438631.ad

FHA helps speed up foreclosure sales!

In an effort to speed up the sale of foreclosure properties, the FHA has lifted the 90 day seasoning rule for 1 year.

Huh? Seasoning? You mean paprika? Garlic? No....parsley, that's a seasoning. Right? Well, no. Whean it comes to real estate, the term "seasoning" refers to how long a buyer keeps a property before they sell it. The longer a buyer holds onto a property - the more seasoned it is. If you buy a "fixer upper" or "foreclosure" property you want to flip - you might run into problems when they buyer tries to get financing. FHA will not allow the new buyer to get mortage insurance if the current owner bought it less than 90 days ago. This makes it difficult for investors with cash to buy foreclosed properties -then turn around and sell them to someone who needs financing.

In an effort to move these properties from owner to owner, FHA has repealed this 90 day rule for 1 year - making it easier to move forelcosed properties. For a full explanation of the rule change, visit the US Department of Housing press release about the 1 year repeal of the 90 day seasoning rule.

VOTE - IT'S YOUR RIGHT!

It's amazing how a little thing like checking a box can feel so good. Today is the day that we can choose those politcians that will screw up our lives even more. Wait, did I say that out loud? I mean...it's the day we can choose who will represent us. And if we don't like them - we can vote them out in the next election! Maybe it's the weather, maybe it's the media hype - but I can't help but feel excited about voting today. I was so excited, as a matter of fact - that I decided to walk to my polling place. Okay, i'ts less than a mile away - but it's the symbolism of taking charge of my rights as an american. Whether your a Democrat, Republican, Libertarian or Greenie (is that what they're called?).... MAKE SURE YOU VOTE!!!

Looking for a deal? Check out Boulder Hill in Montgomery!

In today's real estate market - everyone is looking for a deal. So yesterday I decided to check out some of the lower priced homes on the market in Boulder Hill, Montgomery. I was pleasantly surprised. Currently, there are 65 homes on the market in Boulder Hill - and at least a dozen or more are bank owned foreclosures or pre-foreclosure short sales. Boulder hill has a wide variety of homes - smaller 2 bedrooms, 3 bedroom ranches, 2 story homes, split levels. There's a good variety - with current list prices ranging from $115k to $250k. If you're looking for a deal - here are a few homes you should check out (links will take you to the property listing page on my website).

34 Longbeach, Montgomery - this is my listing. If you're a guy looking for space for those cars, this is it. Extra large 2 car garage is nearly 500 square feet - and it's heated. Also has a parking pad on the side. HUGE family room addition on the back - great price for the space!

33 S. Bereman, Montgomery - very large bank owned property. 4 bedrooms and 2 bathrooms. Cheapest 4 bedroom home you can buy in the Oswego School district right now! Although it needs some minor work - it's not in bad shape overall.

67 Circle Drive East, Montgomery - at $130k I believe this represents the best value in Boulder Hill right now. It needs work - so don't bother if you want to move in tomorrow. But it's got a large kitchen and a great backyard. We should go see this one ;)


These are just a few of the good values I see out there. If you're looking to buy your first home or invest in rental property - give me a call with questions. We can setup a time to view the homes, I can take pictures and email them to you or just give you my opinion. Call me or text me at 630-846-4663.

I heard the builder was going bankrupt - is it true?

It's the ultimate American Dream. Build a house from the ground up and create a home that is uniquely yours. Pick out the model, the trim, the paint colors, the carpet. As if there weren't enough to think about - now there's another wrench in the works. Builders are going bankrupt.

Big or Small - no builder is immune from the crunch of our current economic crisis. But not all builders are created equal. Just like homeowners -some are fine and some have overextended themselves. They have too many homes built, too much money out on materials, too many loans. Last year one of Illinois Biggest Builders "Newuman Homes" went bankrupt. Reading the headlines is like watching a soap opera. What happens to the earnest money? What about the the warranty? The Parks? The Roads? Yes - who will finish building the roads.
So what can you do protect yourself as a prospective home buyer? Now more than ever - it's time to do your homework - or let your REALTOR do it for you ;) - here are a few tips:

