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Chicago Short Sale - Illinois Foreclosure
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Avoid Foreclosure With A Short Sale, Park Ridge Short Sale Specialist REGINA ZAK TOMAS | ||||||
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Short Sale in Park Ridge, Park Ridge Short Sale Expert, Park Ridge Short Sales Realtor, Broker, Park Ridge Foreclosure, Stop Foreclosures in Park Ridge, Homes For Sale In Park Ridge, Park Ridge IL Real Estate
Foreclosure, Purchasing Real Estate in Park Ridge, Selling Homes in Park Ridge, Park Ridge Real Estate Property, Park Ridge Residential Real Estate, Park Ridge Foreclosure and more.
are having difficulty paying your mortgage on time, it's important to act now before things get so bad that you are facing foreclosure. In a situation where you want to sell your house, but it is at risk for foreclosure, your best option is short sale. offers that are
less than the amount owed to the lender. A short sale is when a bank is
willing to sell for less than what is owed.
Short Sale in Park Ridge the moment you enter.... Huge, sunny living room w/fireplace.Modern open kitchen w/ new cab. Granite c-tops . Ss appliances, eating area of kit w/beautiful view...... Finished bsmt. Has office or 4th bedroom. Property totally redone: new tear off roof, furnace & ca, three new baths, drywall & insulation, new hardwood flrs. And more... PARK RIDGE, IL 60068 Bedrooms: 3 Full Bathrooms: 3 School! Amazing and huge 2 bedrooms, 2 baths condo with a top floor forest view. Enjoy watching the Deers grazing outside your windows. Totally updated: new gorgeous hardwood floors, kit. w/light oak cabinets & title floor, new doors, baseboards...parking space in the garage, assoc. Fee includes: heat,
water, air conditioning, ins...bring all offers! Bedrooms: 2 Bathrooms: 2
material from: http://en.wikipedia.org/wiki/Park_Ridge,_Illinois From Wikipedia, the free encyclopedia: Park Ridge, Illinois, is a Chicago suburb of 37,775 residents. It is located fifteen miles northwest of downtown Chicago, it is close to O'Hare International Airport, major expressways and rail transportation. It is a part of the immediate Chicagoland area, bordering two of the northwestern Chicago neighborhoods of the Far North Side (Edison Park, Chicago and Norwood Park, Chicago). As its name suggests, Park Ridge lies on a ridge. The soil is abundant with clay deposits, which made it a brick-making center for the developing city of Chicago. Park Ridge was originally called Pennyville to honor George Penny, the businessman who owned the local brickyard along with Robert Meacham. Later it was named Brickton. The Des Plaines RiverDes Plaines, Illinois, which is west of Park Ridge. Chicago is both south and east of Park Ridge, and Niles and Unincorporated Maine Township to its north.divides Park Ridge from neighboring Park Ridge is the hometown of former First Lady & current United States Secretary of State Hillary Rodham Clinton. When she visited Park Ridge on the occasion of her 50th birthday in 1997, the city renamed the southeast corner of the intersection of Elm and Wisner Streets, next to her girlhood home, "Rodham Corner." The city is also home to the headquarters of the Big Ten Conference. Park Ridge is also home to three American Youth Football National Champions (2006 ,2007, 2009) and one American Youth Cheerleading National Champion (2007). DemographicsAs of the census, there were 37,775 people, 14,219 households, and 10,465 families residing in the city. The population density was 5,374.6 people per square mile (2,074.7/km²). There were 14,646 housing units at an average density of 2,083.8/sq mi (804.4/km²). The racial makeup of the city was 95.4% White, 0.2% African American, 0.06% Native American, 2.66% Asian, 0.05% Pacific Islander, 0.87% from other races, and 0.74% from two or more races. Hispanic or Latino of any race were 2.90% of the population.There were 14,219 households out of which 32.3% had children under the age of 18 living with them, 63.4% were married couples living together, 8.0% had a female householder with no husband present, and 26.4% were non-families. 24.1% of all households were made up of individuals and 12.8% had someone living alone who was 65 years of age or older. The average household size was 2.61 and the average family size was 3.13. The median cost of a house is $420,000. The City's population consists of 24.5% persons under the age of 18, 5.5% aged 18 to 24, 24.5% aged 25 to 44, 25.8% aged 45 to 64, and 19.6% age 65 or older. The median age was 42 years. For every 100 females there were 90.1 males. For every 100 females age 18 and over, there were 85.2 males. According to a 2007 estimate, the median income for a household in the city was $91,674, and the median income for a family was $110,842.Males had a median income of $61,959 versus $39,794 for females. The per capita income for the city was $36,646. About 1.7% of families and 2.2% of the population were below the poverty line, including 2.1% of those under age 18 and 3.1% of those age 65 or over. material from: http://en.wikipedia.org/wiki/Park_Ridge,_Illinois
