Chicago–Phil Buoscio here. Focused on Short Sales in Chicagoland. After completing another round of training on short sales in an intense 72 hour bootcamp and learning the “option” contract method this weekend with Short Sales Redefined I now can say that I am a black belt. I have been trained in Dallas at the Banks’ own Five Star Trainings (2008/9) and at Keller Williams National Conventions in Short Sale Mastery (2007,2008,2009). I have also closed over 300 overall deals in the last 7 years.. .and alot of the ones in the last two years have been short sales.

Option Method – Investor Is A Flexible Buyer To Get Even The Heloc’s Paid Off

I have a new methodology added to the ways in which we can get someone out of a foreclosure. I currently have over 20 short sales listed and over a dozen under contract. For those clients that want to have a higher probability of getting successfully out of the short sale we now have investors who are lined up to write solid offers on short sales to get them approved on favorable terms to the seller.

This is especially important for clients with the Wicked short sale task of getting someone out of a First Lein and a Second Lein that is a HELOC.

With short sales… it turns out that the “highest” price is not always the one that will be the buyer who will stick around long enough to get the deal done and get you out of foreclosure.  It also is not usually the strongest buyer either. Thus… my job, my fiduciary duty to the seller, is to find the buyer with the most favorable terms. The one with the strongest cash position, with the strongest financing…

For example… what if a seller of a property is in foreclosure… and has two loans. The first is a loan for say $200,000 with a first lein. The second loan is a HELOC or Home Equity line of credit. The problem with this scenario–and not alot of beginner non-specialized Realtors don’t understand this–is that the buyer of the property will likely need to be willing to give a cash contribution to get that HELOC debt settled.A fha buyer with only 3.5% down needing closing costs is not in the position to do that. That’s the wrong buyer. We need to find the RIGHT buyer to get you short sold.
I am of the belief that our clients … should not be signing promissary notes. If you are going to short sell then let’s get it done right… all the way… and get the owner freed up to start new…
We are committed that we get sellers out of all debts and avoid foreclosures and will focus and plan every deal to do so–and hope it works out.

When this is hard …. The hardest challenge out there… is when a client has a  HELOC(Home Equity) to be settled.

In order to settle a HELOC … which is basicallly a lein on your home.. BUT ALSO a COMMERCIAL debt governed under unique set of laws (similar to credit cards).

So to get that HELOC done… we have to find a buyer who is wiling to kick cash into the deal for the seller to pay that HELOC off… this is tricky .. .but we know how to pre-plan the deal… and find the right buyer… and presell the events we can likely predict.

The bank will try to get you to sign a lein.. to not settle that HELOC debt but we will stand firm on no promissary notes.. and settling that HELOC for you.

Call me today if you have a Home Equity Line of Credit and want to short sale. This type of short sale (and any other Short) is not a matter for someone to train on the job with… Our negotiator is a Proven Pro who closes over 40 short sales a month successfully.. with no debt/deficiency … If you want a true professional then let’s get started now.

Phil Buoscio

Chicago IL – What do you do when the house won’t sell for any more money, but the bank keeps on rejecting the offers? You can give up, but the seller may lose their home to foreclosure.

Ouch! Why not escalate the file and get it approved. Here’s an example of how it worked for the Stop Foreclosure Institute.

Discover how other sellers successfully did a short sale and request a free consultation by clicking here.

We had a house on the market for 4 months. We started the price at 200k and slowly brought it down to $169,900. We finally got an offer for $159,000. Since I knew the bank’s appraiser’s valuation, I knew the offer wouldn’t work.

The bank’s appraiser said the house was worth $195,000. Yes, after we had had the house on the market for 4 months. Because I knew the loan owner’s guidelines, I knew that that current offer at $159,000 didn’t have a shot at getting accepted.

In order to get this file thru, I had two things to do.

1. Convince the bank that their valuation was inaccurate and that they should order a new value.

2. Escalate the file.

To handle Part 1, I send my own opinion of value, also called a Comparable Market Analysis, along with comparable homes for sale. I explained that the valuation they were using was inaccurate and that they needed to order another one.

Here is what I did for Part 2. Then, I asked for their supervisor’s contact info. Remember, most of our communications are e-mail. Two-thirds of the time they will e-mail me back the supervisor’s info. The other one-third of the time they will just start doing a better job on the file.

If the new bank appraiser’s valuation comes back within range, they will approve the file and we can close. On the subject house, the new appraiser’s valuation came back within range. We received an approval on the short sale and it closed a little while later.

Thinking about a short sale? I can help you short sale your property and never pay the bank another penny. Send me an e-mail at myrealtorphil@gmail.com. I will contact you for a free consultation.

When we talk, I will explain how the process works in detail. If you prefer, then you can call me at (312) 953-6725.

Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.

For more info on Chicago short sales remember to visit my blog www.Chicago-ShortSaleBlog.com frequently for great tips and news on short selling in Chicago.

Thinking about a loan modification? Our Chicago Loan Modification Kit has the instructions you will need to get a loan modification approved with your lender. Click here to request a copy.

Thanks for reading this, Phil Buoscio.

