About 80,000 people visit the Cook County Clerk's office each year, just to find out if a parcel of real estate they own or are interested in has delinquent property taxes. Additionally, the Cook County Clerk's office gets 96,000 calls a year, for the same reason. This doesn't include all of the other phone calls and visitors they field.
In order to be more efficient, the Cook County Clerk's office has now posted this information online. Visitors to this new database can view the status of properties with unpaid taxes in the last 20 years, including information about whether the taxes have been sold or not. This information helps not only homeowners and prospective purchasers, but real estate attorneys and title companies as well!
If you would like to visit the database, click here.
Sunday, December 30, 2012
Wednesday, December 26, 2012
New Bill to Fast Track Foreclosures
A bill passed the state house and senate earlier this month, and if it is signed into law by the governor, it could change the foreclosure landscape significantly when it takes effect on June 1, 2013.
What would the new bill accomplish?
First, the bill would charge more money to banks who file frequent foreclosures. Any lender that filed at least 175 foreclosures in the last year would have to pay an additional $500 for every new foreclosure complaint it files. Lenders that filed between 50 and 174 foreclosures in the last year would be charged an additional $250 per new filing, and lenders that filed between 1 and 49 foreclosures in the last year would pay an additional $50 per new complaint. With the amount of foreclosures filed annually, it is estimated that an additional $41 million in revenues will be collected in the year after the law takes effect.
Second, the fees collected for the foreclosure filings would be used for the benefit of homeowners and communities. Specifically, thirty percent of the funds collected would go towards counseling and foreclosure prevention services for people in danger of being foreclosed. The rest of the funds would be distributed to municipalities to help them maintain abandoned properties.
Third, the bill would speed up the foreclosure process for certain types of properties. Instead of taking eighteen months to two years to be foreclosed, abandoned single family homes, condominiums and townhouses could be foreclosed within 100 days. Apartment buildings with six or fewer units that are not owner-occupied could be fast-tracked also. Moreover, homes that are under construction but where construction activity has ceased for at least six months could be foreclosed quickly also, if there has been damage to the property. Speeding up the foreclosure process will help get these properties to market quickly, instead of allowing them to become rundown and potentially dangerous, blighting the community.
Keep in mind that homes that are going through the probate process, as well as vacant buildings that are for sale but compliant with all local regulations and are safe and locked up, are not subject to this new bill.
Fourth, if the property being foreclosed is in Chicago, the local alderman will receive a notice of foreclosure for properties in his or her ward.
What would the new bill accomplish?
First, the bill would charge more money to banks who file frequent foreclosures. Any lender that filed at least 175 foreclosures in the last year would have to pay an additional $500 for every new foreclosure complaint it files. Lenders that filed between 50 and 174 foreclosures in the last year would be charged an additional $250 per new filing, and lenders that filed between 1 and 49 foreclosures in the last year would pay an additional $50 per new complaint. With the amount of foreclosures filed annually, it is estimated that an additional $41 million in revenues will be collected in the year after the law takes effect.
Second, the fees collected for the foreclosure filings would be used for the benefit of homeowners and communities. Specifically, thirty percent of the funds collected would go towards counseling and foreclosure prevention services for people in danger of being foreclosed. The rest of the funds would be distributed to municipalities to help them maintain abandoned properties.
Third, the bill would speed up the foreclosure process for certain types of properties. Instead of taking eighteen months to two years to be foreclosed, abandoned single family homes, condominiums and townhouses could be foreclosed within 100 days. Apartment buildings with six or fewer units that are not owner-occupied could be fast-tracked also. Moreover, homes that are under construction but where construction activity has ceased for at least six months could be foreclosed quickly also, if there has been damage to the property. Speeding up the foreclosure process will help get these properties to market quickly, instead of allowing them to become rundown and potentially dangerous, blighting the community.
Keep in mind that homes that are going through the probate process, as well as vacant buildings that are for sale but compliant with all local regulations and are safe and locked up, are not subject to this new bill.
Fourth, if the property being foreclosed is in Chicago, the local alderman will receive a notice of foreclosure for properties in his or her ward.
Again, it's up to the governor now. If he signs off, the new law will go into effect June 1, 2013.
Friday, December 14, 2012
Condominium Owner May Claim Neglect in Evictions
A recent case, Spanish Court Two Condominium Association v. Carlson, 2012 IL App (2d) 110473 (June 27, 2012) is going to affect forcibles involving condominium associations throughout the state.
