HispanicBusiness.comForeclosures surge in reeling Illinois The average 30-year fixed-rate mortgage fell this week to 5.16 percent from 5.25 percent, mortgage giant Freddie Mac said Thursday. Video: Foreclosures Remain 18 Percent Above Last Year Foreclosures fall from December to January US Foreclosures Top Quarter-Million for 10th Straight Month -
Seattle Post Intelligencer The fraudulent deals involved 500 homes and condominiums in California, Florida, Nevada, Illinois, Colorado and Arizona, according to Internal Revenue Calif. fraud suspect caught with $70000 in boots Fugitive financier arrested at US border Jet-setter fugitive seized at border
Many states have complained that consumers, and especially mortgage borrowers, are harmed by the preemption of state law when federal rules are more lenient
WTHI King recently traveled to Peoria, Illinois, to explore how the recession is hitting the blue-collar town hard. Chris Guynn says he's grateful that his wife Economic Diversity Helping in Peoria Caterpillar increases incentives for some workers to retire
Illinois bankers look for more details in administration's bailout Supply and demand imbalances in the mortgage market are the central problems that must be addressed, said Cook. Treasury Secretary Timothy Geithner Illinois businesses more in arrears than Midwestern counterparts
Foreclosures surge in reeling Illinois - Chicago Sun-Times
13.02.09
Home foreclosures in Illinois rose 85 percent in Illinois in January from a year earlier as the state fared worse than the nation, according to the latest report from RealtyTrac.
There were 14,447 foreclosure filings in the state in January. The number rose 16 percent from December. Nationally, foreclosure filings rose 18 percent to 274,399 from a year earlier. They dropped 10 percent from a month earlier.
"The extensive foreclosure efforts on the part of lenders and government agencies appear to have impacted the January numbers, particularly the Fannie Mae and Freddie Mac moratorium on all foreclosure sales that was extended through the end of January, along with Florida's voluntary 45-day freeze on all new foreclosure actions," said James Saccacio, chief executive officer of RealtyTrac.
The highest foreclosure rate was reported in Nevada, where one in every 76 housing units received a foreclosure filing. Illinois had the sixth-worst record, with one in every 363 homes.
Welcome to Illinois Mortgage Rates and News week in review for the week ending February 13th 2009, my take on the week’s financial news and how it affected Illinois mortgage rates.
There are 3 main players whose actions move the economy, consumers, business and government. Consumers and business are mostly sitting on the sidelines, so it is up to the government to pull the heavy weight of getting the economy moving again. The biggest news this week was all centered on government action, the passage of a huge stimulus bill, and the unveiling of the outline of a new plan to fix the banking system. The stimulus plan which passed both houses and is expected to be signed into law on Monday, was a good news - bad news situation. Most economists agree that we need something big and we need it quickly. The good news is that this plan is big, $787 Billion in the final draft. The bad news is we will have to pay for it, and this is a whole lot of money. Even if this does everything it is supposed to, the economy is not going to rebound over night. The best case scenario calls for an improvement in the economy by sometime next year. Others say we will be in this down draft for years.
The plan for the banks was a much anticipated event, and the expectation was that Treasury Secretary Tim Geitner would lay out a full and detailed plan for what the Obama administration would do to take care of the toxic assets that are the root of the problem. Instead, Geitner gave an outline of a plan without a lot of details. It may make sense to not get too specific when it is not clear what the final solution will be, but the stock market took this as a punt, and all the major indexes dropped (but the bond market soared, bringing mortgage rates). The plan wasn’t...
Are monies received from a multistate lawsuit against a mortgage company taxable in Illinois? and...?
Dec 03, 2007 by Gardener for God(dmd) | Posted in United States
Also, is a judgement in a back child support case awarding a lump sum taxable in the state of Illinois?
I imagine that Illinois would follow federal taxability. The IRS will find the settlement taxable and the child support not taxable.
v b | Dec 03, 2007
My credit score is 760. What type of mortgage rate will I get in Illinois for an interest only 5/1 year arm?
Aug 29, 2007 by Christina D | Posted in Renting & Real Estate
Is this everchanging real estate and mortgage lending market, its hard to tell what will happen next month. I am looking to purchase a home in Chicago in approximately 3 months. My credit score is 760. What type of interest rate will I get on a 5/1 interest only arm?
You have an excellent credit score and should be able to get a very good interest rate with that score.
I am not against ARM products as most invdividuals are in this forum.
What you need to know about ARMs are that they will go up sooner or later. You should know the adjustment period, how ,much your payment will adjust each period of adjustment.
Now know this can you afford the loan product with the increase in the monthly payments. That is the cause most people fail in ARMs, they don't understand the terms and other things you are required to know about your about your ARM.
