Naperville, Plainfield and Oswego real estate and homes for sale in Illinois, relocation,residential- Scott Gerami, REALTOR® Scott Gerami REALTOR(r) for Naperville, Plainfield and Oswego, Illinois real estate, relocation,residential - NUMBER1EXPERT™ Scott Gerami NUMBER1EXPERT(tm) for Naperville, Plainfield and Oswego, Illinois real estate, relocation,residential
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Scott Gerami, REALTOR®, real estate agent and broker for Naperville, Plainfield and Oswego Illinois home listings, property and land for sale - NUMBER1EXPERT(tm)






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Other Forclosure Information 

Avoid Foreclosure


From the U.S. Department of Housing and Urban Development


What should a homeowner do to avoid foreclosure?

DO NOT IGNORE THE LETTERS FROM YOUR LENDER. If you are having problems making your payments, call or write to your lender's Loss Mitigation Department without delay. Explain your situation. Be prepared to provide them with financial information, such as your monthly income and expenses. Without this information, they may not be able to help.

Stay in your home for now. You may not qualify for assistance if you abandon your property.

Contact a HUD-approved housing counseling agency. Call (800) 569-4287 for the housing counseling agency nearest you.

From the National Association of REALTORS®, a new consumer brochure entitled:

 "Learn How to Avoid Foreclosure and Keep Your Home"


The NAR brochure illustrates examples of mortgages that can put certain borrowers in danger, how to avoid predatory lending, plus options homeowners may have if they find themselves in a foreclosure situation, including:

Forbearance. Lenders may let a borrower pay less than the full amount of the mortgage, or skip a few payments, if there is a reasonable plan to become current on the loan.

Reinstatement. A home owner may be able to make a payment that covers all of the previous late payments, usually at the end of a forbearance period.

Repayment plan. Lenders may allow a borrower who has fallen behind to make additional payments each month until the amount past due is paid.

Loan modification. Lenders will sometimes change the terms of a mortgage to help home owners avoid foreclosure.


How Foreclosure Works in Illinois

Illinois foreclosures are carried out solely through court proceedings. The typical timeline for an Illinois foreclosure is approximately one year.

Pre-foreclosure Period. A foreclosure begins in Illinois when the lender takes action in court against the borrower. A notice of the court action is given to the borrower and other affected parties in person or by publication if necessary. All parties have 30 days to respond to the court action or the lender will continue to pursue the foreclosure by requesting the court to make a ruling on the matter. If the court rules against the borrower, the lender can schedule a public sale to recover the amount owed on the loan plus applicable costs.

A borrower has the right to stop the foreclosure within three months of being notified of the court action by paying the default amount plus fees and costs. The borrower can redeem the property for at least seven months (sometimes longer) after being notified of the court action by paying off the entire loan balance.

Notice of Sale / Auction. A notice of sale must be sent to all affected parties and include the property address and legal description; time the property may be inspected before the sale; the day, time, location, and terms of the sale; the case title, number, and court handling the lawsuit; and a contact person. The notice is published in the legal notice and real estate sections of a local newspaper once a week for three weeks. The first publication is no more than 45 days before the sale date, with the last publication no less than seven days before the sale date. If the sale must be postponed, the person conducting the sale announces the details of the new sale. If a sale is postponed for more than 60 days from the originally scheduled sale date, a new notice is republished.

The sheriff typically conducts the public auction. Anyone may bid, including the lender, and the property is sold to the winning bidder. Once the winning bidder pays the full bid price, the person conducting the sale gives the winning bidder a certificate of sale, subject to confirmation by the court.

Upon court confirmation, the winning bidder receives ownership of the property and is entitled to take possession of the property unless eviction is necessary. If the property is still occupied, the winning bidder gets possession after 30 days.

Source: RealtyTrac, www.realtytrac.com

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Real Estate Tips
Tax Considerations >Your Tax Free Profits

Significant tax reform legislation was signed into law with the Taxpayer Relief Act of 1997. This legislation replaced both the one-time $125,000 tax-free exclusion for homeowners aged 55 and older, and the "rollover" deferment of capital gains tax requiring the purchase of a replacement home of higher or equal cost within two years of the sale of your principal residence.

With this change, a married couple filing their taxes jointly pays capital gains taxes only on that portion of home sales profits that exceeds $500,000. Single taxpayers, heads of households, and married persons filing separately may exclude up to $250,000. The exclusion is available for all sales of homes that occurred on or after May 6, 1997. Homeowners can use this tax-free provision every two years.

You are allowed to keep these tax-free profits only if you have owned and used the home as your principal residence for two out of the five years prior to the sale of the property. Although the regulations do not require continuous occupancy, the IRS specifies that your principal residence must be the home you use for the majority of time during the year. Consult your tax advisor about your personal circumstance.

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Real Estate Trivia
Q 
Where is the world's largest dome?

A 
The Louisiana Superdome, with a diameter of 680 feet, is located in New Orleans, Louisiana.
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Scott Gerami, REALTOR®, real estate agent and broker for Naperville, Plainfield and Oswego Illinois home listings, property and land for sale - NUMBER1EXPERT(tm)

Scott Gerami - Broker/Owner -ABR, GRI, e-Pro, CSC
Real Time Realty, LLC.

424 Fort Hill Drive, Suite 134
Naperville, IL. 60540
Toll Free:: 800-297-9772
Direct:: 630-357-4800
Cell Phone:: 630-670-5802
Fax:: 630-206-0386
Email: Scott@NaperHomes.com

Since 1986, I have served the housing needs of individuals and families in the Western Suburbs. As a resident of the Naperville area, one of the fastest growing areas in the United states, I have become aware of the many housing opportunities available for the first time buyer to the empty nester. I am involved in many community organizations throughout the Western Suburbs. and have become a familiar face to many of the builders and financial lending institutions in the area.

ABReProEqual HousingGRIMLSRELO



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