Phil is a Real Estate Agent at Better Living Realty – Buoscio Brokerage, Inc..

Phone: (312) 953-6725. myrealtorphil@gmail.com.

View My homes for sale at www.BetterLivingRealty.com.

Phil Buoscio specializes in loan modifications and short sales in Chicago Illinois. Chicago Loan Modification Help. Chicago Short Sales. Chicago Short Sale Realtor. Chicagoland Short Sale Realtor. Chicago IL Short Sales. Chicago Realtor.
Phil Buoscio, is a broker with Better Living Realty he leads the sales team “Phil Buoscio Team” and specializes in short sales in Chicago Illinois. Chicago Loan Modification Help can be referred to you. We don’t do loan modifications ourselves but we work with those who do.
We know Chicago Short Sales. I am a Chicago Short Sale Realtor. Chicagoland Short Sale Realtor. Chicago IL Short Sales. Chicago Realtor. We do business in Pilsen. McKinley Park. Bridgeport. Wicker Park. West Town. Ukranian Village. Lincoln Park. Near North. River North. East Village. Logan Square. Uptown. Edison Park. Portage Park. Hermosa. Lincoln Park, South Loop, West Loop. Bronzeville. Hyde Park. Kenwood. Oak Park. Brookfield. Cicero. Berwyn. Evanston. LaGrange. LaGrange Park. Riverside. We sell condos, single family homes, lots, land, multi units, two flats, three flats, etc.

Copyright 2010 SFI Marketing Institute, LLC. All Rights Reserved. This is not intended as legal, technical, or tax advice. Please speak with a licensed professional before making any decision. Information is deemed reliable but not guaranteed as of the date of writing. The views expressed here are Buoscio’s personal views and do not reflect the views of Better Living Realty – Buoscio Brokerage, Inc.. This information on Chicago Short Sales: What to do after the lender rejects the short sale offer is provided as a courtesy to our viewers to help them make informed decisions.

Chicago IL – Yesterday I gave you a good example of why you should “escalate” a short sale file. The Stop Foreclosure Institute took a short sale that wasn’t going to be approved, pushed for an approval, and received it.

As a result a homeowner avoided foreclosure, a buyer was able to buy the home they wanted, the bank reduced their losses, and we made a little money.

There are a few problems you may run into when you attempt to escalate a file. Sometimes the negotiator won’t give you their supervisor’s info. They won’t order a new appraisal or help you out.

Most people would be at a dead end. Here is how to get their supervisor’s contact info.

Discover how other sellers successfully did a short sale and request a free consultation by clicking here.

Call the lender’s short sale 800 number. Tell the person answering that you are working on a file with the short sale negotiator and you need to talk to their supervisor.

Say something like, “We’ve talked to the buyers. They will not raise their offer. We’ve had this house listed for 94 days and this is the best offer we have received. The buyers asked me to call and plead their case.”

Most of the time, they will give you the supervisor’s name and e-mail address. Always ask for the fax and phone number as well. Most of the time you won’t get that, but sometimes you can.

Before we escalated a file, we were scared to do it. What if the negotiator got mad? This held us back, and honestly it hurt everyone

The reality is that the negotiators don’t get mad at all. When we are at a logjam with a file, and we have a good case on why they should accept the offer, then we do the logical thing and escalate the file.

Thinking about a short sale? I can help you short sale your property and never pay the bank another penny. Send me an e-mail at myrealtorphil@gmail.com. I will contact you for a free consultation.

When we talk, I will explain how the process works in detail. If you prefer, then you can call me at (312) 953-6725.

Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.

Remember to visit my Chicago short sale blog frequently for great info and tips on Chicago short sales www.Chicago-ShortSaleBlog.com

Thinking about a loan modification? Our Chicago Loan Modification Kit has the instructions you will need to get a loan modification approved with your lender. Click here to request a copy.

Thanks for reading this, Phil Buoscio.

Phil is a Real Estate Agent at Better Living Realty – Buoscio Brokerage, Inc..

Phone: (312) 953-6725. myrealtorphil@gmail.com.

View My homes for sale at www.BetterLivingRealty.com.

Phil Buoscio specializes in loan modifications and short sales in Chicago Illinois. Chicago Loan Modification Help. Chicago Short Sales. Chicago Short Sale Realtor. Chicagoland Short Sale Realtor. Chicago IL Short Sales. Chicago Realtor.
Phil Buoscio, is a broker with Better Living Realty he leads the sales team “Phil Buoscio Team” and specializes in short sales in Chicago Illinois. Chicago Loan Modification Help can be referred to you. We don’t do loan modifications ourselves but we work with those who do.
We know Chicago Short Sales. I am a Chicago Short Sale Realtor. Chicagoland Short Sale Realtor. Chicago IL Short Sales. Chicago Realtor. We do business in Pilsen. McKinley Park. Bridgeport. Wicker Park. West Town. Ukranian Village. Lincoln Park. Near North. River North. East Village. Logan Square. Uptown. Edison Park. Portage Park. Hermosa. Lincoln Park, South Loop, West Loop. Bronzeville. Hyde Park. Kenwood. Oak Park. Brookfield. Cicero. Berwyn. Evanston. LaGrange. LaGrange Park. Riverside. We sell condos, single family homes, lots, land, multi units, two flats, three flats, etc.

