Foreclosures in Melrose Park - Back on the market

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Haunted Houses

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There are houses that are really scary. Not because of the ghosts, monsters or other surreal creatures. The reason for fear is very real - foreclosures. There are entire streets that have only half of houses still occupied, other owners have either left voluntarily or have been kicked out of their homes. They left behind overgrown yards, leaky roofs and boarded up windows. Some of them even left behind their belongings as if they were expecting ghosts to use them at Halloween...

Learn more about Chicago suburbs foreclosures at my website: www.ChicagoSuburbs-Homes.com.

Illinois Unemployment Data

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High unemployment we experience in Illinois contributes directly to the high rate of foreclosures in Cook County and most of Chicago suburbs. Not all counties were affected by unemployment (and foreclosures) the same way. Please take a look at the map that is published as per US Bureau of Labor Statistics.

Unemployment in the entire state of Illinois was 10.5% in September 2009 but certain counties, located outside of Chicago area, were well above the 12% rate.

September 12th Weekely Foreclosure Report

Is spite of the shorter business week, the foreclosure activity was high after Labor Day. 8 single family houses went under contract (sold) and 11 more entered the market. The following houses were listed in MLS since September 7th (click for larger view)

These homes are priced 50% to 70% below similar properties sold in the last 3 years. Some of them can be purchased now with just 3.5% down payment and even if your credit score is below "prime" score. Please contact me for more details.

Stay tuned to my next week's report that will be in your mailbox on Saturday, September 18th. In the meantime, you can read more on my Chicago Suburbs Foreclosures website or if you have any questions, please contact me at pkedzior@sbcglobal.net

The other side of short sales

Home values are plummeting and for some selling the property for less than owed to the lender may be the only option to avoid foreclosure. Many banks agree to write off large portions of the original mortgage enabling the new owner to take possession of it.

In some cases, closing doesn’t end the seller’s liability. Some reports indicate that the distressed seller is receiving a “bill” for the unpaid amount on his loan that he may have mistakenly believed was forgiven. While the mortgage (or the security interest in the property) was released, perhaps the unpaid balance on the note (the loan) was not. The short sale seller might not have gotten a copy of his note marked “paid in full” or some other document indicating that the balance on the loan has been forgiven by the lender. So maybe agreeing to the low ball offer presented by the first available buyer wasn’t such a good deal after all? Maybe another buyer would had been willing to purchase the property at a higher price thus reducing any deficiency he might owe to his lender? These transactions can become very fuzzy very quickly especially in situations where there is an “investor” or “intermediary” in the middle.

It is very important to be clear as to the fact, that deficiency judgments are a real possibility when a lender may seek the distressed seller to cover for the unpaid amount on his loan.