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The "Big Bank" Says You Can Wait for 60 to 90 Days to Start Your Refinance. What do YOU Say?

02-12-12
Gene Mundt Mortgage Lender Chicagoland Mortgage Lending
Gene Mundt Mortgage Lender Chicagoland Mortgage Lending: Loan Officer in Joliet, IL
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The "Big Bank" Says You Can Wait
for 60 to 90 Days to Start Your Refinance.
What do YOU Say?

Over the last couple of days, there's been more than a few articles showing-up online, on social media, and in the papers about the extremely long period of time that a "big bank" is guesstimating that some potential clients will have to wait, should they hope to refinance their present loan.
Get Service NOW! Contact Gene Mundt, Mortgage Lender

Seems that they can't keep-up with the workload and large number of those contacting them for this service. The numbers of 60 to 90 days is the waiting period being mentioned frequently within these articles.

Yep, you read that right ... 60 to 90 days!

That's before they can even begin to get back to you or talk to you ... start your mortgage application ... begin the mortgage process. Don't even bother them before that.

Now granted, this is for those that are NON-"big bank" clients ... and those calling them on the phone only. But I still raise the question ...

WHY would anyone that didn't strictly HAVE to deal with this "big bank", wait 60 to 90 days to start being serviced for their mortgage refinance?

The "big bank" has also been inundated with requests for service from those home owners looking for relief through the HARP 2.0 program. (Please keep in mind that only the "big banks" that currently service those same loans, have been given the technology/info to perform these new HARP 2.0 services. Smaller lenders, of which there are many, haven't been supplied that technology yet from Fannie Mae and Freddie Mac ... or the supporting partners (mortgage insurance companies, Servicing Lenders, etc.) and won't receive it until sometime in March).

But the "big bank" says they are trying to add new staff and recalling laid-off staff to better handle the volume of applicants they are seeing. NEW staff completely unfamiliar with their procedures and new rules/regulations. Laid-off staff members that have been out-of-the-loop are now going to work on your loan and get it done right.

Doesn't that make you feel better?

No? You say you don't want to wait that long? You say you want to talk to a mortgage lender NOW?
I have the perfect solution for you ...

Contact Gene Mundt, Mortgage Lender Contact me! I'll be more than happy to talk to you NOW ... and get started on assisting you with the refinance or credit repair you want and need. No waiting 60 to 90 days ... and an experienced, knowledgeable, professional mortgage lender and his staff are at your service.

Aaaahhhh ... MUCH better!

* Contact me NOW to receive professional mortgage advice and service. I'll put my 35 years of mortgage experience, expertise, and knowledge to work on your behalf.
I can be contacted through any of the following:

Direct: 815.277.4036 Cell/Text: 708.921.6331
Skype: 630.219.1316

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pilot program targeting vacant and foreclosed properties

02-10-12
dale taylor chicago illinois realtor chicago illinois homes townhomes condos
dale taylor chicago illinois realtor chicago illinois homes townhomes condos: Real Estate Agent in Frankfort, IL
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  • Mobile: (708) 439-0165

Here is a great example of our Public Leaders working with Realtors to improve communities!

New pilot program targets vacant, foreclosed properties in six Cook County communities.

Gov. Quinn announcing Illinois Building Blocks Pilot Program

Representatives of the Illinois Association of REALTORS® were on hand Friday in Berwyn as Gov. Pat Quinn announced a pilot program targeting vacant and foreclosed properties in six Cook County communities.

Called the Illinois Building Blocks Pilot Program, the effort provides $40 million in Illinois Jobs Now capital funding and an additional $10 million in aid from Cook County. The money will be used to help acquire and rehabilitate property in Berwyn, Maywood, Park Forest, Riverdale, Chicago Heights and South Holland.

REALTORS® Anthony La Monica, Robert Eby and IAR President, Loretta Alonzo in Berwyn for the press conference with Gov. Pat Quinn to announce the new Building Blocks program.

Quinn also announced an effort to provide grants and other assistance for those buying vacant properties and rehabilitating them to residential use. A third part of the plan would help existing homeowners stay out of foreclosure.

On Wednesday, Quinn announced in his State of the State speech to the Illinois General Assembly that he wanted to focus on housing issues. Shortly after the speech, his office provided details on a hotline that was being set up to assist homeowners facing foreclosure.

The Illinois Association of REALTORS® leadership and lobbyists have been in conversations with Quinn’s office since last summer about strategies to deal with the problem of foreclosures and vacant and distressed property. On hand for the announcement Friday was Loretta Alonzo, CRB, GRI, president of the Illinois Association of REALTORS® and Broker-Owner of Century 21 Alonzo & Associates in La Grange Park.

Quinn plans to hold a housing conference to examine strategies for addressing the state’s foreclosure problem March 26 in Springfield in conjunction with the Illinois Association of REALTORS®.

“Anything the state can do to help keep families in homes and keep vacant and distressed property on the tax rolls is a positive step forward, Alonzo said. “We look forward to continuing our dialogue with Gov. Quinn on how to address the state’s foreclosure problem next month at the housing conference in Springfield.”

Foreclosures are a challenge for Illinois, where there are more than 110,000 cases. Many of those court actions are backlogged in the legal system, and that’s having a dampening effect on median home prices, said Dr. Geoffrey Hewings, director of the Regional Economics Applications Laboratory at the University of Illinois, in a report late last month for the Illinois Association of REALTORS®.

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trend right now is replacement over remodeling

02-10-12
dale taylor chicago illinois realtor chicago illinois homes townhomes condos
dale taylor chicago illinois realtor chicago illinois homes townhomes condos: Real Estate Agent in Frankfort, IL
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  • Office: (815) 485-5500
  • Mobile: (708) 439-0165

2011-2012 Cost vs. Value: Which Remodeling Projects Pay Off the Most?