1. Cruise the public notice section in the local paper and see if any foreclosure listings or liens are listed against any local builders.
2. Ask the builder if he will put your deposit in an escrow. One prospective buyer I spoke to asked for this - and the builder said no. Check out this blog from Phil Hutson in Austin Texas who gives some great tips on what you can expect when you put down that deposit.
3. Work with a Realtor who knows the area. Sure, sounds like a blatant REALTOR plug - but that's part of what we do. We tour new homes, read the real estate section - and gossip! So we know what's happening - and what might be happening.
4. Read the blogs. Whether it's fact-or-fiction you can bet someone is writing about it on the web. Search the builders name and see what comes up.
5. Check Builder-implode.com and BuilderOnline.com which have been regularly reporting on the financial status of builders.
6. Read the contract before signing it. THE ENTIRE CONTRACT! That's right - no skipping over the fine print. Read every detail and know what you're getting yourself into.
7. Get legal advice. Many homeowners never think to use an attorney for a new construction purchase. Now more than ever it makes sense to talk to an attorney and discuss the "what ifs" before you take the leap.
8. Last, but not least - check out this builder punch list from Trey Langford in Boise, Idaho. After finding this blog on the web - I decided I couldn't say it any better than he did!

Short Sale Haiku - Play-By-Play Illinois Short Sale

Real Estate Short Sale
Up And Down And All Around
End Becomes The Means.

REAL ESTATE SHORT SALE

Real estate agents - we either hate them, love them - or don't understand them. Short Sales are a necessary evil in todays market - another way to generate leads and close sales. But unlike a traditional sale - we often find ourselves deeply involved in someone elses financial matters. It means gathering very detailed info about how much homeowners make, what they owe and to whom. It means working with people at one of the toughest points in their lives. No matter what you think - there is no "One Size Fits All".

Homeowners - the short sale is seen as as a life raft.....a last ditch effort to stop the bleeding. Again - it's a necessary evil. It is usually just one domino in the financial picture - with other problems lurking beneath the surface. It seems the more of these I do - the more questions I get asked. The answer is always the same "It Depends". Depends on the lender, the homeowner, the loan, whether Pluto is rising...the list goes on.
If you've got the stomach for a roller coaster - perhaps you can survive a short sale. Whether you're a homeowner or a real estate agent - it won't be easy. Perhaps one of the most common questions I get asked is "How long will it take". Well.....it depends. Here's a timeline of a short sale I closed last week.

UP AND DOWN AND ALL AROUND

Feb 20th, 2008 - received a short sale lead, started contacting homeowner.
March 3, 2008 - Foreclosure Proceedings started at county.
March 17, 2008 - Preliminary Title Search done.
March 27, 2008 - Listed the home for sale at $149,900, Completed Short Sale Documents
March 28, 2008 - Short Sale package sent to negotiator.
March 31, 2008 - Additional Short Sale Docs. Sent to negotiator.
April 9, 2008 - Authorization to release info sent to lender
April 10, 2008 - Price reduced to $139,900
May 07, 2008 - Price reduced to $129,900
May 31, 2008 - Price reduced to $119,900
June 6, 2008 - Court date - lender receives foreclosure judgement for $168k .
June 09, 2008 - Price reduced to $99,900
June 13, 2008 - Multiple Offers Received
June 17, 2008 - Cash Offer Contract Accepted, contingent upon 3rd party approval (lender)
June 18, 2008 - Signed contract sent to negotiator.
June 19, 2008 - Negotiator prepares HUD with all closing cost figures
June 25, 2008 - Short sale Package sent to lender, waiting game begins.
July 7, 2008 - Loan Rep. Assigned by lender
July 7, 2008 - Approval postponed due to previous Loan Modification started.
July 15, 2008 - Appraisal Ordered by Lender.
July 19, 2008 - Appraiser visits property.
Aug 18, 2008 - Property Appraises at $99,900
Aug 18, 2008 - Conditional Approval of Short Sale Received from Lender
Sept 5, 2008 - Property closes & funds same day.

