Barb Van Stensel, Realtor - Chicago, Illinois

You think I'm kidding?

Well, tomorrow the new addition of the area code "872" goes into effect as an overly across the existing "312" and "773", all landline users in the City of Chicago must dial the full 11- digit number ("1" plus the number) to complete any call.

Cell phone users can skip the "1" but will have to dial "872" before entering the "312" or "773" exchange. That means, you have to reprogram your listings!

Tomorrow will be real interesting day for everybody, I believe.

Over the course of the last couple of months, I have assisted and helped close to 50 families across this nation understand their rights when it comes to facing a mortgage crisis.

Did you know that the Government wants you to refinance at todfay's lower fixed interest rates and they are willing to pay for you to do it?! If you have a Fannie Mae or Freddie Mac Loan, you may qualify to refinance even if you owe more than your home is worth.

But if you are late in your payments or your credit score is low, then consider a Home Affordability Loan Modification. That is not the same as a refinance.

What the Loan Modification program does is it reduces your current monthly mortgage payments. They take into account the income that you have coming in, your expenses (such as food, insurance, heat and electricity, running water, clothing, etc.) Then the lender looks at your hardship letter - which is the cause of the delinquency. They run the numbers and see if you are a good risk and the majority of the files that I have reviewed, all were worth it!

To ensure long-term affordability, the modified payments will be kept in place for five years and the loan rate will be capped for the life of ht elona. After five years, the interest rate can be gradually increased by 1% per year to the conforming loan survey rate in place at the time of the modification.

Now, even if you are NOT IN DEFAULT, let's say you have an interest only program or an ARM (Adjustable Rate Mortgage). Were you aware that the banks will review your file and get you out of that ARM and the interest only programs? Yup!

SHORT SALES - A short sale is when you owe more than the price you sell your home for. You are short on paying the bank in full, hence the term "SHORT SALE".

IF YOU OWE $500,000 TO YOUR LENDER AND YOU SELL YOUR HOME FOR $275,000, YOU WILL BE SHORT $225,000. THAT DEFICIENCY AMOUNT WILL BE ASKED FROM THE HOMEOWNER'S EXISTING LENDER(S) TO BE WAIVED. SHORT SALES SHOULD BE HANDLED BY AGENTS THAT HAVE EXPERIENCE AND KNOWLEDGE IN THIS AREA. IF ALL THE OTHER OPTIONS ARE UNAVAILABLE TO YOU, THEN WE MIGHT WANT TO CONSIDER A SHORT SALE.

OH, DON'T WORRY, the Bank pays for the closing costs right now. That includes the commission, the title, transfer tax stamps. You can, and it is imperative that you stay in your home until just before the CLOSE ON THE SALE OF YOUR HOME!

What is expected by you from the Bank? Pay your utilities. Keep the house/building in good repair. That way, you will be albel to save money for when you need to move and have monies left over.

Before you loose your home to foreclosure, allow me to help you review ALL your options. My goal for you is to help you keep your home and re-establish your good credit for the future!

We are your neighbors. We are local. We care.

Pick up the phone today and I'll show you how to "ditch the history" and get you on the Road to Recovery.

The Illinois HOME START Loan Program is for first time homebuyers. The program offers two loans: the Home Start 30 Year Fix Rate Loan and an optional Home Start Down Payment Assistance Loan.

So, let me begin with the HOME START Down Payment Assistance Loan because that's an area where most first time homebuyers want to research.

How it works: The HOME START Down Payment Assistance Loan helps gives first time homebuyers access to additional funds upfront to help with the down payment. Subsequently, the homebuyer will see a 0.5 precent increase on the current rate for the first loan.

WHAT YOU GET:

• 10 Year forgivable loan
• 0% interest rate
• Non-amortizing
• Maximum loan amount is three percent of the purchase price up to $6,000

WHO QUALIFIES:

• First time homebuyers (never owned real estate before) Military Veterans are exempt from this requirement, btw!
• You must qualify and secure a HOME START 30 Year Fixed Rate Loan
• Homeownership counseling is required (doesn't hurt and usually helps one to succeed in homeownership)

WHAT's the CATCH?

