When the real estate market is “down,” that is your chance to take advantage of the situation and buy foreclosed homes. While it is certainly unfortunate that many people wind up losing their homes to foreclosure, the fact remains that a foreclosed home is usually a bargain purchase for those who have the money to buy. Read the rest

In October of this year (2009) Illinois had the third highest state total of foreclosure filings according to RealtyTrac. One in every 263 Illinois homes had a foreclosure notice in October. In the Chicago area alone, there were 18,541 homes foreclosed upon. When homeowners owe more than their homes are worth and can’t keep up with mortgage payments, that creates a spike in foreclosures. And for anyone interested in how to buy a foreclosed home in Illinois, now is a good time to learn. Read the rest

With the real estate market experiencing the global downturn just recently, there has been an up rise of foreclosure properties coming onto the market. This has many people thinking about scooping up these properties while they come at such a low price. But foreclosures may not be for everyone. Before you consider buying a foreclosed property, you should also consider that you may not be buying the homes of your dreams. Also, because dealing with foreclosed properties is very different than dealing with new listings on the market, you will need to have a very good understanding of the real estate market, and work with people who have a lot of experience working in foreclosures specifically. Read the rest

For homeowners, the worst F-word possible is ‘foreclosure.’ Foreclosure occurs when a homeowner defaults on their mortgage and the bank takes back the home, forcing the owners to leave. Not only does foreclosure mean that the owners no longer have a home to call their own, but it also means that there is now a black mark on their credit history that will be very hard to overcome. Stopping foreclosure is very important for many reasons and here, we’ll show you how to do it! Read the rest

According to RealtyTrac, as many as 1.5 million homes in the U.S. were confronted by some form of foreclosure in the first six months of this year (2009). Because of the high unemployment rate, that number is expected to increase even with the federal assistance programs implemented by the government in an effort to slow down the foreclosure crisis. With so many homeowners either at risk of losing their homes or already in the process of foreclosure, mortgage modification is often the only way to keep up with monthly loan payments. By modifying or restructuring your mortgage, you can negotiate lower monthly payments, sometimes lower the interest rate and perhaps even extend the life of the loan. All or any of these loan modifications can make it possible for more homeowners to keep up with monthly mortgage payments and stay in their homes. Read the rest

Choosing a mortgage broker is a very big decision! Because of this, it’s not one that should be taken lightly. You will be dealing with your mortgage broker for the next 25 to 30 years so it’s important that you find one that will get you the best deal, give you the best interest rates, and that will truly work with your best interests in mind. So how do you go about choosing one? Here are a few tips that will help you get the best mortgage broker! Read the rest

Becoming a real estate agent isn’t as simple as deciding you want to sell houses for a living and advertising your services. You’ll have to get a real estate license and that involves taking a few courses and passing them. But your education doesn’t stop after that. You will also have to keep up to date on new real estate rules and regulations and that may involve taking future classes as refresher courses. The process will vary a bit from state to state, but the topics you will be required to cover and the state exam are fairly similar no matter where you live. Read the rest

If the first American Dream is owning a home, then the second has to surely be paying off the mortgage. And like any dream or goal, reaching it can sometimes seem like it takes a long time to get there. But if you follow a some fairly simple ways to pay off your mortgage quickly, you can probably take a few years off your payment plan and have your deed in hand faster than you expected. Read the rest

Most of us dream of the day when we own the home that we live in and can stop throwing money away on rental fees. But as excited as the possibility of owning a home may seem, many people become quickly discouraged and discredit the idea right away simply because they have bad credit. Truthfully, buying a house with bad credit is a little bit trickier than buying a house when you have a good credit rating. But that doesn’t mean that it’s impossible or that you should give up your dream. There are a few ways that you can buy a house with bad credit, and be well on your way to financial success! Read the rest

If you’re in the market to buy a house and want to save some money, chances are you’re buying without a realtor. Not using an agent to help find you the home of your dreams can save you a lot of money. But there are some things that you need to be aware of and great attention to detail is a must. The biggest challenge in buying a home without using a realtor is usually in making the offer. An Offer to Purchase a home is a legal document. Making mistakes, or not making sure that you have all your bases covered, could have great consequences and could make you end up losing that perfect home. Read the rest