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Chicago is home to great improv theater (Second City, I’m looking at you), jazz, pizza deep enough to bathe in and great sports teams like the ever-lovin’ Cubs! It also has some lovely homes for sale — including President Barack Obama’s home.

So, what can you buy in Chicago for $1,000 to $4,000? Let’s take a look.

(Note: These monthly mortgage payment figures are based on a 30-year fixed loan, using the current Illinois mortgage rate, with a 20% down payment. Estimated taxes and insurance are not included).

Monthly mortgage of $1,000-$2,000/month:

This lovely home was custom-built in the Bronzeville neighborhood and includes a Jacuzzi tub and granite counter-tops.

>  See more Bronzeville real estate
>  See Bronzeville home values

If you are a fan of hardwood floors, this house in the West Lawn neighborhood will pique your interest. Plus, it’s on a lot that is larger than the standard city lot.

>  See more West Lawn real estate
>  See West Lawn home values

*****

Monthly mortgage of $2,000-$3,000/month:

Need lots of room? Love the retro look? This boxy, 6-bedroom, 5-bath home could be right up your alley in the Jefferson Park neighborhood.

>  See more Jefferson Park real estate
>  See Jefferson Park home values

This quaint, robin’s-egg blue home is as lovely on the inside as it is on the outside and can be found in the Andersonville neighborhood.

>  See more Andersonville real estate
>  See Andersonville home values

*****

Monthly mortgage of $2,000-$3,000/month:

This pristine home, located in the Irving Park neighborhood, was built in 2005 and looks like it hasn’t seen a speck of dirt since.

>  See more Irving Park real estate
>  See Irving Park home values

This recently remodeled home in the Wicker Park neighborhood has a great kitchen and a wonderful backyard with large deck.

>  See more Wicker Park real estate
>  See Wicker Park home values

Source:
What You Can Buy in Chicago With a Mortgage of $1,000-$4,000 a Month

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Former Beverly Hills 90210 star Brian Austin Green is letting his LA-area home slip into a “strategic foreclosure,” according to foreclosure.com.

Green’s home is located in the Cahuenga Pass neighborhood of LA — just above Hollywood Hills. TMZ reports that Green took a $2 million mortgage with SunTrust Mortgage in 2006, but Green fell behind on payments and owes $71,251.42 as of January 26, 2010. As a result, SunTrust has begun foreclosure proceedings.

However, Green’s rep this is part of a calculated plan in which Green is trying to sell the house via a short sale. Either way, Green is evidently not making payments and is trying to sell his house. Green reportedly had the house on the market for most of 2009 for $2.3 million.

Read more about strategic foreclosures.

> See more Cahuenga Pass real estate

> See Cahuenga Pass home values

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Homeowners filing for the home buyer tax credit are not allowed to use electronic filing and must file hard copies due to special documentation requirements.

View post:
Taxpayers Seeking Homebuyer Tax Credits, Refunds Must File Paper

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Submitted by Sawitonline -View Apartment Photos and Maps here!
austin.findbestapt.com/annspokaneal.php
Apartment Specials! Check them out.

Find the best neighborhoods to live in.

Check Out These Apartment Features
Fireplace
Playground
Controlled Access
Garbage Disposal

Check These Out

Lush landscaping complete with a meandering brook
We also offer fireplaces, mirrored dining rooms, crown molding and washer and dryer connections
Close to shopping malls
Minutes From Downtown…Beautiful, Tree Shaded Grounds with 2 Sparkling Pools, Tennis

Original post:
2 Bedroom Apartments (Bad Credit OK) in Spokane

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Submitted by Sawitonline -Come live in luxury at Diamond Springs Apartments. Enjoy newly remodeled townhomes with private entrances and huge patios! Convenient to Little Creek NAB and Norfolk NOB. Live only 5-10 min from the Virginia Beach Town-center and Downtown Norfolk! Enjoy our quick and convenient accessibility to shopping, the beach and all of Virginia Beach and Norfolk.