Make sure you get an underestanding from your mortgage broker as to what the loan adjustments are. Now once you sign loan docs, make sure they match what your mortgage broker has indicated they would be.
Mortgage rates adjust on a daily basis and even sometimes before the day is complete you can get a rate decrease or increase.
speculation is just that speculation.
So the first thing you should do is contact a mortgage broker so you can complete a loan application, after which he will run your credit report.
This credit report will give him your credit score. Get a cup of coffee or your favorite beverage when filling out the loan application this is not a 15 minute chore.
Your credit score will tell him what loan programs you are qualified for as well as the interest rate you can expect. This credit score will tell if you are able to get a 100% loan and if not how much cash you have to bring to the table as your down payment.
There are lots of documents and information the mortgage broker will need. I will give you a few to get you started.
#1 Six months of all bank statements you use currently, as well as any statements from your 401k at your place of employment
#2 One months of pay stubs from all that are going on the mortgage.
#3 Two years of federal income taxes and W-2s
After discussing the best loan program for you and agreeing on the program you want, the mortgage broker will issue you a pre-approval letter. Don't forget your good faith estimate (GFE). This will give you an idea of the cost of your loan. That
is in addition to any down payment how much additional cash you must bring to the closing table.
In order to preclude PMI when a lender will finance 100% of the house you are buying the mortgage industry have solved that problem by offering a 80/20 loan. Don't be afraid of them.
You have to understand that the increase in payment if the loans are adjustable.
Your first mortgage (80%) might be a fixed product, while your second (20%) could be an adjustable product. If you don't understand the product ask your mortgage broker and don't leave until he/she has explained it to your satisfaction.
Now once this has been established you should connect up with a real estate agent to find you a home. Upon finding a home you like the real estate agent will then prepare a sales contract for you and the seller to sign.
The mortgage broker will order an appraisal of the house to prove the value.
Once all the documents necessary has been collected the mortgage broker will order loan docs for the program that you agreed to earlier. Again don't plan on spending a lunch hour there to sign loan docs this is a process so be prepared to be there for awhile.
Don't sign the loan docs if anything has change from what the mortgage broker explained to you. Call and get an explanation.
I hope this has been of some use to you, good luck.
"FIGHT ON"
loanmasterone | Aug 29, 2007
How do I become a Real Estate Mortgage Broker in my state of Illinois?
Jul 13, 2006 by only1jp@sbcglobal.net | Posted in Renting & Real Estate
Is this something that someone can get into without a finance back ground, but is familiar with real estate and development? Would anyone suggest places to find investors for small real estate projects in the Chicago-land area? Looking for investors willing to invest a very small amount (under $200,000) 12-16 months with a substantial return on investment.
You definitely need a license to do ANY mortgage business in IL.
And good luck with that, IL is VERY restrictive, so much so that alot of Mortgage brokers have stopped doing loans there.
Home - Illinois Mortgage Bankers Association
The Illinois Mortgage Bankers Association (IMBA) is a state association ... Residential Mortgage Licensees in Cook County, Illinois that went into effect ...
HispanicBusiness.comForeclosures surge in reeling Illinois The average 30-year fixed-rate mortgage fell this week to 5.16 percent from 5.25 percent, mortgage giant Freddie Mac said Thursday. Video: Foreclosures Remain 18 Percent Above Last Year Foreclosures fall from December to January US Foreclosures Top Quarter-Million for 10th Straight Month -
Seattle Post Intelligencer The fraudulent deals involved 500 homes and condominiums in California, Florida, Nevada, Illinois, Colorado and Arizona, according to Internal Revenue Calif. fraud suspect caught with $70000 in boots Fugitive financier arrested at US border Jet-setter fugitive seized at border
WTHI King recently traveled to Peoria, Illinois, to explore how the recession is hitting the blue-collar town hard. Chris Guynn says he's grateful that his wife Economic Diversity Helping in Peoria Caterpillar increases incentives for some workers to retire
so it is up to the government to pull the heavy weight of getting the economy moving again. The biggest news this week was all centered on government action, the passage of a huge stimulus bill, and the unveiling of the outline of a new plan to fix the banking system. The stimulus plan which passed both houses and is expected to be signed into law on Monday, was a good news - bad news situation. Most economists agree that we need something big and we need it quickly. The good news is that this plan is big, $787 Billion in the final draft. The bad news is we will have to pay for it, and this is a whole lot of money. Even if this does everything it is supposed to, the economy is not going to rebound over night. The best case scenario calls for an improvement in the economy by sometime next year. Others say we will be in this down draft for years.