Copyright 2010 SFI Marketing Institute, LLC. All Rights Reserved. This is not intended as legal, technical, or tax advice. Please speak with a licensed professional before making any decision. Information is deemed reliable but not guaranteed as of the date of writing. The views expressed here are Phil Buoscio’s personal views and do not reflect the views of Better Living Realty – Buoscio Brokerage, Inc.. This information on Chicago Short Sales: What to do when they won’t allow you to “escalate” the short sale file is provided as a courtesy to our viewers to help them make informed decisions.

Chicago IL – First, it benefits the owner of the loan. This is because they get to sell the house at today’s price, versus what it will be worth 6-12 months down the road. I just did a comparison and pulled up sold listings.

All of the listings were the similar properties in similar neighborhoods. First, I looked up the average selling price per SQFT of homes that sold in Spring. They sold for an average of $103 a SQFT.

Then, I pulled up homes in the same neighborhoods that sold as REOs in the last 2 months. They are sold for an average of $85 a SQFT. These homes average 1,700 a SQFT. That means a 1,700 REO sold for $30,600 less. Ouch!

Discover how other sellers successfully did a short sale and request a free consultation by clicking here.

The other person that’s getting value is the buyer. They get a better deal in today’s market than buying a home from someone who is trying to squeeze out every penny.

You, the seller also benefit. You will be eligible to buy another home in 24 months. You have a better chance of getting a job, because many employers check that nowadays. A short sale is a win – win for everyone involved.

Thinking about a short sale? I can help you short sale your property and never pay the bank another penny. Send me an e-mail at myrealtorphil@gmail.com. I will contact you for a free consultation.

When we talk, I will explain how the process works in detail. If you prefer, then you can call me at (312) 953-6725.

Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.

Remember to visit my Chicago short sale blog frequently for great tips and info on Chicago short saels www.Chicago-ShortSaleBlog.com

Thinking about a loan modification? Our Chicago Loan Modification Kit has the instructions you will need to get a loan modification approved with your lender. Click here to request a copy.

Thanks for reading this, Phil Buoscio.

Phil is a Real Estate Agent at Better Living Realty – Buoscio Brokerage, Inc..

Phone: (312) 953-6725. myrealtorphil@gmail.com.

View My homes for sale at www.BetterLivingRealty.com.

Phil Buoscio specializes in loan modifications and short sales in Chicago Illinois. Chicago Loan Modification Help. Chicago Short Sales. Chicago Short Sale Realtor. Chicagoland Short Sale Realtor. Chicago IL Short Sales. Chicago Realtor.
Phil Buoscio, is a broker with Better Living Realty he leads the sales team “Phil Buoscio Team” and specializes in short sales in Chicago Illinois. Chicago Loan Modification Help can be referred to you. We don’t do loan modifications ourselves but we work with those who do.
We know Chicago Short Sales. I am a Chicago Short Sale Realtor. Chicagoland Short Sale Realtor. Chicago IL Short Sales. Chicago Realtor. We do business in Pilsen. McKinley Park. Bridgeport. Wicker Park. West Town. Ukranian Village. Lincoln Park. Near North. River North. East Village. Logan Square. Uptown. Edison Park. Portage Park. Hermosa. Lincoln Park, South Loop, West Loop. Bronzeville. Hyde Park. Kenwood. Oak Park. Brookfield. Cicero. Berwyn. Evanston. LaGrange. LaGrange Park. Riverside. We sell condos, single family homes, lots, land, multi units, two flats, three flats, etc.

Copyright 2010 SFI Marketing Institute, LLC. All Rights Reserved. This is not intended as legal, technical, or tax advice. Please speak with a licensed professional before making any decision. Information is deemed reliable but not guaranteed as of the date of writing. The views expressed here are Buoscio’s personal views and do not reflect the views of Better Living Realty – Buoscio Brokerage, Inc.. This information on Chicago Short Sales: Who benefits from a short sale is provided as a courtesy to our viewers to help them make informed decisions.

Chicago IL – The Stop Foreclosure Institute received another testimonial from a seller. She said a lot of stuff and it refreshed my memory. The average person just doesn’t realize how “going broke” makes people feel like trash.
People start doubting themselves. They keep on kicking themselves down mentally.

“Why did I buy that house?” “Why didn’t I work harder at my job, so I wouldn’t get laid off?” Why did I get laid off, and not Joe?”, they say to themselves. “I am such a loser and I can’t find a decent job anymore!”

Discover how other sellers successfully did a short sale and request a free consultation by clicking here.

They start thinking all of this stuff. Then, they start getting a lot of mean people calling the house. People such a bill collectors, debt collectors, and their mortgage company.

All of these people use mean, threatening tactics to try and get them to pay. Then, they get in a fight with their spouse over money. It all adds up. They are emotionally beat.

Sometimes they give up, without even realizing it. It’s tough. Everyone kicks you while you are down. They stop taking risks. They stop looking for work.

Or, they lack confidence and as a result don’t get the job. Pretty soon they don’t think they can contribute to the economy. It is a horrible cycle.

