Category Archives: Uncategorized

Buying a FNMA foreclosure gets a little more expensive

If you buy a FNMA foreclosure, watch out for the fine print. ┬áThere’s a new paragraph recently added to the infamous foreclosure rider that could cost you some money. I’ve written before about how FNMA buys are quirky and about what to watch for when buying one. Starting in December 2012, the FNMA foreclosure rider…

Strategic Default in Illinois: Q&A

One client had no problem deciding to strategically default on his Chicago condo due to a triple-witching hour of crime, an abandoned condo complex and a declining market that left the unit worth one-third what he originally paid. For most people, though, the decision to walk away from a property is not easy. Here are…

Long term occupant exemption

Many Cook County homeowners received a long term occupant exemption application in the mail from the Cook County Assessor. If you have lived in your house for more than 10 years, and your income is under a certain level, the increase in the assessment level of your real estate taxes will be limited to either…

Illinois Security Deposit Hassles

I just finished a rather bitter case involving a security deposit. The rules on security deposits are as follows: 1. If the property is in a complex of 5 or more units (this does not mean that the landlord has to own all 5 units, but that the complex has 5 or more units); then,…