• Income Restrictions
• Cannot combine this with any other grant sources funded by the Illinois Affordable Housing Trust Fund or federal HOME funds
• Must be used wiht the 30 Year Fixed Rate Loan

HOW TO APPLY

Locate an IHDA partner lender a www.ihda.org

Now, the HOME START 30 Year Fixed Rate Loan is a 30 year loan obviously with a fixed rate that is insured by FHA (Federal Housing Administration).

Some restrictions apply: Your income and purchase price limits apply and you can't use wiht a Mortgage Credit Certificate!

Qualification Guidelines for the HOME START 30 Year Fixed Rate Loan are as follows:

1. You must be a first time homebuyer (no previous ownership) U.S. Military Veterans are exempt from this qualification!
2. Minimum credit score of 640
3. Must be able to contribute one percent or $1,000 of the purchase price from their own savings
4. Ya gotta have homeownership counseling. Against, this isn't bad because it helps you understand homeownership.

So, this is what I'll do for you, if you purchase a home from me, I will buy you a 13 month home warranty package for your home, just in case something goes wrong with you home during your first year. This helps you adjust to homeownership.

NO GAMES. NO GIMMICKS. Pretty straight forward. You have been given options and I just put the icing on the cake for you.

Well, the dumpster picture got your attention and if I got your attention then this report will make your day even a better one. Here's why ....

Chicago - Roger's Park Neighborhood in the 60645 Zip Code Market Report says that your value has stablized! SHOCKER? Nope.

In the last 365 days, 29 2-4 units have been active with 34 closed and 10 units under contract.

In the last 180 days, 20 2-4 units have closed, 10 units under contract and 29 are still for sale.

See a pattern here at all?

The major peak price was at $230K to $240K with the next peak price at $270-$330K.

The low-end pricing was at $160k to $180K. Now, remember that these properties were/are foreclosures and would require some work to them. Those amounts of monies are averaging between 10% to 20% in this price point based on the selling price. That is minimal work for mechanical, roofs, etc. Doesn't include the porches, kitchens and bathrooms.

IN THE LAST 180 days compared to the previous year's 180 days, this is where it shows that the market is strengthening in Rogers Park's 60645 zip code area

The median price a year ago was $279,950 and the Median Price currently is at $278,450K which reflects just .05% drop which to me isn't much and it shows stablization.

If one looked at the past 365 days to the previous years 365 days, the average price was $345K compared to the current 365 days which is at $278,450! That shows a 19.3% drop in price or a grand sum of chunk change in the amount of $66,500 from the previous year's average price compared to the current last 365 days.

So, even while Rogers Park is showing a list of 347 pre-foreclosures, those pre-foreclosure include East Rogers Park which carries a long list of troubled condominium developers and owners. Thus minimizing the the West Ridge Neighborhood of Rogers Park here in Chicago.

So, if you have expired, and are considering re-entering the marketplace, now is the time. Pick up your phone and let's get you back in the market and get you sold this time.

Chicago, IL 60645 - West Rogers Park Market Update
for Single Family Homes - November 2009

Rogers Park was the first neighborhood that I lived in when I moved to Chicago. The neighborhood was close to Evanston where I first moved here from Michigan.

The Alderman, Bernard Stone, is known as the "Vice-Mayor of Chicago" and is one of the most honest Alderman here in the City of Chicago.

So, before I start telling more stories about my favorite places let me tell you some pretty good and exciting news about the market in this northside neighborhood.

The activity for the last 365 compared to the previous 365 days has showed a marked improvement. Granted there are roughly 20 homes that are for sale in the price range of $50K to $300K, but the strongest value selling price range is in the $300K to $550K showing 50 properties are currently for sale.

In the last 365 days, 35 properties have closed out in the $50K gto $300K price range.

Now, here's the really good news:

365 days for homes in the Chicago, IL 60645 market place describes the average home for that period of time:

The Average Price: $367,163

Days on Market: 149

Price Changes: 23

Percentage of Price Changes: 42.6%
(I will be discussing this "weak" market pricing in another post)

Average Style: 3 Bedrooms and 2 Baths

Average Square Footage: 2,013

Price Living Area: $182.00 per square foot

Stay tuned for a closer look at what is selling in the Rogers Park Neighborhood in Chicago, Illinois's 60645 Zip Code Area.