Chicago Short Sales & Avoiding Foreclosure

The Kontos Group Short Sales Team| Chicago Short Sales

DONT LET THE BANK FORCE YOU INTO FORECLOSURE, DEFICIENCY, WAGE GARNISHMENT OR BANKRUPTCY!

CONSIDER A SHORT SALE!!!

Our Chicago Short Sales Broker Service Is Completely Free To You!  We Get Paid Our Commission From The Banks Directly!
 
We are Local Chicago Short Sales Specialists, Realtors, and Loss Mitigation Experts Serving the Chicagoland Area..

You owe it to Yourself, your Family, your Credit and your Future Buying Power to try a Short Sale.  A foreclosure will limit your ability to purchase another home for 7 years!!

If you or someone you know is on the verge of losing their home to foreclosure, please CONTACT US immediately to set up a FREE and CONFIDENTIAL CONSULTATION to discuss if a short sale will work for you. Let our Chicago Short Sales team work for you!

All You Have To lose Is A Phone Call or Email!

The Following Counties Are Where We Work:
COOK---DUPAGE---LAKE---WILL---KANE

Jim Kontos
President-Broker-Founder Of Kontos Group Chicago Short Sales Team
Chicago Short Sales Specialist--Suburban Short Sales Specialist
CERTIFIED DISTRESSED PROPERTY SPECIALIST
RE/MAX 1st Class
Cell 630 327 9136
Office 847 674 9797
Office #2 312 643 2087
jpkontos@gmail.com
www.mychicagoshortsalesite.com
www.jkontos.illinoisproperty.com

George Kontos
Mortgage Solutions Specialist
Commercial Troubled Asset Manager
Residential Debt Solutions Expert
FAS 114 Loss Mitigation Specialist
Direct 630 936 3322
gpkontos@yahoo.com 

Harris Ali
RE/MAX 1st Class 
Residential Real Estate Expert
Chicago Short Sales Expert
Short Sales Negotiating Expert 

 
 

Chicago Short Sales| Chase Bank Short Sales| Chase Bank Short Sales Packet Requirements

 Chicago Short Sales| Chase Bank Short Sales| Chase Bank Short Sales Packet Requirements

Todays Chicago Short Sales blog post topic is what Chase Bank requires for their short sales package.  As I have stated in previous Chicago Short Sales blog posts, every bank has different requirements as far as what they want in their short sale packages.  Granted there are certain requirements that every bank asks for in relation to their short sale packages, but there are certain items that some banks ask for while others dont

The following is what Chase Bank requires for their Short Sale Information Package

1) Two most recent pay stubs ( 2 for each borrower if W-2)
2) Length of service with current employer (if employed)
3) Two  most current Savings/Checking  statements
4) Last two years of Tax Returns
5) Current Utility Bill ( for proof of occupency)
6) Completed 4506-T request for transcript of Tax Retur
7) Hardship Letter
8) Completed request for Consideration of Short Sale Form

9) If the loan is Non Escrowed
     A) Copy of the most recent property tax bill with a copy of the cancelled check for all
           applicable taxes
     B) Copy of the current insurance declaration page
     C) Proof of payment of Homeowners Association Fee (if applicable)

10) If Non-Owner Occupied
    A) Rental income with copies of rental agreement if a tenant resides in property
    B) Amount of principal, interest , insurance, and homeowner dues for primary residence
    C) Primary Residence Address 

11) 1099

12) If You Are Self Employed
   A) Profit and Loss Statement/Audited or reviewed YTD income statement
   B) Last two year Income Tax Return, 1099's
   C) Last 4 months complete business and personal bank statements

In addition to these items, your realtor will need to provide the bank the follwing:

1) 3rd Pary Authorization Letter
2) Signed Listing Agreement
3) Sales Contract
4) Detailed listing history of your property
5) 3 Comparable Active and Sold Listings
6) Preliminary Hud-1 Statement 

For More Information Click On The Chase Bank Short Sales Page Link

Chicago Short Sales| Short Sales and Condo Association Fees|

CHICAGO SHORT SALES| SHORT SALES AND CONDO ASSOCIATION FEES

Todays Chicago Short Sales blog post topic is Short Sales and Condo Assessments.  We get several questions about short sales on a daily basis, but some short sale questions are asked a bit more often than others.

A common question that I always get is : Should I Pay My Monthly Condo Association Fees when I am doing a short sale?