If you are experiencing this, don’t give up. Things will turn around. No, I’m not just talking about the general economy. Yes, that will turn around. But, your personal economy will turn around, whether or not the general economy does.

First, you have to get your confidence back. There are several ways you can do this. If you are unemployed, then get a new job. Any job will do, even if it isn’t where you want to end up.

If you are overqualified for the job, then you will look awesome there. But, it will make it much easier for you to get a new, better job elsewhere. Someone is much more likely to hire a person who has a job than someone who is unemployed.

Pretty soon you will get your life back together. Yes, it will feel like a long time. It will be humiliating at time. But, if you just keep on pushing, then it will happen.

I have met so many people who have been hurt by this tough economy. All of them have gotten back on their feet eventually. Sure it wasn’t fun. But, they did it and I’m sure you can to.

Thinking about a short sale? I can help you short sale your property and never pay the bank another penny. Send me an e-mail at myrealtorphil@gmail.com. I will contact you for a free consultation.

When we talk, I will explain how the process works in detail. If you prefer, then you can call me at (312) 953-6725.

Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.

Remember to visit my Chicago short sale blog frequently for great articles and tips on how to proceed with a short sale in Chicago www.Chicago-ShortSaleBlog.com

Thinking about a loan modification? Our Chicago Loan Modification Kit has the instructions you will need to get a loan modification approved with your lender. Click here to request a copy.

Thanks for reading this, Phil Buoscio.

Phil is a Real Estate Agent at Better Living Realty – Buoscio Brokerage, Inc..

Phone: (312) 953-6725. myrealtorphil@gmail.com.

View My homes for sale at www.BetterLivingRealty.com.

Phil Buoscio specializes in loan modifications and short sales in Chicago Illinois. Chicago Loan Modification Help. Chicago Short Sales. Chicago Short Sale Realtor. Chicagoland Short Sale Realtor. Chicago IL Short Sales. Chicago Realtor.
Phil Buoscio, is a broker with Better Living Realty he leads the sales team “Phil Buoscio Team” and specializes in short sales in Chicago Illinois. Chicago Loan Modification Help can be referred to you. We don’t do loan modifications ourselves but we work with those who do.
We know Chicago Short Sales. I am a Chicago Short Sale Realtor. Chicagoland Short Sale Realtor. Chicago IL Short Sales. Chicago Realtor. We do business in Pilsen. McKinley Park. Bridgeport. Wicker Park. West Town. Ukranian Village. Lincoln Park. Near North. River North. East Village. Logan Square. Uptown. Edison Park. Portage Park. Hermosa. Lincoln Park, South Loop, West Loop. Bronzeville. Hyde Park. Kenwood. Oak Park. Brookfield. Cicero. Berwyn. Evanston. LaGrange. LaGrange Park. Riverside. We sell condos, single family homes, lots, land, multi units, two flats, three flats, etc.

Copyright 2010 SFI Marketing Institute, LLC. All Rights Reserved. This is not intended as legal, technical, or tax advice. Please speak with a licensed professional before making any decision. Information is deemed reliable but not guaranteed as of the date of writing. The views expressed here are Buoscio’s personal views and do not reflect the views of Better Living Realty – Buoscio Brokerage, Inc.. This information on Chicago Short Sales: Another thing that is dragging on the economy is provided as a courtesy to our viewers to help them make informed decisions.

Chicago IL – I’ve heard the following myth from a lot of people. Here’s what they tell me.

“The banks can’t afford to approve loan modifications because they don’t want to take the losses on their books that fast. Also, their investors may not approve the short sale, because they can’t afford to write off too much loss at once.

And the circle goes around and around”, they say. This common myth isn’t true. Here is why.

Discover how other sellers successfully did a short sale and request a free consultation by clicking here.

The odds are that your loan is not owned by your lender. For example, 80% of all Bank of America’s loans are not owned by them. The biggest holders are the Government Sponsored Enterprises, also called GSEs. The GSEs are Fannie Mae, Freddie Mac, and Ginnie Mae.

These entities are accustomed to losses. In fact, they have loan loss reserves on the books. The other entity that is accustomed to losses is FHA and VA. Between 65-70% of all US mortgages are owned or insure by the GSEs or FHA & VA.

Even small local banks don’t own a large percentage of the loans they hold on the books. For example, another agent I know lives in a small town of 60,000 people. There is a bank that dominates the lending market in the area.

You would think this small bank was lending their own money. Not so. The majority of their loans are sold off within 12-18 months after they are written.

Here is the real reason that loan modifications and short sale are so tough. Remember, loan modifications and short sales will usually net the owner of the loan more money than a foreclosure.

The people who process the loan modifications and short sales won’t lose any money if the home is foreclosed. Here is a classic example of this. An agent is negotiating an FHA short sale with Bank of America.

The short sale negotiator told him it would take her 2-3 weeks to review the offer and then submit it to FHA for final approval. How long was it going to take FHA to review the submitted file and respond?

She told the agent that that FHA had a 72 hour turnaround from when she submits the file to her. It’s pathetic. In this example, BOA isn’t losing the money, FHA is losing it instead. Yes, the system isn’t working, but no one in Washington or at the big banks really seems to care.

