Wednesday, December 19, 2007
New Year, new Illinois laws affecting the real estate industry.
Among the new laws that will affect Illinois REALTORS and property owners in 2008 are the predatory lending law and the Illinois Radon Awareness Act.
Short sale info for consumers
Check out the consumer information on foreclosures and short sales. To HELP buyers and sellers learn the basics of buying and selling a home and why it's important to use a professional, licensed Illinois REALTOR, Needs To Sell Short, Find tips from David Rigney at www.davidrigney.com for more information provided the following list of documents required by the lender in a short sale:
- A Letter of Authorization for an attorney or REALTOR to act on your behalf in the sale of the home
- Financial Disclosure Form
- One-page “hardship letter” explaining how you got in this position
- Last two months pay stubs
- Copies of most recent two months personal checking account statements for each borrower on the loan
- Copy of signed last two years’ personal tax returns
Check out these Web sites
Recommended by the Partnership for HomeOwnership foundation, Illinois' leader in homeownership programs for lower income families and individuals.
- Assets Illinois homeownership savings program, www.dhs.state.il.us
- Compare credit card ratings, www.cardratings.org
- Money management tips, www.personalbudgeting.com or www.smartmoney.com
- Compare telephone company rates, www.comparecalls.com
- Free credit report, www.annualcreditreport.com
Wednesday, December 12, 2007
Families must deal with the disaster too.
Here is some information for all of you about putting together and emergency preparedness kit.
Ready is a national public service advertising campaign designed to educate and empower Americans to prepare for and respond to emergencies including natural disasters and potential terrorist attacks. The goal of the campaign is to get the public involved and ultimately to increase the level of basic preparedness across the nation. Ready asks individuals to do three key things: get an emergency supply kit, make a family emergency plan, and be informed about the different types of emergencies that could occur and their appropriate responses. Individuals can visit http://www.ready.gov/ or call 1-800-BE-READY for information about emergency preparedness.
Ready is a national public service advertising campaign designed to educate and empower Americans to prepare for and respond to emergencies including natural disasters and potential terrorist attacks. The goal of the campaign is to get the public involved and ultimately to increase the level of basic preparedness across the nation. Ready asks individuals to do three key things: get an emergency supply kit, make a family emergency plan, and be informed about the different types of emergencies that could occur and their appropriate responses. Individuals can visit http://www.ready.gov/ or call 1-800-BE-READY for information about emergency preparedness.
Existing-Home Sales to Trend Up in 2008
WASHINGTON, December 10, 2007 -
Existing-home sales are projected to trend up in 2008, with pending home sales showing a slight near-term rise, according to the latest forecast by the National Association of Realtors®. However, a recovery for new-home sales is unlikely before 2009.
Existing-home sales are projected to trend up in 2008, with pending home sales showing a slight near-term rise, according to the latest forecast by the National Association of Realtors®. However, a recovery for new-home sales is unlikely before 2009.
2008 Mileage Allowance Increases From 48.5 Cents To 50.5 Cents Per Mile.
According to the Internal Revenue Service. Charitable deductions for the use of a car will remain at 14 cents per mile driven. The rates will apply for mileage on or after January 1, 2008.
Friday, December 07, 2007
Please find attached a video on how quickly Christmas Trees can burn.
Some general information:
It is very important to keep Christmas trees hydrated by insuring sample water in the tree base holder. Christmas lights must be U.L. approved and lights should be not left in contact with paper or other combustibles. To insure an additional measure of safety, do not leave lights on over night or when someone is not at home if at all possible. Your help in distributing this message is appreciated.
http://www.youtube.com/watch?v=lPyrJbKJpIY
Thank you, David Rigney - Realtor(R) "David Delivers The American Dream" Search For Over 120,000 Properties On My Web Site: http://www.davidrign ey.com david.rigney@remax.net Direct Line: 847-732-7436 24 Hour Real Estate Info. Line @ 1-800-731-1162 RE/MAX Properties Northwest A Member of The National Association of Realtors(R), The Voice for Real Estate
**TAKE A LOOK AT MY FEATURED HOMES FOR SALE IN CHICAGOLAND AREA** http://www.seetheproperty.com/featured_listings.php?agid=3049
It is very important to keep Christmas trees hydrated by insuring sample water in the tree base holder. Christmas lights must be U.L. approved and lights should be not left in contact with paper or other combustibles. To insure an additional measure of safety, do not leave lights on over night or when someone is not at home if at all possible. Your help in distributing this message is appreciated.
