Benefits of the HAFA program:
No cost to you; the lender pays the Realtors commission and all fees
$3,000 – $5,000 to you at closing for moving expenses under HAFA
Short sale approval in advance: no existing buyer or offer required to apply
Lenders required to release all deficiencies
The best possible outcome for you the borrower
A better option when facing foreclosure, deed in lieu or bankruptcy which can affect your credit for 7-10 years.
Our National Real Estate Agent network comprised of local, qualified experienced HAFA/CDPE certified professionals
Automatic Deed of Lieu if your property does not sell

Mortgage servicers will be kept to strict short sale timelines agreed to under the state Attorneys General foreclosure settlement this week.

Along with the penalties and relief for borrowers, the five largest mortgage servicers must adhere to a set of new standards. Servicers will form internal groups that will conduct quarterly reviews and gauge compliance. North Carolina Banking Commissioner Joseph Smith will approve the groups and monitor the reviews.

Among the standards, however, are new requirements for short sales.

Servicers are required to give a decision to a borrower within 30 days of receiving a completed short sale request package.

The internal group must review all short sale requests in the first two months of the quarter, according to Exhibit E in the settlement filed this week. And if a servicer takes longer than 30 days on more than 10% of the requests, the firm is considered in “potential violation.”

The settlement also requires a servicer to notify a borrower within 30 days if any documents are missing from the request package.

Servicers will also be required to notify a borrower if there is a deficiency payment needed before the short sale is approved, including an approximate amount.

If more than 5% of all short sales approved in a given quarter did not include this disclosure, the bank would be in violation.

“If a real estate broker can get a checklist from the bank detailing what documentation is needed, everything can be provided up front, and the bank will be required to give a thumbs-up or a thumbs-down within 30 days. That’s not a bad deal,” said Chris Hanson of the short sale specialistHanson Law Firm.

Short sales became notoriously arduous, lengthy, and oftentimes fraudulent process since the foreclosure crisis struck in 2007.

There were 88,303 short sales in the fourth quarter, up 15% from one year prior, according to RealtyTrac. The short sales completed in the fourth quarter took an average 308 days since the borrower entered foreclosure, down from 318 days in the previous three months.

“We continued to see a shift toward pre-foreclosure sales, or short sales, and away from REO sales in the fourth quarter,” said RealtyTrac CEO Brandon Moore in a fourth quarter report.

The Treasury Department released the first national standards for short sales under its Home Affordable Foreclosure Alternatives program, which began in 2010. Its timeline matches the AG settlement.

According to HAFA guidelines, a servicer must consider a borrower for HAFA within 30 days of the borrower either failing a Home Affordable Modification Program test or requesting consideration for a short sale.

Chase said it completes short sales – from receiving full documentation to approval – in a little more than one month.

But under the settlement, there is some enforcement to the guidelines.

When a servicer fails any servicing standard metric, including the short sale timeline, representatives must meet with a monitoring committee overseen by Smith. The servicer will have the right to correct any potential violation by installing an action plan, according to the settlement.

If the potential violation is not cured, a servicer could face a penalty up to $1 million and another $5 million fine for repeat violations.

from your Longme

Look at the number of Foreclosures & Short Sales for the first Quarter of 2011:

Lake County Detached Single Family Home Sales First Quarter

Short Sale or Foreclosure:

2011 – 395 or 44.7%  (883 total sales)

2010 – 438 or 45.4% (964 total sales)

Cook County  Detached Single Family Home Sales First Quarter

Short Sale or Foreclosure:

2011 – 2,202 or 50.1% of total sales

2010 – 2,679 or 53.2%  of total sales

Lake County Attached Home Sales First Quarter

Short Sale or Foreclosure:

2011 – 145 or 58.5% (883 total Sales)

2010 – 118 or 45.4% (964 total Sales)

Cook County Attached Home Sales First Quarter

2011 – 1,581 or 47.6% of total sales

2010 – 1,257 or 33.6% of total sales

Even though the numbers are staggering,  the numbers are  slightly lower for detached housing in  2011.

Attached numbers are higher than 2010

]]> http://www.deborahcassidy.com/deborahs-blog-articles/first-quarter-sales-data/feed/ 0 http://www.deborahcassidy.com/sell-your-home-with-deb/sold/1080-westfield-mundelein-longmeadow-estates/ http://www.deborahcassidy.com/sell-your-home-with-deb/sold/1080-westfield-mundelein-longmeadow-estates/#comments Mon, 07 Mar 2011 20:00:17 +0000 Deborah http://www.deborahcassidy.com/?p=670

Flowers, Wildlife, Trees, & Magnificent Private Grounds!  This home is meticulously maintained and decorated!
Gorgeous Kitchen with Granite counters, breakfast bar, huge eating area,  pantry, and its totally open to the enormous Family Room!
Hardwood floors and new carpets through out the house. An awesome finished Lower level with full bath, 10 x 7 Maintenance free storage shed, and a 3 car garage makes great organization of garden things! Soaring ceilings in the foyer, and living room, and 9′ through out the first floor, and all 5 bedrooms have volume ceilings! Romantic Master suite has separate sink areas, a soak-er tub, and huge walk in closet.  Nice 1st floor laundry room with wash tub and cabinets.
New Roof and Siding, New carpets, hardwood floors, and freshly painted! This home is a true “Turn Key” home! All that you have to do is move in! It’s a perfect “10″  1080 Westfield, Mundelein, Longmeadow Estates. Offered at $385,000

Kitchen has Hardwood floors, Granite Counters, Breakfast bar. Garden window, 5 burner cook top, double oven, built in private desk with cabinets and drawers, and a large eating area!