Thinking about a short sale? I can help you short sale your property and never pay the bank another penny. Send me an e-mail at myrealtorphil@gmail.com. I will contact you for a free consultation.

When we talk, I will explain how the process works in detail. If you prefer, then you can call me at (312) 953-6725.

Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.

Remember to visit my Chicago short sale blog frequently for great tips and information on short selling in Chicago www.Chciago-ShortSaleBlog.com

Thinking about a loan modification? Our Chicago Loan Modification Kit has the instructions you will need to get a loan modification approved with your lender. Click here to request a copy.

Thanks for reading this, Phil Buoscio.

Phil is a Real Estate Agent at Better Living Realty – Buoscio Brokerage, Inc..

Phone: (312) 953-6725. myrealtorphil@gmail.com.

View My homes for sale at www.BetterLivingRealty.com.

Phil Buoscio specializes in loan modifications and short sales in Chicago Illinois. Chicago Loan Modification Help. Chicago Short Sales. Chicago Short Sale Realtor. Chicagoland Short Sale Realtor. Chicago IL Short Sales. Chicago Realtor.
Phil Buoscio, is a broker with Better Living Realty he leads the sales team “Phil Buoscio Team” and specializes in short sales in Chicago Illinois. Chicago Loan Modification Help can be referred to you. We don’t do loan modifications ourselves but we work with those who do.
We know Chicago Short Sales. I am a Chicago Short Sale Realtor. Chicagoland Short Sale Realtor. Chicago IL Short Sales. Chicago Realtor. We do business in Pilsen. McKinley Park. Bridgeport. Wicker Park. West Town. Ukranian Village. Lincoln Park. Near North. River North. East Village. Logan Square. Uptown. Edison Park. Portage Park. Hermosa. Lincoln Park, South Loop, West Loop. Bronzeville. Hyde Park. Kenwood. Oak Park. Brookfield. Cicero. Berwyn. Evanston. LaGrange. LaGrange Park. Riverside. We sell condos, single family homes, lots, land, multi units, two flats, three flats, etc.

Copyright 2010 SFI Marketing Institute, LLC. All Rights Reserved. This is not intended as legal, technical, or tax advice. Please speak with a licensed professional before making any decision. Information is deemed reliable but not guaranteed as of the date of writing. The views expressed here are Buoscio’s personal views and do not reflect the views of Better Living Realty – Buoscio Brokerage, Inc.. This information on Chicago Short Sales: A Common Myth About Banks and Short Sales is provided as a courtesy to our viewers to help them make informed decisions.

Chicago IL – The Stop Foreclosure Institute recently received a question from a homeowner facing foreclosure. I’ll call him Dave to protect his identity.

(Foreclosure is embarrassing and I don’t want to put his name out there.) Dave asked, “I haven’t made a house payment in a while. I’m just wondering how much longer it will be before I have to move out?”

Discover how other sellers successfully did a short sale and request a free consultation by clicking here.

Here is the answer to Peter’s Question. It all depends on what his plans are and how tight he is on money.

Most people in foreclosure are at a disadvantage because they how the process works. Here is the answer to his question.

It all depends what on the state he is located in and whether or not his lender has started the foreclosure process. So the first thing you should do is find out if the foreclosure has been started.

You can do that by calling the courthouse in your county or town. for example, if you live in Orange County, then you would call the Orange County Courthouse. They will direct you to the correct person.

Once you find the correct people, ask them for the foreclosure department. Then, ask the clerk there how you can research if a foreclosure has been filed against you.

They will either direct you to a website, or look up the information on their computer. Here is why it is important to find out if the foreclosure has been started.

We have seen many lenders wait 8 months, 12 months, and sometimes even longer, to start the legal foreclosure process. Many of them are backed up and don’t have the staff in place to handle everything.

Once the foreclosure has been started you will want to see how far along it is. Every state handles foreclosure process differently. In addition, they all have different time periods for redemption.

Because of that, I would recommend you contact a competent Stop Foreclosure Institute Specialist in your area. I am the local specialist for Chicago Illinois.

If you are located in Chicago and want more information on the status of your foreclosure, then send me an e-mail at myrealtorphil@gmail.com. I will contact you for a free consultation. Or, if you prefer, then you can call me at (312) 953-6725.

Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.

Remember to visit my Chicago short sale blog frequently for great tips and information on short selling in Chicago www.Chicago-ShortSaleBlog.com

Thinking about a loan modification? Our Chicago Loan Modification Kit has the instructions you will need to get a loan modification approved with your lender. Click here to request a copy.

Thanks for reading this, Phil Buoscio.

Phil is a Real Estate Agent at Better Living Realty – Buoscio Brokerage, Inc..

Phone: (312) 953-6725. myrealtorphil@gmail.com.

View My homes for sale at www.BetterLivingRealty.com.

