RRG Home Buyer Seminar

Roman Realty Group will be hosting a Home Buyer Seminar this year. Our goal is to educate the community on the home buying process from start to finish. I spoke to loan officer Demond Johnson from Guaranteed Rate regarding the new FHA changes & I would like to share with you what he said: ‘Emelin, there’s a significant and welcomed change coming to FHA in a few days.  The monthly mortgage insurance premium is dropping from 1.35% to 0.85%.  This will lower FHA mortgage payments for both new buyers and those who refinance.  The change is happening January 26. FHA 30yr fixed rate on purchases is down to 3.25%.  FHA Streamline Refinances are down to 3.375%.  A homeowner with an existing FHA loan can refinance without having to order a new appraisal.’ Imagine all this knowledge housed in one location, how exciting!!!

I filed bankruptcy (Chapter 7) in 2005 and this year it finally comes off my credit report!! I have worked extremely hard to rebuild my credit. I remember the 1st car I financed after the bankruptcy had an interest rate of 29.9% I paid that baby off ($36,000.00 in interest ONLY) the 2nd car I was able to finance was a Lexus IS250 with a 2.9% interest rate. My current credit score is a 795 with a bankruptcy on record. I wanted to share my story with you to show you that all things are possible. Whatever you are going through do not lose hope you can buy a home and you can rebuild yourself. Do not get discouraged we are here to help you. Our goal is to have our 1st buyer seminar in April 2015. We would like to have a team of experts available to speak to you in areas such as: credit repair, financing, insurance, taxes, construction and of course real estate. Please let us know if you would be interested in attending so that we can start putting this event together. Thank you for your time we look forward to meeting everyone.

Emelin Brown

HUD Announces New FHA Loan Limits to Take Effect January 1st!

The Department of Housing and Urban Development (HUD) has announced that it will implement new FHA single-family loan limits on Jan. 1, 2014, as specified by the Housing and Economic Recovery Act of 2008. The conforming loan amount has been reduced from $417,000 to $365,700 for Chicago and the collar counties. In Rockford, the conforming loan amount will be $339,250. HUD believes implementing lower loan limits is “an important and appropriate step as private capital returns to portions of the market and enables FHA to concentrate on those borrowers that are still underserved.”

Real Estate Agent Needed

Who We Are

Based in Chicago’s Wicker Park, we are a small boutique Real Estate office that is devoted to helping our clients achieve their dreams. We provide the most professional, informative, loyal, and dedicated service in the industry throughout the Chicago-land area & its surrounding suburbs.

As a Roman Realty agent, you are an independent contractor who will be scouting and bidding in the Cook County Foreclosure Auctions.

Who You Are
• Hustler: You’re EXCITED to make money and you come to work fired up & ready to go.
• Ethical: You ALWAYS do the right thing.
• Tech-savvy: You LOVE technology. We want you addicted to email, social media, and your smart phone!!
• Local knowledge: You KNOW the Cook County market like the back of your hand.

What You’ll Need
• A reliable mode of transportation
• A real estate license and willingness to join local MLS
• A smart phone, a laptop, and a GPS

Please email or fax your resume to emelin@romanrealty.com or 773.304.1946.

Governor Quinn Signs Fast-Track Foreclosure Bill into Law

Governor Quinn signed into law a measure that is expected to shorten the foreclosure timeline on abandoned properties, raise fees paid by foreclosing lenders and provide counseling to homeowners. This law will help restore neighborhoods and property values by shortening the foreclosure process to a few months, down from what now takes nearly two years. Single family homes and multi units that are not legally occupied will be eligible for an expedited foreclosure process that could be completed in as little as 90 days! The previous IL law dragged on the foreclosure for almost two years which allowed the abandoned vacant homes to become bases for crime and not to mention the damage vacant homes do to local property values. This law addresses the problems of abandoned properties that communities face and it will also help the investors who purchase vacant homes get possession of these homes faster and hopefully with a lot less damage. This new law will also help working families who are at risk of foreclosure from losing their homes by directing filing fees paid by mortgage-issuers into two funds maintained by the IHDA: the Foreclosur

e Prevention Program Fund, and the Abandoned Property Municipality Relief Program. Through the end of 2017, banks and other lending institutions will pay fees on a sliding scale depending on how many foreclosures they file each year. An institution that files more than 175 foreclosures will pay $500 per foreclosure, while one with between 50 and 175 will pay $250 per foreclosure, and those with less than 50 foreclosures a year will  pay $50 per filing. The law is expected to generate more than $120 million over the next three years. These lender fees mentioned above are expected to provide an estimated $28 million annually to local governments to maintain and secure abandoned residential properties to get them back into productive use. It will also provide an estimated $13 million annually for housing counseling assistance, which will help provide support to an additional 18,000 households struggling to keep their homes. This law takes effect June 1.

New Foreclosures Rules

Two new rules were announced that if implemented would make the Real Estate market work better for America’s homeowners. The Consumer Financial Protection Bureau (CFPB) plans to prohibit mortgage servicers from beginning foreclosure proceedings unless a homeowner is 120 days behind on payments. At the same time they would restrict dual-tracking or moving ahead with foreclosure while the owner is pursuing a loan modification.

In my years of foreclosure experience I have and continue to run into a lot of homeowners who have been the victim of mortgage servicers proceeding with the foreclosure even though they are working hard to do a loan modifica

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tion.  The homeowners are shocked to know that their home has gone to sale because some have been trying to work out a loan modification; some even have the paperwork to show that they were trying to work with the bank! It breaks my heart, as an investor, seeing this happen to any homeowner. It’s a struggle between wondering if what the homeowner is saying is true and having just laid out a lot of cash that might end up sitting there should the homeowner decide to takes their frustration out on you.  Needless to say, I am glad to hear about these two new issued rules. These rules will help give foreclosures more structure for all parties involved.

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