MEANS BECOMES THE END

For both homeowner and Realtor - closing is the goal. For the lender - it's all about numbers. As a general rule - it seems like lenders are looking for 80-85% of current market value. Again, it depends on the lender. In this scenario - after closing costs, commissions, etc. the lender ended up receiving a little over $83k - that's about 83% of market value (according to the appraisal). But compared to the judgement - the lender received only about 50% of the judgement they received/amount owed. From the very beginning - I thought that $99k might be a good motivating price. But there were no comps for this house. It was a 1 bedroom home, backing to the railroad tracks in a small town. If I had put the property on the market at $99k and sold it in a week - I'm not sure the lender would have accepted the deal. In this scenario I was at least able to show that we tried to sell it at a higher price.

Because I was using a third party negotiator in this transaction -these are the dates as best as I can reconstruct them from faxes, emails, contracts, etc. So many speedbumps appear in the process that you can't pin the blame on one person. It took over a month for the homeowner to agree to list the home for sale. It took nearly 3 months just to get an offer on the table - and that took multiple price reductions. It took just under 2 months to get an acceptance of a CASH DEAL from the lender.

Bottom Line - we got it done. Bring on the next one ;)

Bo Buchanan, Kettley Realtors 58 Chicago Rd, Oswego IL. 60543 (630) 846-4663
IllinoisHouseHunter.comOswegoHouseHunter.comMontgomeryHouseHunter.comYorkvilleHouseHunter.com

Model Closeout at "The Townes"

This weekend I had the opportunity to tour "The Townes at Creekside" in Romeoville. This is a new construction community just off Weber Rd. that is in the final stages of completion. The Townnes is a Pasquinelli community of nearly 200 townhomes arranged around a central circular drive.

As with most builders, Pasquinelli is offering some great incentives if you use their preferred lender Washington Mutual. In some cases - the discount is over $30,000!!!

One of the great deals they have their is a 3 bedroom, 2 bathroom townhome with a basement.

There aren't a lot of upgrades in this unit but it's one of the few in the community with a basement. The regular price is $239,514 - but if you use their lender you can purchase it for $207,000. That's a savings of over $32,000 dollars!

If you'd like more information including floor plans and pricelists give me a call at 630-846-4663 or just drop me an email.

WebHomeOfTheWeek.com - Oswego Beauty!

If you're looking for a family friendlly neighborhood within walking distance to an awesome downtown area with great bike trails and amazing amenties - you've found it! Located in Hometown Oswego just blocks from downtown Oswego - this home has everything you're looking for!

Hometown is different than the neighborhoods you're used to seeing - it's a throwback to yesterday with white picket fences, large front porches and tree lined boulevards!

From the minute you step onto this open, inviting porch - you'll feel welcomed not into a house - but a home. With three bedrooms, 2 1/2 bathrooms and a full finished basement - there's room for everyone to find a space of their own. The kitchen has an island, separate breakfast room - and a separate dining room.

For more pictures of this beautiful home, the neighborhood and downtown Oswego - read some of the other posts and visit http://www.217Presidential.com

104 Cedar, Sandwich- WebHomeOfTheWeek.com

The web home of the week this week is......104 Cedar St, Sandwich IL. Listed for just $70,000 - an unheard of price in Sandwich! Here's the catch - it's a wreck! That's right - this house is not for the timid....not for those purchasing with FHA. The roof is leaking, the property is overgrown, the garage is full of garbage - and it all needs work!

This property is only for the experienced rehabber or flipper. It is a bank owned property and the bank is looking for a quick sale. So - take a look, wear a mask (there is water and mold) - and bring us an offer! MLS#06978000 - email me for more photos!

5643 Schmidt, Yorkville- Web Home of the Week!

It's here, after a short hiatus - we have a new web home of the week! 5643 Schmidt is one of my new listings in the community of Farm Colony in Yorkville.



I'm not just blowing smoke when I say this house is AMAZING! The owners built this home themselves....and I'm not just talking about hiring a builder. They had the plans drawn up, did the general contracting themselves, put in the floors, picked out all the fixtures and much more. The owner is a contractor himself so you can rest assured the work is quality!


I could rant and rave about the quality, the detail and the sheer luxury - but I'll just give you the web address http://www.5643schmidt.com/. You can see tons of photos, a floor plan (coming soon) and a virtual tour. Listed at $829,900 - this house will blow you away!!!