~Luxurious amenities~

*Complintary Personal Trainer and Massage therapy
*Access to a 24 hour fitness center
*Private patios
*Private entrances
*Fully eqipped REMODELED Kitchens
*Cieling fans
*W/D avaialble
*Sparkling swimming pool
*Playground
*and MUCH MORE!

See more here:
Spacious 2 Bedroom Townhome in Virginia Beach! Bad Credit, No Worries

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Do loan modifications affect your credit score? Should they? Why should you care?

Credit scores are a numerical value credit bureaus place on a borrower as a way of measuring their reliability. It is in the interest of lenders to report any delinquent activity to the credit bureau. In fact some would argue that it is in the interest of everyone as delinquent borrowers make loans more expensive for everyone by forcing lenders to increase interest rates to pay for bad loans. This is why potential borrowers that have bad or low credit scores find it harder to get loans approved or have to pay a premium for the privilege.

Borrowers that don’t make one or various payments are marked by a special code that informs other lenders of the situation. Borrowers that are granted a reduction of their loan balance or monthly payments due to financial difficulties are also marked with a special code called AC. This code can reduce the credit score of a borrower by anything between 30 and 100 points and tells lenders that the borrower had only made a partial payment.

The problem arose when troubled borrowers entered the loan modifications sponsored by the government and were granted loan modifications without ever having missed a payment but were still marked with AC as it was the closest fit in the “system”.

The Obama Administration felt it was unfair to harm the credit scores of borrowers that sought a loan modification. Therefore a new code “CN” was thought up which will not have an impact on credit scores for now.

The question is if this will change. Will the code CN affect the credit score of borrowers in the future? This is still to be determined. It will depend on if FICO, the company behind the most popular credit score formulas, decides the appearance of CN in a credit report increases the chances or is predictive of delinquent behavior.

It is worth noting that borrowers that enter into a loan modification are asking for a reduction of their loan and are therefore not wonderful news for lenders that are looking for reliable customers. It is not at all clear to me why it is wrong that their credit score is somewhat affected.

However what is certain, and this is what worries the Administration is that borrowers with a good credit history will shy away from a loan modification that threatens their credit.  Lenders might argue that borrowers who feel they have a choice and prefer not to enter into a loan modification that would damage their credit don’t really need it and can very well pay the full loan, thank you very much.

How you feel about the matter may very well depend on which side of the fence you are looking from. The Obama Administration wants to give HAMP the best chance possible and is eager to erase any bad publicity the program attracts even if this means fudging credit reporting codes. Whether these measures are long lasting or not will depend on the performance of borrowers that enter into a loan modification, it must be said at this stage that things don’t look all that good.


Loan Modifications sponsored by Obama’s administration HAMP (Home Affordable Modification Program) program does not a have a very long history but Wachovia has lagged at the bottom of it from the very beginning.

Wachovia has over 82,000 borrowers with home loans, the economy is doing pretty bad which has caused a large percentage of those borrowers struggle to make their payments. However Wachovia has only provided loan modifications for 3% of their struggling borrowers, those 60 days or more behind their payments and that includes borrowers that are still fighting through a loan modification trial. To give you an idea of how many borrowers get through the trial loan modification to date over 750,000 loan modification trials have been filed but under 40,000 have qualified for permanent loan modifications.

Wachovia is not the only large lender and servicer that has poor a poor loan modification conversion but it 3% is bad even at the bottom of the loan modification conversion league.

The reasons for low conversion numbers are complex. Pointing fingers at servicers and banks is easy and the fact that some banks are doing much better than 3% shows that Wachovia and other servicers can do more, however there are many other factors. Loan Modifications do involve paperwork and depend on Net Present Value tests. Borrowers are not always as good at filling and filing paperwork as they would like and the sad truth is that many people don’t qualify for loan modifications under the current rules. For instance banks are only required to approve a loan modification if the Net Present Value test shows that it would be profitable for the bank to grant the loan modification instead of simply continuing with the foreclosure.

Are Wachovia Loan Modifications damaging your credit score?

Another issue with loan modifications is how they affect your credit rating. As most of the borrowers that qualify for loan modifications can a) afford a modified loan payment, b) have a mortgage that is not terribly “underwater” and c) the will and stamina to endure the painful ordeal of a loan modification it is likely they care about their credit rating after having their loan modification approved.