In that case, the condominium association filed a complaint in forcible entry and detainer against the defendant based on defendant's failure to pay regular and special assessments for six months. The defendant did not deny that she had not paid assessments. Rather, she claimed she did not owe assessments because the condominium association had failed to maintain the roof and the brickwork above her unit, causing damage to her unit and its contents. Further, she claimed that the condominum association had ordered her bathroom to be partially "destroyed", believing that it was causing a leak in a neighboring unit. When the plumber determined the leak did not originate in her unit, the association repaired the bathroom, except for the toilet, which was inoperable. Based on these items, the defendant claimed that the association's claim should be estopped, and she should be reimbursed for the various repair expenses she had incurred as a result of the association's failure to maintain the property.
Based on an analogy to landlord/tenant law, the court determined that 1) the defendant could certainly claim neglect as a defense to the association's suit, but 2) she could not counterclaim damages.
This brings the practice of forcibles for condominium associations one step closer to landlord/tenant law!
In that case, the condominium association filed a complaint in forcible entry and detainer against the defendant based on defendant's failure to pay regular and special assessments for six months. The defendant did not deny that she had not paid assessments. Rather, she claimed she did not owe assessments because the condominium association had failed to maintain the roof and the brickwork above her unit, causing damage to her unit and its contents. Further, she claimed that the condominum association had ordered her bathroom to be partially "destroyed", believing that it was causing a leak in a neighboring unit. When the plumber determined the leak did not originate in her unit, the association repaired the bathroom, except for the toilet, which was inoperable. Based on these items, the defendant claimed that the association's claim should be estopped, and she should be reimbursed for the various repair expenses she had incurred as a result of the association's failure to maintain the property.
Based on an analogy to landlord/tenant law, the court determined that 1) the defendant could certainly claim neglect as a defense to the association's suit, but 2) she could not counterclaim damages.
This brings the practice of forcibles for condominium associations one step closer to landlord/tenant law!
Thursday, December 6, 2012
Are you getting the short sale incentives you should?
When you apply for a short sale, you have to submit a LOT of paperwork. It's a time-consuming process. And if you fail to respond to the bank quickly, well, they just close out your file and you get the privilege of applying all over again. It's not a fun road, but it's traveled all too often these days.
If they're going to put you through all that, make sure at the end you get what you deserve! There are a number of incentives out there to encourage short sales. For example:
1. If you are a seller who qualifies for a short sale under the Home Affordable Foreclosure Alternatives program (HAFA), you could receive up to $3,000 in relocation costs.
2. Larger banks are offering their own incentives to sellers. Bank of America, Chase and Citibank often offer some relocation assistance as well, even if the loan does not qualify under HAFA.
3. If you qualify under HAFA, the bank is required to respond within 30 days after they receive your offer, and render a decision within 60 days (assuming, of course, that the required paperwork is turned in). In theory this is a great benefit to sellers, making their homes competitive with the homes of people who are not in a short sale situation. In other words, potential buyers who need to move quickly may be willing to consider a short sale if they know they will have a decision in 60 days. In practice, however, I have not seen banks meet these deadlines with any regularity.
HAFA also offers $1500 to the servicer bank if the short sale gets done, and up to $8,500 to secondary lienholders.
If you are involved in a short sale, make sure you get what you deserve!
If they're going to put you through all that, make sure at the end you get what you deserve! There are a number of incentives out there to encourage short sales. For example:
1. If you are a seller who qualifies for a short sale under the Home Affordable Foreclosure Alternatives program (HAFA), you could receive up to $3,000 in relocation costs.
2. Larger banks are offering their own incentives to sellers. Bank of America, Chase and Citibank often offer some relocation assistance as well, even if the loan does not qualify under HAFA.
3. If you qualify under HAFA, the bank is required to respond within 30 days after they receive your offer, and render a decision within 60 days (assuming, of course, that the required paperwork is turned in). In theory this is a great benefit to sellers, making their homes competitive with the homes of people who are not in a short sale situation. In other words, potential buyers who need to move quickly may be willing to consider a short sale if they know they will have a decision in 60 days. In practice, however, I have not seen banks meet these deadlines with any regularity.
HAFA also offers $1500 to the servicer bank if the short sale gets done, and up to $8,500 to secondary lienholders.
If you are involved in a short sale, make sure you get what you deserve!
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