Archive for robo-signing

Effort Kicked Up to Stop Illinois Foreclosures

Millions of dollars have been allotted to help Illinois and Chicago real estate owners plagued by the foreclosure crisis. The money is part of the $25 billion national foreclosure settlement reached this year with the nation’s five largest bank mortgage servicers — Bank of America, JPMorgan Chase, Wells Fargo, Citibank and Ally Bank, formerly GMAC [Read More]

July 20, 2012 | Author: Tracey | Comments: (0) | Categories: Chicago Real Estate News, Economy

Robo-Signing Settlement Means Mortgage Reforms

Yesterday, Chicago Real Estate Forum wrote about the $1 billion Illinois is going to receive from a settlement granted over the robo-signing controversy. Illinois Attorney General Lisa Madigan and other state attorneys general were granted a $25 billion settlement after suing the five largest mortgage servicers over the unethical and illegal practices carried out by [Read More]

February 11, 2012 | Author: Tracey | Comments: (0) | Categories: Economy, Mortgages

Illinois Granted $1 Billion for Struggling Homeowners

If you followed Chicago Real Estate Forum during the rocky real estate year of 2011, then you know about the robo-signing controversy. Now, it is 2012, and restitution has been served. Illinois Attorney General Lisa Madigan, along with the attorneys general in other states, sued the nation’s five largest bank mortgage servicers over the robo-signing [Read More]

February 10, 2012 | Author: Tracey | Comments: (0) | Categories: Chicago Real Estate News, Featured, Mortgages

Cheating Foreclosure Process Hurts Other Buyers

Underwater homeowners across the country are discovering that they can stay nestled in their homes for years, without making a single payment, if they follow a few steps and don’t shy away from a fight. If you are facing foreclosure, you might be able to stay in your Chicago real estate a bit longer by [Read More]

January 14, 2012 | Author: Stephanie | Comments: (0) | Categories: Economy, Mortgages

Local Foreclosures Spike, But Is It a Paperwork Issue?

The amount of metro Chicago homeowners in foreclosure last month jumped over the previous month, though the increase could be attributed back to the robo-signing controversy. According to RealtyTrac, 11,226 homes in the Chicago metropolitan area received a foreclosure filing during the month of August. That’s a 19.5 percent increase from July. But it’s also [Read More]

September 15, 2011 | Author: Tracey | Comments: (0) | Categories: Chicago Real Estate News, Economy

Mortgage Lender Sets New Standards on Delinquencies

Things are tightening up in the mortgage industry. Fannie Mae, the largest mortgage lender in the country, has unveiled new rules for mortgage servicers in regards to managing delinquent loans. The new standards, which will be reinforced by incentives and compensatory fees, require servicers to take a more consistent approach with homeowners facing foreclosure. They [Read More]

June 07, 2011 | Author: Tracey | Comments: (0) | Categories: Economy, Mortgages

Cook County Sees Spike in Foreclosure Activity

Remember the robo-signing controversy? If not, click here. The scandal, which temporary halted foreclosure activity, appears to be over, and as a result, foreclosures are back on the rise. In Cook County, nearly 3,000 properties have become vacant over the last three months. According to a report released Wednesday by the Woodstock Institute, a Chicago-based [Read More]

April 30, 2011 | Author: Tracey | Comments: (0) | Categories: Chicago Real Estate News, Cook County, Economy, Mortgages
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