Various horror stories from the “lucky” 3% of Wachovia’s borrowers that qualified for a loan modification have mentioned how Wachovia guaranteed there would be no negative information reported to their credit file to later realize Wachovia had reported them as undergoing Paying Partial Payment Agreement which is actually way worse than being reported for a loan modification program under the current HAMP program.

It is possible that these cases are isolated to “private” agreements between the borrower and Wachovia without falling under the HAMP program, which does not approve of this kind of reporting. This does not change the fact that it is a straight lie and measures should be taken to stop this if it has become a matter of course with Wachovia. Borrowers can easily destroy their credit by becoming delinquent on their loan quite easily on their own without any servicers “help” in the form of a paying partial payment agreement.

It seems that one of the reasons for these complaints is that when Wachovia was bought out by Wells Fargo loan modification terms were changed and that included credit rating report procedures.

According to a recent fourth quarter survey by HomeGain.com, 72 percent of Realtors believe that home prices will either stay the same (48 percent) or increase (24 percent) in the next six months. Despite that news, the study found that an increasing number of homeowners (41 percent) think that their homes should be listed 10 to 20 percent higher than what is being recommended by Realtors. In the third quarter of this year that figure was down to 38 percent and in the second quarter it was at 36 percent.

Here is the original:
Home Price Expectations–Will They Rise?

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If the latest numbers on credit card delinquency is any indicator, U.S. consumers are starting to get a handle on their credit card debt. In the 3rd quarter of this year, according to data from TransUnion, a credit reporting agency, the delinquency rate dropped to 1.1 percent.

Here is the original post:
2010 and Rebuilding or Protecting Your Credit Score

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Your credit score, a numerical rendition of your creditworthiness – or lack thereof – should be at 760 or above if you want the best interest rate, according to FICO, the leading credit scoring system provider.

Go here to read the rest:
How Mortgage Management Affects Credit Scores

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Loan Modifications and Mortgage Modifications are being sold like they are going out of fashion and both the Government and private banks are reporting successes in the number of loan modifications and mortgage modifications processed.

If you are desperate to keep your home and you are finding it difficult to pay for your mortgage payments a loan modification might be the option for you. However there is a question you must ask yourself. Is a loan modification or mortgage modification worth my trouble? There are a number of negative consequences that are attached to mortgage modifications.

Among them is the risk of paying more that the mortgage is already costing you in deferred and balloon payments.

Another issue related to mortgage modifications is the possibility your credit score could be affected. It might surprise you but taking a government sponsored loan modification could lower your credit score. The reason for this is that some banks and loan providers report loan modifications as partial payment plans. These plans include programs that reduce the debt of borrowers that can’t afford to pay their loan. FICO, one of the organizations that prepare credit scores from the information financial institutions quantify partial payment plans negatively.

This could make it harder for borrowers that take on a loan modification to buy a home in the future. Of course if you are happy where you live and you just want to save your home this should not be a problem.

First-time Homebuyers Tax Credit

A completely different type of credit that people are concerned about is how the mortgage crisis will affect previous government sponsored first time homebuyers tax credit programs.

These tax credit provide a tax break, a percentage discount or sometimes a dollar to dollar deduction from tax of any mortgage related expenses.

The government is as interested in promoting home purchases as it is to stop foreclosures so these programs have been extended. However the recession is affecting the U.S budget so it is wise to get on the first time homebuyers tax credit bandwagon while there is a wagon to ride. The deadline for applying for a tax credit has been extended so that purchase agreements must be signed before May 1st and closed by July 1st.

For more information on this matter visit www.federalhousingtaxcredit.com

The same applies for other tax credit programs like the HOPE scholarship tax credit, a sister program to the HOPE loan modification program. This tax credit program provides dollar for dollar tax breaks on college tuition, fees and course materials. This program will end next year so it pays to apply early. For more information visit www.finaid.org.

If you bilked Uncle Sam out of a first-time home buyer tax credit, start looking over your shoulder. Just before Congress extended and expanded the home buyer tax credit, a federal audit revealed that nearly 90,000 taxpayers may have fraudulently enjoyed the credit, hoodwinking the government out of more than $600 million.