My answer to this is: YES!!!

Association Fees aka "assessments" are generally more associated with condo buildings. However they are also associated with Townhomes and certain Single Family Home Subdivisions. Regardless of where you live, if you live in a property that has monthly or quarterly association fees and you are attempting to pursue a short sale, PAY YOUR ASSOCIATION FEES!!

If you can afford your association fees, then pay them! Many people dont realize this but Your Association Can Foreclose on you as well if you dont pay your association fees. Its important to know that its not just the bank that can foreclose on you. If the association forecloses on you because you failed to pay your assessments, then you have just complicated matters 

If you are late or having trouble paying your monthly association fees, the talk to your  association representative as soon as possible and see if there is anything that can be done to assist you with the payments!

 

 

 

Chicago Short Sales| Bank Of America Short Sales| Bank Of America Short Sales Package

CHICAGO SHORT SALES| BANK OF AMERICA SHORT SALES DOCUMENTS

In todays Chicago Short Sales blog post, I am covering what documents are required by Bank Of America for their Short Sales Package.  If you are a loyal reader of my Chicago Short Sales blog or one of my clients, you  are well aware of what a short sales package is, what documents are usually involved and how every bank has different requirements.

Currently, Bank of America is the leader in quantity of short sales deals ( They can thank Countrywide bank and the United States Government) They are swamped with short sale requests. The Bank of America Short Sales Package is definetely not shy of paperwork. If you are going to be doing a short sales with Bank of America,  you are going to need the following

Bank Of America Short Sale Documents Needed

1) Last Two Year Tax Returns
2) IRS Form 4506-T
3) W-2
4) Last two months of Bank Statements (All Pages)
5) Hardship Letter
6) Financial Analysis Breakdown
7) Utility Bills
8) If you have been laid off, you are going to need documentation of this
9) Property Tax Bill
10) Last Two Check Stubs
11) Profit & Loss Statement If You Were|Are Self Employed

These are the documents you are going to need to provide to your realtor. Do not wait until you receive a offer on your property to get the ball rolling on getting all the documents needed for your short sale. BE PREPARED!!! 

In addition to the above documents you are going to need to provide, your realtor is also going to have to send the:

1) Listing Agreement
2) Signed Purchase Contract
3) Buyers Information with the buyers names, addresses, birthdays and social security info
4) Comparable properties
5) The Listing History of your property
6) Preliminary HUD1 Statement 

Dont lose your home to foreclosure!! Let my Chicago Short Sales Team help you avoid foreclosure and all the negative aspects a foreclosure brings.  Contact us today to schedule a Free and Confidential consultation to see if a short sale will work for you!  All you have to lose is Phone Call or Email!

Promissory Notes and Short Sales| Chicago Short Sales

 

PROMISSORY NOTES AND SHORT SALES| CHICAGO SHORT SALES

Promissory Notes is todays Chicago Short Sales Post Topic! The Chicago Short Sales market has seen a few trends pop up over the last few years. One of them being the increase in the amount of promissory notes being requested by PMI companies and Lenders. This basically means that alot more home sellers are not walking scott free after a short sale any more.  A promissory note is a writeen promise to pay back a loan or debt.  

With the increasing amount of Chicago Short Sales and Foreclosure properties, its not a complete shock that PMI companies and Lenders are asking the borrowers to sign Promissory notes to pay back a certain amount of money.  In many instances, promissory notes are for reasonable amounts, can be paid back over a number of years (usually 5-10 yrs) and are unsecured loans.  

It is important to let a seller know that it is getting more and more difficult for homeowners to walk away completely free with short sales now, especially if PMI is involved. The PMI companies are notorious when it comes to asking for Promissory Notes. The reason PMI companies ask for Promissory notes is that there is no risk to them in asking.  The PMI companies will have to pay a clain regardless if you short sale or foreclose! it would be ideal to walk away completely free from your short sale, but signing a promissory could be a much better option than a foreclosure.

My personal take on Promissory notes is this.  If you had to short sell your home and the lender took a $100,ooo loss on the property don't be surprised if a lender/pmi company agrees to a wants you to sign a promissory note to help recoup some of their losses. In many cases the promissory notes are very reasonable and signing a promissory note is a much better alternative to a foreclosure in most instances.! Yes there are instances where PMI companies and Lenders ask for a ridiculous amount of money for a Promissory Note (these are the promissory notes that are getting all the bad press) 

We recently closed on a short sale property for one of your clients.  The lender agreed to the short sale and incurred a $90,000 loss.  The PMI company wanted our client to sign a $8000 promissory note to be paid over 6 years at NO INTEREST.  My client happily signed the note and was able to get on with her life!