Short Sales Make The Chicago Tribune Front Page

I've been blogging a lot about short sales lately. It seems everywhere I turn I am meeting people who have lost a job, fell ill or just can't afford their home anymore. Everyone has an opinion about why we are in this situation. It's the lenders fault. It's the homeowners fault. It's the Feds fault. Regardless of how we got here - there is work to be done to fix it.

I processed my first short sale over 2 years ago. Like many agents, I stumbled through the process. Anyone who knows me will tell you I don't give up easily. Once I set my mind to doing something - it gets done. While it was probably one of the harder sales I ever completed - it didn't scare me that much. Truth is - I liked the challenge. And I was good at it. So over the years, I have continued to look for homeowners in a short sale situation.

So why do banks do short sales? Banks are looking to minimize their losses. Foreclosure costs the bank a lot of time and money. Court costs, attorney fees, etc. Then - once they have the property they have utility costs, liens to pay off, repairs, sales commissions, etc. And with a downard trending market - the property may be worth less by the time they foreclose.

If you are in a situation where you owe more than your home is worth - there is hope. Banks will let you sell your house for less than you owe. And in many situations - they will forgive the difference or "deficiency" between what you sell it for and what you owe on your mortgage. But you need to make sure you partner with someone familar with the process. Banks want everything in a tidy package -according to their needs, not yours. Think of it as an obstacle course. Lenders are overwhelmed with the huge number of potential short sales hitting their desks. It can often take weeks, even months to get a short sale approved by a lender.

My goal is to make things easy for the bank. That's right. I'm going to make everything easy for the bank that is trying to foreclose on your home! I'm going to make sure all those forms they want are completed. I'm going to make sure I send them everything before we even have a deal on the table. And I'm going to bring them a deal that will close. Why? Because It's the best way to make sure we sell your home and you avoid foreclosure.

For buyers, short sales offer a tremendous opportunity to purchase real estate at a discounted rate. But it can mean waiting long periods of time not knowing if the deal will go through. These homes are also usually in better shape than bank owned foreclosures. Homeowners are still living there and taking care of their house. Working with someone who knows how the process works will help you find a good home at a great deal.

Earlier this week, a reporter from the Chicago Tribune found my blog on the Internet and interviewed me for a story on short sales. Read the Chicago Tribune story - Break For Sellers: Banks Settle for Less

MLS Now Tracks Short Sales

As of March 27th of this year, the MRED LLC, formerly the MLS of Northern Illinois, added a tag to allow REALTORS to identify closed transactions as short sales. The small (S) you see next to the sale price denotes it was a short sale. This is important information for REALTORS, Buyers and Sellers.
Recent sales will determine the future listing price of other homes in the area - as well as offers made on currently listed property. Short Sale properties are often sold at deep discounts - so having this data can help balance the value picture when comparing it to other homes.

According to MRED LLC data - 1184 Short Sales of single family attached & detached homes have occured since implementing this new tag on March 27th. While this number is not exact - it can offer a quick snapshot of one aspect of the market. REALTORS must add this tag when closing out a property in the MLS. Properties included would be those that are "Short Sale/Foreclosure/Court-Lender Approval Required,etc.". If the REALTOR doesn't add the short sale tag - the sale is not included in the data.

Here's a look at the numbers by county:

Short Sales/Foreclosures Since 3/27/08* *includes Single family attached &detached sales  as marked (S) voluntarily in the MLS by REALTORS
County	# of Homes Sold	# of Sales Marked Short Sale/Foreclosure	% of Sales
Boone County	66	5	7.57 %
Bureau County	3	0	0%
Cook County	7653	519	6.78%
DeKalb County	133	9	6.76%
DuPage County	1428	106	7.42%
Grundy County	80	4	5%
JoDavies County	0	0	0%
Kane County	735	116	15.78%
Kankakee County	150	17	11.33%
Kendall County	230	23	10%
Lake County	1076	93	8.64%
Lasalle County	137	6	4.37%
Lee County	11	0	0%
Livingston County	8	1	12.5%
Marshall County	0	0	0%
McHenry County	500	69	13.8%
Putnam County	0	0	0%
Stephenson County	6	1	16.66%
Will County	1098	122	11.11%
Winnebago County	202	8	3.96%
Other Counties	168	4	2.38%