http://www.youtube.com/watch?v=lPyrJbKJpIY
Thank you, David Rigney - Realtor(R) "David Delivers The American Dream" Search For Over 120,000 Properties On My Web Site: http://www.davidrign ey.com david.rigney@remax.net Direct Line: 847-732-7436 24 Hour Real Estate Info. Line @ 1-800-731-1162 RE/MAX Properties Northwest A Member of The National Association of Realtors(R), The Voice for Real Estate
**TAKE A LOOK AT MY FEATURED HOMES FOR SALE IN CHICAGOLAND AREA** http://www.seetheproperty.com/featured_listings.php?agid=3049
Fact Sheet: Helping American Families Keep Their Homes
Today, President Bush outlined steps the Administration is taking to help American homeowners and called on Congress to join him in delivering relief to homeowners in need. In August, President Bush announced measures to help many struggling homeowners, including directing Treasury Secretary Henry Paulson and Housing and Urban Development (HUD) Secretary Alphonso Jackson to work with lenders, loan servicers, mortgage counselors, and investors on an initiative to help struggling homeowners. Secretaries Paulson and Jackson responded by assembling a private-sector group called the HOPE NOW Alliance. HOPE NOW is an example of government bringing together members of the private sector to voluntarily address a national challenge – without taxpayer subsidies or government mandates. Today, the President announced that these efforts have yielded a promising new source of relief for American homeowners.
President Bush announced that representatives of HOPE NOW have developed a plan under which up to 1.2 million homeowners could be eligible for assistance. Many individual homeowners feeling financial stress have "adjustable rate mortgages," which typically start with a lower interest rate and then reset to a higher rate after a few years. The HOPE NOW plan is designed to help subprime borrowers who can at least afford the current, starter rate on a subprime loan, but will not be able to make the higher payments once the interest rate goes up.
HOPE NOW members have agreed on a set of new industry-wide standards to provide systematic relief to these borrowers in one of three ways:
Refinancing an existing loan into a new private mortgage;
Moving them into an FHASecure loan; or
Freezing their current interest rates for five years.
Since The President's Announcement In August Of Targeted Actions To Assist Homeowners, The Administration Has Moved Forward With Three Key Steps
1. The President and his Administration have launched a new initiative at the Federal Housing Administration (FHA) called FHASecure. FHASecure expands the FHA's ability to offer refinancing by giving it the flexibility to work with homeowners who have good credit histories but cannot afford their current payments. In just three months, the FHA has received over 120,000 refinancing applications and has already helped more than 35,000 people refinance. By the end of 2008, the FHA expects this program to help more than 300,000 families.
The FHA is also on track to start charging mortgage insurance premiums based on the individual risk of each loan, using traditional underwriting standards. Risk-based pricing will expand access and enable FHA to help even more low-to-moderate income families who could not otherwise qualify for prime-rate financing.
2. Secretaries Paulson and Jackson have assembled the private-sector HOPE NOW alliance. This morning, representatives of HOPE NOW briefed the President on the plan they have developed. In addition:
HOPE NOW recently mailed hundreds of thousands of letters to borrowers falling behind on their payments. In the past, some lenders and mortgage servicers may not have contacted borrowers until after their loans were delinquent. The Alliance is trying to reach families early, before their mortgage problem becomes overwhelming.
HOPE NOW has supported a toll-free hotline, 1-888-995-HOPE, which is available 24-hours a day to provide mortgage counseling in multiple languages.
3. The Federal government is taking several regulatory actions to make the mortgage industry more transparent, reliable, and fair. Later this month, the Federal Reserve intends to announce stronger lending standards that will help protect borrowers. In addition, HUD and the Federal banking regulators are each taking steps to improve disclosure requirements so that homeowners can be confident they are receiving complete, accurate, and understandable information about their mortgages.
If Members Of Congress Are Serious About Responding To The Challenges In The Housing Market, They Can Start With Several Steps Of Their Own
1. Congress needs to pass legislation to modernize the FHA. In April 2006, President Bush first sent Congress an FHA modernization bill that would increase access to FHA-insured loans by lowering downpayment requirements, allowing the FHA to insure bigger mortgages in high-cost states, and expanding FHA's authority to price insurance fairly, with risk based premiums. The House passed the bill with more than 400 votes last year. This year, the House passed it again, yet the Senate has not acted.
The liquidity and stability that FHA provides the market are needed now more than ever, and the President urges the Senate to move as quickly as possible. This bill could allow the FHA to help 250,000 additional families by the end of 2008.
2. Congress needs to temporarily reform the tax code to help homeowners refinance during this time of housing market stress. Under current law, if the value of your house declines and your bank forgives a portion of your mortgage, the tax code treats the amount forgiven as taxable income. The House recently passed this tax relief with bipartisan support, and the Senate should pass relief as soon as possible.
The Administration has also proposed allowing cities and States to issue tax-exempt mortgage bonds to refinance existing loans, and the President calls on Congress to approve this temporary measure quickly. Under current law, cities and states can issue tax-exempt bonds to finance new mortgages for first-time homebuyers, and this measure would make it easier for State housing authorities to help troubled borrowers.
3. Congress needs to pass funding to support mortgage counseling. Non-profit groups like NeighborWorks provide an essential service by helping homeowners find affordable mortgage solutions and prevent foreclosures. The President's FY 2008 Budget requests $120 million for NeighborWorks and another $50 million for HUD's mortgage counseling program. Congress has had these requests since early February, and it needs to stop delaying and get this funding to the President's desk.