Phil Buoscio specializes in loan modifications and short sales in Chicago Illinois. Chicago Loan Modification Help. Chicago Short Sales. Chicago Short Sale Realtor. Chicagoland Short Sale Realtor. Chicago IL Short Sales. Chicago Realtor.
Phil Buoscio, is a broker with Better Living Realty he leads the sales team “Phil Buoscio Team” and specializes in short sales in Chicago Illinois. Chicago Loan Modification Help can be referred to you. We don’t do loan modifications ourselves but we work with those who do.
We know Chicago Short Sales. I am a Chicago Short Sale Realtor. Chicagoland Short Sale Realtor. Chicago IL Short Sales. Chicago Realtor. We do business in Pilsen. McKinley Park. Bridgeport. Wicker Park. West Town. Ukranian Village. Lincoln Park. Near North. River North. East Village. Logan Square. Uptown. Edison Park. Portage Park. Hermosa. Lincoln Park, South Loop, West Loop. Bronzeville. Hyde Park. Kenwood. Oak Park. Brookfield. Cicero. Berwyn. Evanston. LaGrange. LaGrange Park. Riverside. We sell condos, single family homes, lots, land, multi units, two flats, three flats, etc.

Copyright 2010 SFI Marketing Institute, LLC. All Rights Reserved. This is not intended as legal, technical, or tax advice. Please speak with a licensed professional before making any decision. Information is deemed reliable but not guaranteed as of the date of writing. The views expressed here are Buoscio’s personal views and do not reflect the views of Better Living Realty – Buoscio Brokerage, Inc.. This information on Foreclosure Prevention Question: My house is in foreclosure? When will I have to move out is provided as a courtesy to our viewers to help them make informed decisions.

Chicago IL -Wall Street Firms Strategically Walking Away from their upside down properties.

The only thing certain in life is death and taxes - Benjamin Franklin

The Stop Foreclosure Institute recently received a question from a homeowner facing foreclosure. I’ll call him Peter to protect his identity.

(Foreclosure is embarrassing and I don’t want to put his name out there.) Peter asked, “I am six months behind on my mortgage payments. I just got the tax bill for 2010 in the mail. Should I pay it?”

He continued, “What will happen if I don’t pay it? Will my house be auctioned to pay the taxes?”

Discover how other sellers successfully did a short sale and request a free consultation by clicking here.

Here is the answer to Peter’s Question. It all depends on what his plans are and how tight he is on money.

Most people in Peter situation fall into one of 3 categories.

Category A. They want to keep their home. They are already working on a loan modification with their lender. They are saving every extra penny possible and maybe even working an extra job.

Category B. They don’t want to keep their home. They might be thinking about a short sale or deed-in-lieu of foreclosure.

Category C. Cannot afford to keep their home, but want to stay there as long as possible. Maybe they bought an expensive home and aren’t making the big bucks anymore. But, they can afford to rent a smaller, less expensive home.

First a little background on Peter. Peter is in Florida. In Florida, the county cannot auction your home to pay the taxes for at least 2 years. But, usually it is 5-7 years before that actually happens.

This means you have a long window to pay back that tax bill. here is the other thing that often happens. Your lender pays the tax bill. I’m sure you’re asking, “Why would the lender pay the tax bill?”

To protect their interest. If the house gets sold at auction, the lender’s first mortgage could be wiped out. Lender’s have whole departments that do nothing but track property taxes that are due and pay them if necessary. They will pay back taxes and tack it onto what you owe them.

Here is one other caveat: The interest rate on delinquent property taxes in Florida is 10-18%. That can rack up pretty fast.

Here are my answers for how Peter should handle this tax bill.

If he falls into Category A: Pay the tax bill as soon as possible AFTER your loan mod is approved. However, Peter should first attempt to negotiate a successful loan modification with his lender.

Most lenders want a “good faith down payment” to modify a loan. So until the modification goes thru, Peter save all his money for that.

Because if the loan modification is not approved, then Peter will have wasted money paying the taxes. It will be just one less payment for the bank after they foreclose.

If he falls into Categories B or C: Do not pay the tax bill. The lender will end up paying the bill after they foreclose. Or, it will be paid as part of a short sale. Peter will have sold the house, or his lender will have foreclosed on it long before it can be auctioned for unpaid taxes.

Thinking about a short sale? I can help you short sale your property and never pay the bank another penny. Send me an e-mail at myrealtorphil@gmail.com. I will contact you for a free consultation.

When we talk, I will explain how the process works in detail. If you prefer, then you can call me at (312) 953-6725.

Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.

Thinking about a loan modification? Our Chicago Loan Modification Kit has the instructions you will need to get a loan modification approved with your lender. Click here to request a copy.

Thanks for reading this, Phil Buoscio.

Phil is a Real Estate Agent at Better Living Realty – Buoscio Brokerage, Inc..

Phone: (312) 953-6725. myrealtorphil@gmail.com.

View My homes for sale at .