If you do agree to a promissory note, there is one very important aspect to consider. If you default on the promissory note, then your credit will be affected as much as if you actually foreclosed!

Glendale Heights Short Sales| Glendale Heights Foreclosures| Chicago Short Sales

GLENDALE HEIGHTS SHORT SALES| CHICAGO SHORT SALES

Glendale Heights Short Sales is the topic of todays Chicago Short Sales post! Glendale Heights is a western suburb about 25 miles west of downtown Chicago. The Glendale Heights real estate market has been one of the most effected by the real estate market and current economy. Home prices have plummeted to never seen before levels and market times are incredibly long. The Glendale Heights Short Sales Rate is one of the highest of all the suburbs.

Glendale Heights Short Sales Data
(As Of Jan 2012)

Current Number Of Glendale Heights Homes For Sale: 380

Prices Range From: $26,000 -- $495,000

Current Number Of Glendale Heights Short Sales| Foreclosures: 209

Current Glendale Heights Short Sales| Foreclosure Rate: 55%

With a 55% distressed property rate, the Glendale Height Real Estate market is easily one of the most distressed suburban areas in all of Illinois. Unfortunately, I dont forsee a end to the Glendale Heights Short Sales and Foreclosure properties any time soon.

Dont Lose Your Glendale Heights Home To Foreclosure! Let My Chicago Short Sales Team help you avoid foreclosure and all the negativity it brings. We are experience Chicagoland Short Sale Realtors and Banking Professionals. Contact us today to schedule a Free and Confidential Consultation to see if a short sale will work for you! You have nothing to lose and everything to gain!

Jim Kontos
President-Broker-Glendale Heights Short Sales Realtor-Chicago Short Sales Expert
RE/MAX 1st Class
RE/MAX Glendale Heights
Direct 630 327 9136
Office 847 674 9797
jpkontos@gmail.com
www.mychicagoshortsalesite.com 

Lombard Short Sales| Lombard Foreclosures| Chicago Short Sales

LOMBARD IL SHORT SALES| CHICAGO SHORT SALES

Lombard Short Sales is the topic of todays Chicago Short Sales Post! Lombard is located in the western suburbs and is about 20 miles west from downtown Chicago. Lombard is located adjacent to Oak Brook, Downers Grove and Villa Park. Lombard is home to several corporations, hotels and numerous restaurants and bars. It is also home to the Yorktown Mall.. The Lombard Real Estate market has seen the number of Lombard Short Sales and foreclosure rise every month.

The Lombard Real Estate Market is primarily composed of Single Family Homes. Over the last few years condos have been popping up in Lombard that correlated with the facelift that the Yorktown Mall recieved.  Over the last 2 years, the amount of Lombard Short Sales properties have been increasing every month. 

LOMBARD SHORT SALES DATA
(As Of Jan 2012)

Current Number Of Lombard Homes For Sale: 420

Prices Rage From $35,000 -- $2.5 millions

Current Number Of Lombard Short Sales | Foreclosures For Sale: 97

Current Lombard Short Sales | Foreclosure Rate: 25% 

So basically one out of every four Lombard Homes for sale is a Lombard Short Sales or Foreclosure. These numbers make Lombard one of the most short sales saturated western suburbs 

Dont lose your Lombard Home to foreclosure! Let my Chicago Short Sales Team help you avoid foreclosure and all the negativity that a foreclosure brings! We are experienced short sales realtors and baking professionals. Contact us today to schedule a Free and Confidential Consultation to see if a short sale will work for you!

Jim Kontos
President-Broker-Lombard Short Sales Expert-Chicago Short Sales Expert
RE/MAX 1st Class
RE/MAX Lombard
Direct 630 327 9136
Office 847 674 9797
jpkontos@gmail.com
www.mychicagoshortsalesite.com

 

Up Front Short Sales Realtor Fees| Do We Charge Them?| Chicago Short Sales

We Dont Charge Up Front Short Sales Realtor Fees| Chicago Short Sales

Up Front Short Sales Realtor Fees is todays Chicago Short Sales Post Topic! A question I always get when my Chicago Short Sales Team meets clients to list their short sales homes is "Do You Charge Any Up Front Fees? My answer to this is Absolutely Not!

