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Real Estate Closing Scam

Cybercriminals have been hacking into the computer accounts real estate agents then sending emails to clients with false bank wiring instructions.  This scam not cost victims hundreds of thousands of dollars.  According to the ChicagoTitle News  Desk.

Contractors Beware: A Mechanic Lien Foreclosure Judgment Cannot Be Collected On Until a 6 Month Redemption Period Expires

Mechanic Lien Foreclosures and Mortgage Foreclosures are governed by different statutes in Illinois.  Mechanic lien foreclosures are governed by 770 ILCS 60.  Most mechanic lien claims are settled without going to foreclosure.  In the rare case does go to foreclosure, a surprising section of the Mechanic Lien Act allows the foreclosing entity a 6 month…

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Good News for the Chicago Metro Realty Market

Housing is becoming increasingly less affordable in many cities, a new report from Realty Track reveals.  Their First Quarter 2016 Home Affordability Index shows that home price growth is exceeding wage growth in 61% of the nation’s housing markets. Daren Blomquist, Senior Vice President at Realty Track “the recent drop in interest rates has helped…

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Report: One in Three HAMP Participants Struggle to Make Modified Loan Payments

  According to a report presented to Congress last month by the special inspector general for the Troubled Asset Relief Program (TARP), one in three homeowners who received a loan modification through the federal Home Affordable Modification Program (HAMP) ultimately redefaulted. TARP is a government program designed to promote stability in the financial market. In…

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U.S. Supreme Court Decision Regarding Borrowers’ Right to Rescind under TILA

  The federal Truth in Lending Act (TILA) gives homeowners who are refinancing their mortgages the opportunity to rescind after signing their loan documents. Basically, this means that borrowers may “rescind” or cancel the mortgage transaction if they are unhappy with the loan terms. Any fees associated with the transaction will be refunded to them….

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Why Chicago Loan Modifications Matter

While 2015 may be a new year, many Americans are still struggling financially and some are facing foreclosure. There are numerous alternatives to foreclosure available, including loan modification. If you or someone you know owes more on a mortgage than the current market value of the home, contact an experienced Chicago loan modification attorney right…

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