Phil Buoscio specializes in loan modifications and short sales in Chicago Illinois. Chicago Loan Modification Help. Chicago Short Sales. Chicago Short Sale Realtor. Chicagoland Short Sale Realtor. Chicago IL Short Sales. Chicago Realtor.
Phil Buoscio, is a broker with Better Living Realty he leads the sales team “Phil Buoscio Team” and specializes in short sales in Chicago Illinois. Chicago Loan Modification Help can be referred to you. We don’t do loan modifications ourselves but we work with those who do.
We know Chicago Short Sales. I am a Chicago Short Sale Realtor. Chicagoland Short Sale Realtor. Chicago IL Short Sales. Chicago Realtor. We do business in Pilsen. McKinley Park. Bridgeport. Wicker Park. West Town. Ukranian Village. Lincoln Park. Near North. River North. East Village. Logan Square. Uptown. Edison Park. Portage Park. Hermosa. Lincoln Park, South Loop, West Loop. Bronzeville. Hyde Park. Kenwood. Oak Park. Brookfield. Cicero. Berwyn. Evanston. LaGrange. LaGrange Park. Riverside. We sell condos, single family homes, lots, land, multi units, two flats, three flats, etc.

Copyright 2010 SFI Marketing Institute, LLC. All Rights Reserved. This is not intended as legal, technical, or tax advice. Please speak with a licensed professional before making any decision. Information is deemed reliable but not guaranteed as of the date of writing. The views expressed here are Buoscio’s personal views and do not reflect the views of Better Living Realty – Buoscio Brokerage, Inc.. This information on Chicago Short Sales: We answer a question from a homeowner facing foreclosure is provided as a courtesy to our viewers to help them make informed decisions.

Chicago IL – Wall Street Fat Cats say homeowners shouldn’t walk away from upside down homes. Why? “If you do it, then everyone will start doing it”, they say. “It isn’t moral. People should own up to their commitments.

People should be responsible. This is more than just a contract. It’s what holds the entire economy together.” However, those same rules don’t seem to apply to the Wall Street Bankers.

Discover how other sellers successfully did a short sale and request a free consultation by clicking here.

Turns out Wall Street firm Morgan Stanley strategically defaulted on their upside down properties. Here is the article from Bloomberg: Morgan Stanley to Give Up 5 San Francisco Towers Bought at Peak.

Here is what the article says: “Morgan Stanley, the securities firm that spent more than $8 billion on commercial property in 2007, plans to relinquish five San Francisco office buildings to its lender two years after purchasing them from Blackstone Group LP near the top of the market.

The bank has been negotiating an “orderly transfer” of the towers since earlier this year, Alyson Barnes, a Morgan Stanley spokeswoman, said yesterday in a telephone interview. AREA Property Partners will take over the buildings. Barnes declined to say when the transfer will occur.

“This isn’t a default or foreclosure situation,” Barnes said. “We are going to give them the properties to get out of the loan obligation.

The Morgan Stanley buildings may have lost as much as 50 percent since the purchase, he estimated.

Morgan Stanley bought 10 San Francisco buildings in the city’s financial district as part of a $2.5 billion purchase from Blackstone Group in May 2007. The buildings were formerly owned by billionaire investor Sam Zell’s Equity Office Properties and acquired by Blackstone in its $39 billion buyout of the real estate firm earlier that year.

Morgan Stanley, based in New York, was the biggest property investor among Wall Street firms at the time of the purchase. The transaction made the company one of the largest office landlords in San Francisco, with the purchase giving the bank 3.9 million square feet of office space there.”

Pretty interesting. If an ordinary guy walks away from his upside down home, then that makes him a immoral deadbeat. “He’s working the system”, the Wall Street people say.

But, to them it’s a moral business decision. “We’re doing what’s best for our stockholders”, they say. “That’s our obligation and duty.”

Here is my question. Doesn’t a parent have an obligation to do what is best for the stockholders in their family? Let’s say that they can save hundreds of thousands of dollars in mortgage payments.

As a result, little Timmy will be able to attend college when he grows up. Isn’t it their moral obligation to do what is best for the stockholders in the family?

Please let me know what you think. Put your comments agreeing or disagreeing below.

Thinking about a short sale? I can help you short sale your property and never pay the bank another penny. Send me an e-mail at myrealtorphil@gmail.com. I will contact you for a free consultation.

When we talk, I will explain how the process works in detail. If you prefer, then you can call me at (312) 953-6725.

Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.

Remember to visit my Chicago short sale blog frequently for great tips and advice on short selling in Chicago www.Chicago-ShortSaleBlog.com

Thinking about a loan modification? Our Chicago Loan Modification Kit has the instructions you will need to get a loan modification approved with your lender. Click here to request a copy.

Thanks for reading this, Phil Buoscio.

Phil is a Real Estate Agent at Better Living Realty – Buoscio Brokerage, Inc..

Phone: (312) 953-6725. myrealtorphil@gmail.com.

View My homes for sale at www.BetterLivingRealty.com.

Phil Buoscio, is a broker with Better Living Realty he leads the sales team “Phil Buoscio Team” and specializes in short sales in Chicago Illinois. Chicago Loan Modification Help can be referred to you. We don’t do loan modifications ourselves but we work with those who do. We know Chicago Short Sales. I am a Chicago Short Sale Realtor. Chicagoland Short Sale Realtor. Chicago IL Short Sales. Chicago Realtor. We do business in Pilsen. McKinley Park. Bridgeport. Wicker Park. West Town. Ukranian Village. Lincoln Park. Near North. River North. East Village. Logan Square. Uptown. Edison Park. Portage Park. Hermosa. Lincoln Park, South Loop, West Loop. Bronzeville. Hyde Park. Kenwood. Oak Park. Brookfield. Cicero. Berwyn. Evanston. LaGrange. LaGrange Park. Riverside. We sell condos, single family homes, lots, land, multi units, two flats, three flats, etc.