Melissa Dittmann Tracey, of REALTOR® Magazine reports when tackling home remodeling projects, you’ll find some projects pay off more than others at times of resale. Remodeling Magazine, in conjunction with REALTOR® Magazine, recently released findings of its annual Cost vs. Value report for 2011-2012, revealing which remodeling projects offer the biggest bang for your buck.

Overall, the trend right now is replacement over remodeling–swapping out the old for the new rather than doing a total gut job, which can be much more costly.

This year’s Cost vs. Value report found that exterior replacement projects–such as new garage doors and a new entry door–offer some of the best returns at resale, allowing home owners to recoup close to 70 percent or more of the costs of the project at times of resale.

The following are the top, mid-range projects from this year’s report, based on what home owners stand to recoup at time of resale:

1. Replacing the entry door to steel

Estimated cost: $1,238

Cost recouped at resale: 73%

2. Attic bedroom (converting unfinished attic space into a bedroom with bathroom and shower)

Estimated cost: $50,148

Cost recouped at resale: 72.5%

3. Minor kitchen remodel (including new cabinets and drawers, countertops, hardware, and appliances)

Estimated cost: $19,588

Cost recouped at resale: 72.1%

4. Garage door replacement

Estimated cost: $1,512

Cost recouped at resale: 71.9%

5. Deck addition (wood)

Estimated cost: $10,350

Cost recouped at resale: 70.1%

6. Siding replacement (vinyl)

Estimated cost: $11,729

Cost recouped at resale: 69.5%

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slowdown in consumer mobility is affecting the overall housing market

02-10-12
dale taylor chicago illinois realtor chicago illinois homes townhomes condos
dale taylor chicago illinois realtor chicago illinois homes townhomes condos: Real Estate Agent in Frankfort, IL
  • view my blog
  • Office: (815) 485-5500
  • Mobile: (708) 439-0165

I must admit I am reluctant to share forcast information because it is like predicting a future none of us know may become reality. I do respect research combined from a lot of resources. This information primary reflects on the overall Illinois marketplace. Non-Illinois residents, this may help you to understand what to anticipate in your community. Please let me know if what Dr. Hewings shares also relates to your state or town.

At the recent Illinois Association of REALTORS® Public Policy Meetings, Dr. Geoffrey J.D. Hewings, director of the Regional Economics Applications Laboratory (REAL) at the University of Illinois, presented his 2012 Economic Forecast. Watch these videos to find out what Hewings has to say about the impact foreclosures will have on home prices and how the slowdown in consumer mobility is affecting the overall housing market.

Comments are appreciated.

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Some Home Rule policies have posed some serious difficulties for property owners

02-10-12
dale taylor chicago illinois realtor chicago illinois homes townhomes condos
dale taylor chicago illinois realtor chicago illinois homes townhomes condos: Real Estate Agent in Frankfort, IL
  • view my blog
  • Office: (815) 485-5500
  • Mobile: (708) 439-0165

Potential Pitfalls for REALTORS®, Property Owners with Home Rule

Mike Scobey a highly respected Government Affairs Director for the Illinois Association of Realtors reports the Illinois March 20 Primary Election fast approaching, it is time again to pay attention to the candidate races and the issues that affect the real estate industry.

One issue that comes up in every election cycle is Home Rule. Pursuant to the Illinois Constitution, a municipality can seek to become a home rule unit if the voters approve it in a referendum. A municipality automatically becomes a home rule unit when its population reaches 25,000. With home rule status come additional powers to regulate and tax.

In past years, several home rule municipalities have abused their powers, particularly when it comes to real estate. They will attempt to control property transfers through point-of-sale inspections. Sometimes, municipalities will block the sale/transfer of property (usually through denying the issuance of transfer stamps) until the municipality is completely satisfied in terms of code enforcement. In addition, other home rule units have imposed other regulations on property owners regarding inspections of apartment buildings and vacant homes, landlord-tenant relationships, crime prevention measures. Some home rule units have passed demolition taxes, unfettered impact fees and excessive fees with the inspection programs.

A broad range of taxation options are available to home rule municipalities. Prior to 1997, home rule units could freely adopt a real estate transfer tax. But in 1997, a new law went into effect which put a limit on this. (The Illinois Association was instrumental in getting this law passed.) Home Rule units must go to a referendum to get a transfer tax adopted or increased. Except for this limitation—and a few others that are set forth in state law—home rule units are free to enact any kind of tax (except an income tax) they want. Home rule units are even exempt from the Property Tax Caps law.

The Illinois Constitution specifically states that only home rule units can incur debt. This enables home rule units to do long-term financing of infrastructure projects. This can be good for a community and it can attract new businesses. This is a genuine benefit to being a home rule unit; economic development is important for all Illinois communities. However, the question of how the debt will be managed and financed is an important issue for citizens in existing home rule municipalities or those who are considering becoming a home rule unit.

This year, the following municipalities are seeking to become Home Rule:

  • Clarendon Hills (DuPage)
  • Itasca (DuPage)
  • Lynwood (Cook)
  • Merrionette Park(Cook)
  • Princeton (Bureau)
  • Prospect Heights (Cook).

In most of these towns, the RVOICE Program will send mail pieces to voters to inform them of the potential pitfalls of Home Rule.

Some Home Rule policies have posed some serious difficulties for property owners, sellers, buyers and REALTORS® in the real estate transaction process. We want to be sure that the voters know all the implications of handing home rule powers to their municipalities.

Non-Illinois residents do you have similar home rule policies in your communities?

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