Video Tour of Churchill Club, Oswego

Join me for my first neighborhood video tour of the Churchill Club subdivision in Oswego, Illinois. Churchill Club is located just South of Route 34 and East of Douglas Road in Oswego, Illinois. Churchill Club is a 438 acre community built by Town & Country Homes. Three different communities make up Churchill Club - the townhomes of Churchill Club, the single family homes of churchill club, and "Steeplechase" the 55+ community. The community will consist of 775 houses, 224 townhomes and 212 active adult homes (126 single family ranches and 86 duplexes).

Bo Buchanan, Kettley Realtors 58 Chicago Rd, Oswego IL. 60543 (630) 846-4663

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Behind in your Mortgage Payments? FHASecure Might Help!

Did the rate on your mortgage adjust recently? Did you fall behind on your payments after the rate went up? Then you might be eligible for the FHA Secure program. FHA Secure is a program signed into law by President Bush in 2007. If you are on an adjustable rate mortage and your rate has adjusted - FHA Secure could help you get back on track!

To qualify for FHASecure, eligible homeowners must meet the following five criteria:

1. A history of on-time mortgage payments before the borrower's teaser rates expired and loans reset;


2. Interest rates must have or will reset between June 2005 and December 2009;


3. Three percent cash or equity in the home;


4. A sustained history of employment; and


5. Sufficient income to make the mortgage payment.

Essentially, FHASecure gives you a way to refinance out of your current adjustable rate mortgage into a long term fixed rate mortgage. Often times this is hard to do if you have fallen behind in your mortgage paymets. This is treated just like any other time you would refinance your home mortgage. There will be closing costs and fees - and other guidelines and rules need to be followed. Any lender who does FHA loans will be able to tell you more about FHA Secure - or call me and I will connect you with someone I work with.

Remember - the worst thing you can do is nothing!

Bo Buchanan, Kettley Realtors 58 Chicago Rd, Oswego IL. 60543 (630) 846-4663

IllinoisHouseHunter.com|OswegoHouseHunter.com|MontgomeryHouseHunter.com|YorkvilleHouseHunter.com

Staging Your House From The Curb

I was out mowing the lawn today and couldn't help but pause to look at my house. I realized that I don't usually stand on the sidewalk and just look at my house. Do you? So I walked up and down the sidewalk looking at my house from different angles - like a buyer driving by would.

It's important to remember - the first tme a buyer sees your house, they will probably be driving by. In two or three minutes they will form a lasting first impression. Will they turn around and drive by again? Will they call an agent to schedule a showing? Will they write down that phone number and call for more information? As a seller - you want the answer to all those questions to be YES. Here are a few tips on how you can stage your home from the curb:

• Edge the lawn along your driveway, sidewalks and curbs.


• Make sure those lightbulbs work in your outside lights.


• Is your address easily seen from the street?


• Do have downspouts on all the gutters?


• Are the windows clean?


• Put fresh mulch down in plant beds, around trees, etc.


• Pull those weeds!


• Trim tree branches that block a clean view of your home from the street.


• Powerwash the siding, the driveway, the sidewalk and anything else you can think of!


• Buy a new doormat.


• Secure anything that is loose - siding, gutters, trim.

Tracking the Real Estate Market in Oswego, Montgomery, Yorville & Aurora.

Bo Buchanan, Kettley Realtors 58 Chicago Rd, Oswego IL. 60543 (630) 846-4663

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Loan Modification - Your Lender might help you create a better Loan!

>What is a Loan Modification?

In Loan Modification - your lender might forgive late fees, give you a better interest rate, switch you from an adjustable rate to a fixed rate, recapitalize missed payments & more! It's hard to believe any lender would be so cooperative - I know. But in light of the current mortgage & foreclosure crisis - lenders are looking for ways to work with borrowers. Essentially, Loan Modification is a way to wipe the slate clean of all missed payments, late fees, etc. and start fresh with the same lender.

>How does Loan Modification work?

