Mortgage Fraud Schemes & Characteristics

Mortgage fraud schemes are the intent to materially misrepresent or omit information on a mortgage loan application in order to obtain a loan or to obtain a larger loan that could have been obtained had the lender or borrower known the truth.

With today’s inherent complexity of real estate transactions, particularly those involving investors, offers ample opportunity to commit fraud.

Fannie Mae recently created a report that outlines common characteristics that accompany most fraud-for-profit schemes, and identifying them can be helpful in determining whether a loan is part of a larger fraud scheme. To view the report: http://bit.ly/2xFjTmp

Chicago property taxes increasing

The average Chicago Property Taxes increasing by 10% this year this year following City Hall and Chicago Public Schools tax hikes to pay for police, fire and teacher pensions, according to calculations released Tuesday by the Cook County clerk’s office.

As a result, the owner of a city home determined to be worth $224,500 will pay nearly $4,000 in property taxes this year — an increase of about $363.

Read the rest of the article directly on the Chicago Tribune website:http://trib.in/2uS39qD

Illinois ranks #4 in foreclosure rate

From an article written in Bankrate.com, foreclosure filings increased 5.3 percent nationally from April to May according to ATTOM Data Solutions, a firm that tracks foreclosures.

Illinois ranked #4 with foreclosure filings last month was 1 in every 1,057 housing units.

You can read more of the article and compare your state by clicking on the link below:

http://www.bankrate.com/finance/real-estate/foreclosures-by-state/default.aspx

Illinois Residential Real Property Disclose Act

The Illinois Residential Real Property Disclosure Act is an Illinois statute that was enacted in 1998 with the goal of guarding home buyers against dishonest sellers who falsely report the condition of their real estate property.  It is meant to provide Illinois real estate buyers with a reliable representation of the key conditions of a property.

It requires that sellers complete a form entirely, specifically answering numerous questions about a wide range of conditions of their property from foundation to plumbing and everywhere in between. Therefore, it’s always important to talk with an Illinois real estate lawyer.

To learn more about the Illinois Residential Real Property Disclosure Act: http://www.ilga.gov/legislation/ilcs/ilcs5.asp?ActID=2152&ChapterID=62

Foreclosure 2016 Legislation

In 2016, lawmakers in 31 states and Puerto Rico have introduced legislation regarding foreclosures. Ten bills and resolutions have been enacted or adopted thus far. The list below contains legislation regarding regulating foreclosure consultants and distressed property purchasers, amending the foreclosure process to address concerns regarding so-called robo-signing and protecting tenants’ rights who are renting homes facing foreclosure.

Here is the link to the rest of the article which lists each state and the legislation they passed: http://bit.ly/2iiKldP