Could it be a first in 40 years?

Unlike DuPage County, Lake County, and the other collar counties, Cook County tax bills are usually up in the air until late in the year.  Technically, real estate taxes are supposed to be paid by August 1, but in the last 10 years, I've never even seen the second installment tax bill out by August 1.  There have been years the bill wasn't out until November!  I thought 10 years was a long time, until I found out that the tax bills have not been out by the deadline even once in the last 40 years.

This year, however, rumor has it that the bills will be out on time -- in July -- and will be due on August 1, which is the statutory deadline. 

If the bills are paid by August 1, all of the various entities that expect money from the county -- schools, fire departments, libraries, etc. -- should get their money on time.  This could benefit tax payers in the long run because these entities don't have to borrow money and pay interest -- a cost which is usually passed on to the tax payers later. 

If real estate owners know when their bills are coming out, they can prepare for them.  Also, the various taxing bodies will know when they receive their share.  This cuts down on a lot of uncertainty. 

Regardless, for now it's just talk.  Wouldn't it be great if those tax bills came out at a fixed time every year?  I'll believe it when I see it.

Is your real estate agent licensed?

If you are going to be buying or selling a home or other real estate soon, you may be meeting with prospective real estate agents.  Because of regulatory changes, you should ask your proposed real estate agent a new question:  Are you still licensed?

In 2009, the state revamped how real estate agents are categorized.  Before, we had salespersons, brokers and managing brokers.  Now the state has eliminated the salesperson category.  To be a licensed real estate agent, you must be a broker now.  Moreover, if you are running your own office, you must be a managing broker. 

The state also increased the minimal education and continuing education requirements.  For example, an entry-level real estate salesperson must now take 120 hours of classes, instead of 45. 

The deadline is looming near -- April 30, 2012 -- and as of the end of March, only 35% of salespersons have completed the educational requirements and transitioned to a broker's license.  Moreover, only 26% of brokers have complied with the new requirements.  With only a few weeks to go, a lot of real estate agents have a lot of catching up to do.  If they miss the deadline, they have to start from scratch, even if they have been in the real estate profession for years.

So if you're in the market for a real estate agent, make sure you confirm that he or she is licensed!

Illinois Foreclosure Prevention Workshops Available Soon!

The Illinois Foreclosure Prevention Network (IFPN) has plans to hold five additional foreclosure prevention workshops, entitled "Keep Your Home, Illinois" in the next few months.  The first workshop was held a couple weeks ago in Berwyn, and drew nearly 800 homeowners.

The workshops aim to assist homeowners in danger of losing their homes in a number of ways, such as: 1) Teaching homeowners about the variety of assistance programs available; 2) Having lenders on-site to answer homeowner queries; 3) Providing counseling services to homeowners; 4) Providing access to representatives from the Illinois Department of Employment Security to assist with unemployment issues; 5)  Providing access to representatives from the Illinois Department of Financial and Professional Regulation to assist with mortgage fraud issues; and 6) Assisting homeowners to file for relief through certain state programs, such as the Illinois Hardest Hit Program.

More than 103,000 homes in Illinois went into foreclosure last year.  Any homeowners needing assistance should keep their eyes open for the next workshop!

New McLean County Foreclosure Mediation Program

Last month, McLean County launched a new foreclosure mediation program aimed at facilitating communication between homeowners and lenders.  Homeowners everywhere complain that they are unable to get through to a person at their lender's office who will actually listen to them.  While the program is voluntary for homeowners, its goal is to allow the homeowner and the lender to speak to each other face-to-face, and hopefully iron out some of their issues.

Starting last month, every foreclosure in McLean County became subject to an additional $25 filing fee.  Lenders are also required to serve a special summons to the homeowner, which states that they have a right to participate in the voluntary mediation program.

McLean County is small -- you can see that just in the number of foreclosures that were filed in 2010.  Only 574 foreclosures were filed there, as compared to thousands in Cook and some of the other collar counties.  Local officials hope that many homeowners will sign up for the voluntary mediation program, and that many cases will be resolved to the mutual satisfaction of the parties involved.