As a Home Retention Consultant, I regularly approach homeowners who are behind in their mortgage to see if there is a way to get them back on track. Many times - I actually have a proposed loan modification from the lender. Before doing a loan modification, lenders might ask you to fill out a financial information form. It asks for all kinds of information you probably don't want to provide - current income & expenses, outstanding debts, etc. They want to get a full view of your current financial situation. Here's an example of a recent Loan Modification I delivered:

• Loan would be brought current with lender


• Credit reporting would start reflecting current loan payments


• Interest rate was reduced by 1.25%


• Loan term was changed from an adjustable rate to a 30 year fixed


• Loan balance was increased to reflect missed payments.


• Monthly payment was reduced by 5% - even though the loan amount went up significantly (this property was in the higher end custom market)


• An upfront payment of the new mortgage amount was required as an initial contribution.


• Next payment wasn't due for 1 1/2 months.

The lender will often require one mortgage payment at the time you sign the loan modification agreement. This is a sign of good faith that you can make the payments and will cover some of the late fees, back interest, etc. For most people - this is a good solution. But if you are unemployed, this really doesn't help.

>Will my lender work with me?

A loan modification isn't as common as a forebearance plan, but it's worth asking your lender about. Loan Modifications are regulated by HUD (Housing & Urban Development) - check out the Loan Modification FAQ at HUD. Look on the back of your most recent mortage statement. Yeah, all that tiny print. Each lender usually lists several different phone numbers or departments. Look for something that says loss mitigation or loan workout or home retention. Lenders always have a dedicated department that works with borrowers behind in payments. If all else fails, call the 800# and ask for the loss mitigation department.

>Ask Questions & Do Your Homework

There are many companies out there that will approach you offering to help negotiate with the lender on your behalf. Be careful - some are legitimate and others could be a scam. Most will charge you a months mortgage payment to create a workout - this will be in addition to any upfront money your lender might require. Truth is - you can call the lender yourself and see if they will offer a modification.

>Be Persistent!

You are dealing with large banks with many different departments sometimes spread across different states. People answering the phones have more work than they can handle. It isn't personal. No one is going to have as much incentive to get you a good deal as you are.

If you want more information - keep checking my blog for other Foreclosure Prevention Strategies. If you're uncomfortable doing a loan modification on your own, call me and I'll be happy to help in any way I can. For Free. Why would I do this? If I can help you prevent foreclosure now, I hope you will recommend my services to other people who might need help preventing foreclosure, selling a home or buying a home. It's a win-win situation.

Remember - the worst thing you can do is nothing. Persistence Pays.

Bo Buchanan, Kettley Realtors 58 Chicago Rd, Oswego IL. 60543 (630) 846-4663

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Loan Forebearance - Lender Phone Operators Are Clueless!

Yesterday I sat down with a pre-foreclosure client interested in keeping her home. The lender/Loan servicer was Ocwen Bank. As I sat and talked with her about options - we discussed a forebearance program. She thought this sounded like a good option so she pulled out her most recent mortage statement and called the lender. Of course - the back of their statement says something like - if you're behind in your payments call our collections department and talk to one of our payment counselors. Yeah, right. Nevermind the 20 minutes it took to get to the right person. 3 or for transfers later - we think she got the right department. Problem was - the person on the other end of the phone said there was no forebearance program. That's right. When asked three times "Do you have a forebearance program"...the anser kept coming back "NO".

After a quick search on the web - I found several references on Ocwens website to their success in customer forebearance. Ocwen even boasts a 70% success rate for people put on forebearance over the last 2 years. When dealing with these large banks - you have to remember that the person answering the phone probably doesn't know much more about the company than you do. They sit in an office, charged witha particular task. If you don't fit the mold - they often don't know what to do with you. YOU MUST BE PERSISTENT. And it's going to take time. If you aren't getting anywhere - ask to talk to a supervisor.

Lenders always have a dedicated department that works with borrowers behind in payments. Don't bother with collections - they will just try to get a payment out of you. And forget that generic 800#. Even if, by some miracle - you actually get through to a live person, they will have no idea what you are talking about. They will just transfer you somewhere else - anywhere else!