 SHORT SALE VS. FORECLOSURECurrent or Future Employment Foreclosure; Employers have the right and are actively checking the credit regularly of all employees who are in sensitive positions. A foreclosure in many cases is ground for immediate reassignment or termination. Many employers are requiring credit checks on all job applicants. A foreclosure is one of the most detrimental credit items an applicant can have and in most cases will challenge employment. Short sale: A short sale is not reported on a credit report and is therefore not a challenge to employment. Deficiency Judgment Foreclosure: In 100% of foreclosure (except in those states where there is no deficiency) the bank has the right to pursue a deficiency judgment. Short sale: In some successful short sales it is possible to convince the lender to give up the right to pursue a deficiency judgment against the homeowner. Deficiency Judgment (amount) Foreclosure: In a foreclosure the home will have to go through an REO process if it does not sell at auction. In most cases this will result in a lower sales price and longer time to sell in a declining market. This will result in a higher possible deficiency judgment. Short sale: In a property managed short sale the home is sold at a price that should be close to market value and in almost all cases will be better than an REO sale resulting in a lower deficiency. Future Loan with any Mortgage Company Foreclosure: On any future 1003 application, a prospective borrower will have to answer YES to question C in Section 7 of the standard 1003 that asks "Have you had property foreclosed upon or given title or deed in lieu thereof in the last 7 years?" this will affect future rates. Short sale: There is no similar declaration or question regarding a short sale. Credit Score Foreclosure: Your score may be lowered anywhere from 250 to over 300 points, typically affecting your score for over 3 years. Successful short sale: Only late payments on mortgage will show and after sale mortgage will be reported as paid or negotiated. This will lower the score as little as 50 points if all other payments are being made. A short sale's effect can be a brief as 12 to 18 months. Credit History Foreclosure will remain as a public record on a person's credit history for 10 years or more. Successful short sale is not reported on credit history. There is no specific reporting item for 'short sale'. The loan is typically reported 'paid in full, settled, paid as agreed'.  In Real Estate, a Short Sale - What is it? A Short Sale is when a lender agrees to receive less than the original amount owed on the property, via negotiations, to be able to release the lien. The Short Sale Process The first step is to find out if a short sale is an available option for you. Then the property is put into the market, and the Hardship Package is given to the lender. When an offer is received it is submitted to the lender. If the lender approves the offer, the file moves to closing The Seller's Benefits, The Buyer's Benefits The homeowner can eliminate their mortgage debts without financing repairs for the purpose of the selling the property The lender pays for commissions and closing costs. The seller's credit report is not negatively affected by a foreclosure Bankruptcy can be prevented. The homeowner can stay on the property until the procedure is finished. Buyers can buy property that has a below-market price. Also, the short sale properties are usually in better shape than foreclosure properties (don't need as many repairs). Work with a Real Estate Agent, Broker A short sale has the potential to become very complicated. Lenders prefer to deal with a realtor instead of with the buyer. As a real estate agent, I am very persistent and patient with the short sale, using my abundant amount of experience to make the process as smooth as possible. There is no cost for professional representation! The lender covers the costs of the real estate commission. Make sure a qualified real estate professional is representing you! Other things to know about short sales: - The short sales procedure can and does vary from lender to lender. - Seller will not receive any excess funds. - Seller may not remain in the property after the sale even with permission of the new owner. - Seller will not receive a refund of any escrow accounts. - Seller may be asked to sign a note for the deficiency at closing. - There can be no substitution or assignment by buyer. - Even though a short sale is pending, the lender can still foreclose on the property - Buyers must be patient because the short sale process can take several months. REO, definition of REO - Real Estate Owned. Property which is in the possession of a lender as a result of foreclosure or forfeiture. Foreclosure, definition of foreclosure - The legal process by which an owner's right to a property is terminated, usually due to default. Definition: BPOs are often associated with foreclosures and short sales. A BPO, or broker price opinion, is a broker's opinion of the value of a property in the current market. Make sure a qualified real estate professional is representing you! A short sale is not a regular transaction, and hiring an inexperienced Realtor you are risking foreclosure. Do not makethis mistake. There is no cost for professional representation! The lender covers the costs of the real estate commission.
and selling your short sale property in Park Ridge for free! I don't charge any fees for short sale listing and service! In a successful short sale your bank pays for the Realtor commission, attorney fees, title company fee, and any other closing costs. Simply list and sell your short sale property for free! transactions. So
don't hesitate to call me for any questions you have. 773-520-1522 http://www.Regina.IllinoisProperty.com Professional real estate services for buyers and sellers, Park Ridge and Suburbs. VIEW MY LISTINGS Here are some great properties that I would like to bring to your attention. Please see these select homes offered by me for sale. |
What
a value! In Town , center entrance fantastic colonial home w/side drive. From 
Quick closing - regular sale!
Walking distance to Maine South High
REGINA ZAK TOMAS