This is a great article written by Experian that explains what is home title fraud.
https://www.experian.com/blogs/ask-experian/what-is-home-title-fraud/
Fake Checks
This is a great article posted on the BBB website that talks all about fake checks.
https://www.bbb.org/article/news-releases/18367-dont-cash-that-check-bbb-study-shows-how-fake-check-scams-bait-consumers
The Rise of Mortgage Fraud
This is a great article from Mortgage Calculator that talks about the rise of mortgage fraud and how to spot common schemes.
https://www.mortgagecalculator.org/helpful-advice/avoiding-fraud.php
How to detect mortgage wire fraud before it is too late
This is a great article regarding mortgage wire fraud found on Housingwire written by: Thomas Cronkright
https://www.housingwire.com/blogs/1-rewired/post/43411-how-to-detect-mortgage-wire-fraud-before-it-is-too-late
Mortgage Closing Scams
Summer is a busy home-buying season. If you’re in the market for a new home this year, watch out for mortgage closing scams. According to reports, the scams target homebuyers who are nearing the closing date on their mortgage loan. Learn more about closing scams from this article by the Consumer Financial Protection Bureau.
https://www.consumerfinance.gov/about-us/blog/buying-home-watch-out-mortgage-closing-scams/
Illinois Condo Unit Owner’s Rights & Responsibilities Handbook
The information contained in the Illinois Condo Unit Owner’s Rights & Responsibilities Handbook is a brief overview of the duties, rights, and responsibilities of Illinois unit owners in condominium developments. This information is intended to provide general information and is NOT a substitute for obtaining legal advice to address specific situations. Since this publication may not contain subsequent changes in the law, it should only be used as a general source of information.
https://www.idfpr.com/CCICO/PDFs/Condo%20Rights%20and%20Responsibilities%206.0.pdf
HUD Income Limits
The Department of Housing and Urban Development (HUD) sets income limits that determine eligibility for assisted housing programs.
These are the HUD Income Limits as of April 1, 2018
https://www.huduser.gov/portal/datasets/il.html
Illinois Property Tax Rate for 2018 and more…
Here is a great resource that informs you about Illinois Property Tax Rate for 2018 along with various tax rates in Illinois as well as in other states.
This link will take you to Cook County Property Tax Rate 2018. https://goo.gl/3wKYv7
Installment Sales Contracts
New Real Estate Act of 2018 involves Installment Sales Contracts related to Real Estate… It provides that a real estate installment contract for residential real estate is subject to the foreclosure provisions of the Code if the purchase price is to be paid in installments over a period in … Adds a corresponding change in the Consumer Fraud and Deceptive Business Practices Act. Effective January 1, 2018.
To learn more about this new act visit: http://bit.ly/2qfAZHw
Things to know before signing a Rent-to-Own contract
What does rent-to-own mean?
Also known as a lease option, a rent-to-own contract allows renters to lease a property and, at the end of the lease (usually one to three years), have the option to purchase the home at a predetermined price. Ideal candidates for a rent-to-own option are potential home buyers who dream of ownership but are also concerned they haven’t saved up enough cash for a down payment.
As a renter, you must be cautious before you sign a rent-to-own contract. There are many stipulations… READ MORE