Document who you talk to. Ask for a name each time you call. note the time you talked to them. Ask what department they are in. Ask where the call center is. In one call - you could be transferred to different departments in different states.

If you're having a problem communicating with your lender, put it in writing. Most people aren't aware of a RESPA rule that requires a lender to respond to your written inquiry. RESPA stands for Real Estate Settlement & Procedures Act. RESPA spells out particular rules for how real estate deals and loans must be handled. For exmaple, RESPA states that if you write to your lender regarding an innacuracy on your account or to dispute charges - they must acknowledge receipt of your letter in 20 days and respond with an answer within 60days. The best way to ensure this kind of communication is to send a certified letter to your lender. That way you have proof.

"Nothing in the world can take the place of persistence. Talent will not; Nothing is more common than unsuccessful men with talent. Genius will not; Unrewarded genius is almost a proverb. Education will not; The world is full of educated derilicts. Persistence and determination alone are omnipotent.......Calvin Coolidge, US President 1923-1929

Forebearance - A Payment Plan To Catch Up On Missed Mortgage Payments

>What is Forebearance?

If you're behind in your mortgage payments - you may be looking for an alternative to selling your home. I sit down with a lot of homeowners looking for any option other than selling. If you had a temporary hiccup in your income but now you're back on track - forebearance may be an option. Essentially, Forebearance is a payment plan that allows you to catch up on money you owe your lender. You must be able to make your normal mortgage payment in addition to the extra amount that you and your lender agree upon.

>How Does Forebearance Work?

In a typical forebearance plan - your lender will ask you to fill out an application. This application will ask for income and expense information to determine if you can actually afford a program. Not everyone gets approved. If you are approved -your lender creates a payment plan that allows you to make additional payments every month in order to catch up on what you owe. If you are behind 2 or 3 payments, you've also racked up some late fees and interest owed to the lender. If you're mortage payment is $1,200 dollars - that means 3 months of back payments would amount to nearly $4,000 with late fees and interest. That's a hefty chunk of change.

>Will My Lender Work With Me?

If you're wondering if your lender offers a forebearance program - they probably do. Look on the back of your most recent mortage statement. Yeah, all that tiny print. Each lender usually lists several different phone numbers or departments. Look for something that says loss mitigation or loan workout or home retention. Lenders always have a dedicated department that works with borrowers behind in payments.

>Think twice & do your homework!

If you really want to pursue this program - be careful and make sure you can afford the extra payments. IF YOU ARE JUST TRYING TO PUSH OFF THOSE PAYMENTS AND HOPE THINGS WILL GET BETTER, IT DOESN'T MAKE SENSE. All you will accomplish is owing more money and ending up in the same situation a few weeks or months down the road. If you miss one of these forebearance payments - your lender will just continue down the foreclosure path. Starting a forebearance program will temporarily halt any progress towards a foreclosure - but they don't have to start over when you miss a payment.

>Be Persistent!

You are dealing with large banks with many different departments sometimes spread across different states. People answering the phones have more work than they can handle. It isn't personal. No one is going to have as much incentive to get you a good deal as you are.

If you want more information - keep checking my blog for other Foreclosure Prevention Strategies. If you're uncomfortable doing a loan modification on your own, call me and I'll be happy to help in any way I can. For Free. Why would I do this? If I can help you prevent foreclosure now, I hope you will recommend my services to other people who might need help preventing foreclosure, selling a home or buying a home. It's a win-win situation.

Remember - the worst thing you can do is nothing. Persistence Pays.

Victoria Meadows, Oswego - Market Report 1st Quarter of 2008

Victoria Meadows in Oswego is located just north of Rt. 34 and West of Orchard Rd. So far this year, only 1 home has sold in the first quarter. That isn't much data to go on when comparing quarters- but if the trend continues, we are in for much longer market times.

Average market time for the first quarter of 2007 was 72 days (only two homes sold) - while average market time this year (only 1 listing sold) is approching 200 days. It's hard to make comparisons when so few homes have sold - but if you compare the price of 4 bedroom homes - you can see that the sales price is down almost 8% this year. This value seems inline with the 8.8% drop in Oswego home values being reported by Zillow.

Click here to view a copy of the market report