4. Congress needs to pass legislation to reform Government Sponsored Enterprises (GSEs) like Freddie Mac and Fannie Mae. GSEs provide liquidity to the mortgage market that benefits millions of homeowners, and it is vital that they operate safely and soundly. The President has called on Congress to pass legislation that strengthens independent regulation of the GSEs and ensures they focus on their important housing mission. The GSE reform bill passed by the House earlier this year is a good start, and the Senate needs to pass legislation soon.
President Bush announced that representatives of HOPE NOW have developed a plan under which up to 1.2 million homeowners could be eligible for assistance. Many individual homeowners feeling financial stress have "adjustable rate mortgages," which typically start with a lower interest rate and then reset to a higher rate after a few years. The HOPE NOW plan is designed to help subprime borrowers who can at least afford the current, starter rate on a subprime loan, but will not be able to make the higher payments once the interest rate goes up.
HOPE NOW members have agreed on a set of new industry-wide standards to provide systematic relief to these borrowers in one of three ways:
Refinancing an existing loan into a new private mortgage;
Moving them into an FHASecure loan; or
Freezing their current interest rates for five years.
Since The President's Announcement In August Of Targeted Actions To Assist Homeowners, The Administration Has Moved Forward With Three Key Steps
1. The President and his Administration have launched a new initiative at the Federal Housing Administration (FHA) called FHASecure. FHASecure expands the FHA's ability to offer refinancing by giving it the flexibility to work with homeowners who have good credit histories but cannot afford their current payments. In just three months, the FHA has received over 120,000 refinancing applications and has already helped more than 35,000 people refinance. By the end of 2008, the FHA expects this program to help more than 300,000 families.
The FHA is also on track to start charging mortgage insurance premiums based on the individual risk of each loan, using traditional underwriting standards. Risk-based pricing will expand access and enable FHA to help even more low-to-moderate income families who could not otherwise qualify for prime-rate financing.
2. Secretaries Paulson and Jackson have assembled the private-sector HOPE NOW alliance. This morning, representatives of HOPE NOW briefed the President on the plan they have developed. In addition:
HOPE NOW recently mailed hundreds of thousands of letters to borrowers falling behind on their payments. In the past, some lenders and mortgage servicers may not have contacted borrowers until after their loans were delinquent. The Alliance is trying to reach families early, before their mortgage problem becomes overwhelming.
HOPE NOW has supported a toll-free hotline, 1-888-995-HOPE, which is available 24-hours a day to provide mortgage counseling in multiple languages.
3. The Federal government is taking several regulatory actions to make the mortgage industry more transparent, reliable, and fair. Later this month, the Federal Reserve intends to announce stronger lending standards that will help protect borrowers. In addition, HUD and the Federal banking regulators are each taking steps to improve disclosure requirements so that homeowners can be confident they are receiving complete, accurate, and understandable information about their mortgages.
If Members Of Congress Are Serious About Responding To The Challenges In The Housing Market, They Can Start With Several Steps Of Their Own
1. Congress needs to pass legislation to modernize the FHA. In April 2006, President Bush first sent Congress an FHA modernization bill that would increase access to FHA-insured loans by lowering downpayment requirements, allowing the FHA to insure bigger mortgages in high-cost states, and expanding FHA's authority to price insurance fairly, with risk based premiums. The House passed the bill with more than 400 votes last year. This year, the House passed it again, yet the Senate has not acted.
The liquidity and stability that FHA provides the market are needed now more than ever, and the President urges the Senate to move as quickly as possible. This bill could allow the FHA to help 250,000 additional families by the end of 2008.
2. Congress needs to temporarily reform the tax code to help homeowners refinance during this time of housing market stress. Under current law, if the value of your house declines and your bank forgives a portion of your mortgage, the tax code treats the amount forgiven as taxable income. The House recently passed this tax relief with bipartisan support, and the Senate should pass relief as soon as possible.
The Administration has also proposed allowing cities and States to issue tax-exempt mortgage bonds to refinance existing loans, and the President calls on Congress to approve this temporary measure quickly. Under current law, cities and states can issue tax-exempt bonds to finance new mortgages for first-time homebuyers, and this measure would make it easier for State housing authorities to help troubled borrowers.
3. Congress needs to pass funding to support mortgage counseling. Non-profit groups like NeighborWorks provide an essential service by helping homeowners find affordable mortgage solutions and prevent foreclosures. The President's FY 2008 Budget requests $120 million for NeighborWorks and another $50 million for HUD's mortgage counseling program. Congress has had these requests since early February, and it needs to stop delaying and get this funding to the President's desk.
4. Congress needs to pass legislation to reform Government Sponsored Enterprises (GSEs) like Freddie Mac and Fannie Mae. GSEs provide liquidity to the mortgage market that benefits millions of homeowners, and it is vital that they operate safely and soundly. The President has called on Congress to pass legislation that strengthens independent regulation of the GSEs and ensures they focus on their important housing mission. The GSE reform bill passed by the House earlier this year is a good start, and the Senate needs to pass legislation soon.