Copyright 2010 SFI Marketing Institute, LLC. All Rights Reserved. This is not intended as legal, technical, or tax advice. Please speak with a licensed professional before making any decision. Information is deemed reliable but not guaranteed as of the date of writing. The views expressed here are Buoscio’s personal views and do not reflect the views of Better Living Realty – Buoscio Brokerage, Inc.. This information on Chicago Short Sales: Wall Street Firms Strategically Walking Away from their upside down properties is provided as a courtesy to our viewers to help them make informed decisions.

Chicago IL – Should you walk away or should you stay? Here is how to determine whether or not you should walk away from your home. Because of the decline in the nationwide housing market, I doubt that your home is worth what you paid for it.

Discover how other sellers successfully did a short sale and request a free consultation by clicking here.

First, determine the current market value of your home. Talk to a realtor. They will give you a market analysis, based on what other homes similar to yours are selling for.

For example, we recently helped a home seller who had paid around $700,000 for his home. We thought the home was worth about $400,000. His mortgage payment was a little over $4500 a month.

When you add in the property taxes and insurance his total monthly payment was around $5,300 a month. Similar homes were renting for around $2,500 a month.

If you compared rental payments, he was way upside down on his home. We ran the numbers and saw that he was on track to repay $1,697,000 over the life of loan.

Next, let’s look at how much he would save by short selling and renting a similar house for two years. First, he would be saving $2500 a month by renting a similar home. In addition when he bought a similar home for $400,000 then he would repay around $934,000 over 30 years.

$1,697,000 minus $934,000 is $763,000. That means he would save $763,000 in mortgage payments over the next 30 years. What can you do with $763,000?

Would it make retirement easier? You probably could completely pay for 3-4 kid’s college tuition. Most people could put 6-7 kids thru college with that kind of money.

Or, he could retire a few years early. Enjoy a little bit more of the “Golden Years.”

It appears that he would be doing better for himself and his family by short selling the house. The bank was probably bailed out by the American Taxpayers. If he pays taxes, then he helped out with that bailout.

This is why I recommend that you look at all the numbers when you are trying to determine whether or not you should walk away. How much money will you be repaying over the life of the loan? Just Google “amortization calculator” and run the numbers.

Add up how much money you would be paying back with your current home and compare it to how much you would pay if you short sold, rented for two years, and bought another home after that. Remember I’m simply showing you what you can save versus trying to stay in an overvalued home. You should always consult with your attorney and a qualified accountant before ever making the decision to short sell your home.

Thinking about a short sale? I can help you short sale your property and never pay the bank another penny. Send me an e-mail at myrealtorphil@gmail.com. I will contact you for a free consultation.

When we talk, I will explain how the process works in detail. If you prefer, then you can call me at (312) 953-6725.

Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.

Remember to visit my Chicago short sale blog frequently for great tips and advice on short selling your home in Chicago and Illinois www.Chicago-ShortSaleBlog.com

Thinking about a loan modification? Our Chicago Loan Modification Kit has the instructions you will need to get a loan modification approved with your lender. Click here to request a copy.

Thanks for reading this, Phil Buoscio.

Phil is a Real Estate Agent at Better Living Realty – Buoscio Brokerage, Inc..

Phone: (312) 953-6725. myrealtorphil@gmail.com.

View My homes for sale at www.BetterLivingRealty.com.

Phil Buoscio, is a broker with Better Living Realty he leads the sales team “Phil Buoscio Team” and specializes in short sales in Chicago Illinois. Chicago Loan Modification Help can be referred to you. We don’t do loan modifications ourselves but we work with those who do. We know Chicago Short Sales. I am a Chicago Short Sale Realtor. Chicagoland Short Sale Realtor. Chicago IL Short Sales. Chicago Realtor. We do business in Pilsen. McKinley Park. Bridgeport. Wicker Park. West Town. Ukranian Village. Lincoln Park. Near North. River North. East Village. Logan Square. Uptown. Edison Park. Portage Park. Hermosa. Lincoln Park, South Loop, West Loop. Bronzeville. Hyde Park. Kenwood. Oak Park. Brookfield. Cicero. Berwyn. Evanston. LaGrange. LaGrange Park. Riverside. We sell condos, single family homes, lots, land, multi units, two flats, three flats, etc.

Copyright 2010 SFI Marketing Institute, LLC. All Rights Reserved. This is not intended as legal, technical, or tax advice. Please speak with a licensed professional before making any decision. Information is deemed reliable but not guaranteed as of the date of writing. The views expressed here are Buoscio’s personal views and do not reflect the views of Better Living Realty – Buoscio Brokerage, Inc.. This information on Chicago Short Sales: Walk Away or Stay? is provided as a courtesy to our viewers to help them make informed decisions.