There are several Chicago Short Sales Realtors out there who charge their clients Up Front Costs to take their listings.  In many occasions, our clients are in a tough financial spot, hence the fact that they are pursuing a short sale. With this in mind, we dont feel that it is necessary for us to charge anything to our clients for our expertise.  There really isnt a legitimate reason for us to do this, since we do get paid from the banks when we sell the property!

New FTC Law Not Allowing Up Front Short Sale Realtor Fees...Read More Here!

Now it is true that Short Sales do not always get approved no matter how good a short sales realtor is. No one who does a fair amount of short sales can claim to have a 100% closing rate.  When a Chicago Short Sales doesn't get approved for any reason, we dont get paid. We definetely dont like working for free, so it stings a bit when we dont get paid, but that is the nature of the beast and we dont pass the buck on to our clients.  

On average the Kontos Group Short Sales Team closes about 7 out of every 10 short sales. Which is Over Triple the national average! 

Dont lose your Chicago Home To Foreclosure, let us help! We have the short sales and banking experience you need to help you avoid foreclosure and all the negative aspects that a foreclosure brings! Contact us today to schedule a Free and Confidential consultation to see if a short sale will work for you!

Jim Kontos
President-Broker-Chicago Short Sales Expert
RE/MAX 1st Class
RE/MAX Short Sales 
Direct 630 327 9136
Office 847 674 9797
jpkontos@gmail.com
www.mychicagoshortsalesite.com 

there are several Chicago Short Sales Realtors out there to chose from, but only a handfull can get you the results we can get you!

Downers Grove Short Sales| Downers Grove Foreclosures| Chicago Short Sales

DOWNERS GROVE SHORT SALES| CHICAGO SHORT SALES

Downers Grove Short Sales and Foreclosures is todays Chicago Short Sales blog post topic! I am very familiar with the Downers Grove area as I used to work in Downers during my college years at the Marriott Suites. Downers Grove is a  western suburbs located about 22 miles from Downtown Chicago and it is nestled in between Oakbrook and Wheaton.  It is one of the larger suburbs in Illinois with about 50,000 residents and it is home to several major corporations.

The Downers Grove Real Estate market is fairly wide ranging.. You can find homes in prices ranging from $100,000 to $3.8 million. The Downers Grove Short Sales and Downers Grove Foreclosure rate has been holding steady over the last year. Overall, prices have been falling and listing times are at an all time in the Downers Grove Real Estate market .  However Downers Grove Short Sales have been holding steady.

Downers Grove is fortunate in the fact that they are not over run with short sales and foreclosures. As long as the short sale numbers stay where they are currently, I dont forsee it getting worse in this area

Downer Grove Short Sales Data
(As Of August 2011)

Current Number Of Downers Grove Homes For Sale: 612

Current Number Of Downers Grove Short Sales | Foreclosures For Sale: 97

Price Range From $50,000 -- $800,000

Current Downers Grove Short Sales | Foreclosure Rate: 18%

At 18%, the Downers Grove Short Sales and Foreclosure rate is one of the lower distressed property rates in the western suburbs.  Lets hope it stays like this!

Dont lose your Downers Grove Home to foreclosure! Let my Chicago Short Sales Team help you avoid foreclosure and all the negative aspects a foreclosure brings. We are short sale and banking professionals who are experienced in short sales. Contact us today to schedule a Free and Confidential listing appointment to see if a short sale will work for you!

Jim Kontos
President-Broker-Downers Grove Short Sales Expert-Chicago Short Sales Expert
RE/MAX 1st Class
RE/MAX Downers Grove
Direct 630 327 9136
Office 847 674 9797
jpkontos@gmail.com
www.mychicagoshortsalesite.com 

 we are the right choice for all of your Downers Grove short sales and foreclosure needs!