Dining Room with 9′ Ceilings and Hardwood Floors!

Living Room with 2 story ceilings!

Summer Perennials

This property backs to the protected Forest Preserve! Cul De Sac Location, huge Screen Porch overlooking the incredible wooded wonderland completes the perfect recipe for this Breathtaking Private setting! Hardwood floors on the first level, 1st Floor Bedroom has a  Full Bath,  Large Loft,  great Finished Lower Level with 9′ ceilings & loads of storage, luxury Master suite, and Gourmet Kitchen open to the Family Room with fireplace.

Family Room with Hardwood Floors

The kitchen is open to the Family Room

Master Bath with Vaulted Ceiling

Dining Room has 9′ ceilings and hardwood floors

2 Story open Foyer

Screen Porch overlooking the wooded wonderland

Lake County
(Visit www.LCFPD.org for more information)

Southeastern Lake County
Prairie Wolf Dog Exercise Area
The entrance and parking area are located on Waukegan Road (Route 43) south of Old Mill Road and north of Half Day Road (Route 22) in Lake Forest.
Prairie Wolf Dog Exercise Area is one of four designated off-leash dog areas within the Lake County Forest Preserves. The 44-acre area is entirely fenced and features large fields, a swimming pond, trails, drinking fountain and training enclosures.

Libertyville
Independence Grove Dog Exercise Area
A paved parking area for the Dog Exercise Area is separate from the rest of Independence Grove Forest Preserve. The entrance is located just outside of Independence Grove Forest Preserve on Milwaukee Avenue (Route 21), just north of Buckley Road (Route 137).
Named “Best Dog Park” by North Shore magazine, this special place is one of four designated areas in the Lake County Forest Preserves where dogs can run and play off-leash. This 30-acre are just for dogs features fields and wooded areas, and a large pond for swimming and retrieving games. It is fenced on three sides with access to the Des Plaines River Trail.

Lindenhurst/Lake Villa
Duck Farm Dog Exercise Area
The entrance is located on Grand Avenue (Route 132) east of Route 83.
This special place is one of four designated areas within the Lake County Forest Preserves where dogs can run and play off-leash. The 48-acre fenced area features open fields, grass trails, a comfort station and drinking fountain.

Wauconda
Lakewood Dog Exercise Area
The entrance and parking for the Dog Exercise Area located is on the east side of Fairfield Road just north of Route 176.
The popular Lakewood Dog Exercise Area is one of four designated off-leash dog areas within the Lake County Forest Preserves. The 68-acre area is entirely fenced and features large open meadows, training enclosures and toilets.

Cook County

Des Plaines
Beck Lake Dog Area
Central Road & East River Road West of I-294
For more information, visit BeckLakeDogs.org or call 847-635-7024

Evanston
Evanston Dog Beach
Evanston’s Dog Beach is located just north of the Church Street launch facility, where Church St. meets the lake.
Call the Evanston Parks, Recreation & Community Services department at 847.866.2900 with questions.

Hoffman Estates
Bo’s Run Dog Park (at Willow Park)
Route 72 (Higgins Road) 1/2 mile West of Route 59 (Sutton Road) East of Beverly Lake
This dog park has a separate small dog area, electronic gate keys, benches, drinking water, agility equipment.
For more information call the Hoffman Estates Park District at 847–285–5440.

Park Ridge
Paws Park
2800 W. Oakton Avenue, North side of Oakton Street, East of Algonquin Woods Forest Preserve
Call 847-692-5127 for more information.

Palatine
Plum Grove Reservoir
Algonquin Road, South of Harper College
The 1.2 acre fenced in Dog Park is located at the Plum Grove Reservoir on Algonquin Road south of Harper College.
Call 847-991-0333 for additional information.

Skokie
Pooch Park
3220 Oakton, Between McCormick and Dodge
Skokie’s only off-leash dog park opened its gates in 2003, providing a unique outdoor green space for area dogs (and their owners) to run free. Located at Channelside Park, Pooch Park features more than 2.7 acres of open area for dogs to run. The park also featured separate fenced-in areas for puppies and small dogs, and for agility training. Amenities include dog water fountains (seasonal) and a station to hose off dogs.
Call 847-674-1500 for information.

Wilmette
Gillson Park Dog Beach
East Sheridan Road, South of Lake Street
Wilmette’s Dog Beach, located at the south end of Gillson Park, is a popular off leash destination for many four-footed friends and their owners. Dogs are also welcome to play off leash in the large open area adjacent to West Park located south of Lake Avenue and west of Laramie Avenue.
For more information call 847-256-6100 .

If your favorite local dog park is missing, please let us know!

2 Bedrooms, 3 Full Baths, finished lower level, and a Huge loft with a closet that could be converted to a 3rd bedroom! Great back yard with big deck, the lower level has a 3rd Full bath,  Recreation area, a play room or game room, and a nice workshop.  Enjoy the pool and clubhouse for very low monthly fees!This Duplex has just been painted, some new carpet, it is in Super clean condition, and is available for immediate closing and possession! MLS#07701709     $172,000

Lower level rec room

play room/game room

1/2 acre lot, nice cape cod with huge family room, 3 season room, freshly painted, and nedw carpet.

$249,900

Libertyville Foreclosure!