Source:
Feds Investigating $600 Million in Home Buyer Tax Credit Fraud

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Home sales got a needed boost because of the Obama administration’s $8,000 tax credit for first-time buyers. With the national economy and housing market still fragile, the government recently decided to extend the tax credit through June 2010.

The government also rolled out a new tax credit aimed at existing homeowners. Currently in effect, the $6,500 “move-up” tax credit would apply for eligible homeowners who purchase a new permanent residence in the coming months.

Housing experts hope the two tax credits can help the struggling housing market rebound in 2010.

“The new version of the tax credit has the potential to stimulate the housing market even more than the old version due to the fact that more people will qualify under the new rules,” Gibran Nicholas, chairman of the CMPS Institute, an organization that certifies mortgage bankers and brokers, told CNN after the bill’s passage.

Thousands of Americans have already taken advantage of the first-timers program, which defines “first-time” buyers as those who haven’t purchased a home in three years. There are also income restrictions — individuals who make more than $75,000 and married couples who clear $150,000 are not eligible for the first-timers program.

Meanwhile, existing home buyers who have considered upgrading or downsizing can take advantage of the new $6,500 tax credit. Purchasers need to have owned their current home for a stretch of at least five consecutive years in the last eight.

Individual buyers can’t have an adjusted household income exceeding $125,000; for joint filers, the threshold is $225,000. There are also a few other key components of the new $6,500 tax credit:

  • Home price cannot exceed $800,000.
  • The home must be the buyer’s primary residence, not an investment property or a second home.
  • Buyers can purchase several home types, including single-family, condominiums, manufactured homes and even house boats.
  • Those who purchase before Jan. 1 can claim the credit on their 2009 tax return or file an amended return for 2008.
  • Military members deployed outside the U.S. have until July 1, 2011, to close on a property. Deployments must have been for at least 90 days between Dec. 31, 2008 and May 1, 2010.

To learn more about the $8,000 first-time home buyers tax credit extension and the new $6,500 tax credit for existing homeowners visit our blog.

Learn more about mortgage loans at Mortgage Loan Place.  We specialize in educating consumers on all types of loans with an emphasis on FHA home loans and FHA refinancing.

Last night, CBS affiliate lasvegasnow.com reported that two Las Vegas Extreme Makeover homes are hitting the market , including one that was built just five months ago.

The Cerda family home at 5760 Royal Castle Ln, Las Vegas, NV 89130, is on the market for $500,000 and the Broadbent Family home at 3122 Webster Circle, North Las Vegas, 89030, is not on the market yet, but is expected to hit anytime soon.

This past March, the Extreme Makeover crew demolished the Cerda home and rebuilt a new one within seven days. The Cerda’s original house had mold in the walls, allergens and outdated plumbing that threatened the already weak immune systems of daughters Molly and Maggie, who have Combined Immune Deficiency Disease.

According to lasvegasnow.com:

… Chuck Cerda had been relocated in his job with the Department of Homeland Security. The house quietly went on the market. The listing agent refused to comment on the record for this story and he also would not allow the Cerdas to speak to the media about the sale.

Meanwhile, Patricia Broadbent’s home was given an Extreme Makeover in 2004. Broadbent, who has lung cancer and has raised three adopted AIDS-afflicted daughters, says her kids are grown and out of the house, so she wants to downsize and buy a condo.

[Hat tip: Shanya]

Excerpt from:
Two Las Vegas Extreme Makeover Homes on Market

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The popular first-time homebuyer tax credit that was scheduled to end this month is being extended. President Obama signed a bill that extends the up to $8,000 tax credit for first-time homebuyers for seven months. An additional incentive for the housing industry is for homeowners. The $6,500 tax credit will benefit some existing homeowners who are also buyers and whose primary residence has been owned, used, sold, or being sold within at least five consecutive years of the previous eight years. The legislation is part of a bill that also extends unemployment benefits.

Read more here:
Extended Tax Credit for HomeBuyers and Homeowners

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