Aurora Short Sales| Aurora Foreclosures| Chicago Short Sales

AURORA SHORT SALES| CHICAGO SHORT SALES

Aurora Short Sales and Foreclosures is todays Chicago Short Sales post topic! Next to Chicago, Aurora is the most populated area in Illinios with a population of 198,000. Aurora is such a vast city that it spans 4 counties.  Aurora is broken down into 3 regions: West Side, East Side, Fox Valley. Each of these regions has their fair share of Aurora Short Sales and Foreclosures inventory to deal with

The Aur0ra Real Estate market has really struggled over the last 2 years with free falling prices and increased listing times.   The Aurora Short Sales and Aurora Foreclosure rates are some of the absolute worst in the state of Illinois unfortunately. Unfortunately, there is no end in sight to the amount of Aurora Short Sales and foreclosures.

Aurora Real Estate 
Aurora Short Sales Data 
(As Of Jan 2012)

Current Number Of Aurora Homes For Sale: 1670

Current Number Of Aurora Short Sales and Foreclosures For Sale: 719

Current Aurora Short Sales and Foreclosure Rate: 45%

As of August, 2011 the Aurora Short Sales rate is 45%! Almost half of the Aurora Homes currently for sale are Short Sales or Foreclosures!  These numbers are unbelievable. With a 45% Aurora Short Sales and Foreclosure rate, the rammifications for surrounding property values is grim. 

Dont lose your Aurora Home To foreclosure! Let my Chicago Short Sales Team help you avoid foreclosure and all the pitfalls that a foreclosure brings. We are experienced short sales realtors, negotiators and banking professionals.  Contact us today to schedule a Free and Confidential appointment to see if a short sales will work for you! All you have to lose is a phone call or email

Jim Kontos
President-Broker-Elgin Short Sales Expert-Elgin Short Sales Realtor 
RE/MAX 1st Class
RE/MAX Elgin
Cell 630 327 9136
Office 847 674 9797
jpkontos@gmail.com
www.mychiagoshortsalesite.com

 

Chicago Short Sales| Short Sales vs Foreclosures| Illinois Short Sales

Chicago Short Sales| SHORT SALE vs FORECLOSURE

In this Corner: FORECLOSURE

1) Foreclosure in Illinois is a Judicial Foreclosure  . This means that the foreclosure must be approved by a Judge.  This also means that if a person's home is foreclosed on, that they will actually have a judgment against them on their credit report.

2) A foreclosure will remain on a credit report in the public records section for up to at least 10 YEARS. 

3) The other issue with the foreclosure is that on loan application (for purchasing a new home), under Declarations, Section VIII it specifically asks a borrower if they have had a property foreclosed upon in the last 7 years.  

4) The other issue with a foreclosure in Illinois is the Deficiency Judgment.  The lender has the right to ask the court for a money judgment against the previous home owner personally.

As a result of a foreclosure, a home owner  will most likely have the following repercussions: 
1) 3 judgments against them
2) Docked at least 300 points on their credit report
3) NO HOME PURCHASES FOR AT LEAST 7 YEARS!!!!

Yes you heard right: NO HOME PURCHASES FOR AT LEAST 7 YEARS!!! 

In This Corner: SHORT SALES

1) NOT A JUDGEMENT! BANKS DO NOT GENERALLY ASK FOR LOSSES BACK

2) If the home owner does go through a Short Sale and the bank does not request a money judgment, the homeowner's credit could be  affected by as little as 100 points. Much Less when compared to a foreclosure!

3) Purchasing another home after a short sale can hapen in as little as 24 Months when going through Fannie Mae!!!  This is extremely important because Purchasing a home with a conventional loan after a short sale can happen in as long as 5 years

To make a long story short, both short sales and foreclosures are things that you dont want to happen to you as a homeowner.  However in terms of the hit on your credit and your future buying power, a short sale is usually the lesser of two evils

Don't lose your home to foreclosure! If you or someone you know is dealing with financial hardship and is on the verge of losing their home, please contact me immediately!  Let my experienced Chicago Short Sales team help you avoid foreclosure.. Our help is only a phone call or email away!

Jim Kontos
President--Broker--Chicago Short Sales Expert--Chicago Short Sales Specialist
RE/MAX 1st Class
RE/MAX River North
Cell 630 327 9136
Office 847 674 9797
Office #2 312 643 2087
jpkontos@gmail.com
www.rivernorthhomes.com 
www.mychicagoshortsalesite.com 
www.jkontos.illinoisproperty.com

Disclaimer: *I am not a attorney and cannot give out any form of legal advice..This is a informative real estate blog written by a real estate broker experienced in short sales and foreclosures and not to be confused with any type of legal advice