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Linda Said:

will our lender start foreclosure if we are in the midst of trying to obtain loan modification?

We Answered:

Truly, only Wells Fargo can answer this question. Part of the problem with the big banks is that none of their departments talk to each other. Even though you are trying for a loan mod, the department that initiates foreclosures won't know that and will likely move forward if it's reached that point. The most important thing you can do at this point is constant communication with them. Call them and let them know you can't make the payment and you are working on a loan mod, have them note your file in the computer system. This may or may not help. When they call you or send you letter, DO NOT ignore them. Always take their calls and respond to their correspondence, even if it's just to tell them you don't have the money and remind them of your loan mod application. Keeping constant touch with them will help.

How far behind are you now? Is this the first payment your are missing? If it's the first payment, I wouldn't worry too much about foreclosure proceedings yet, but if you are greater than 90 days behind, then you should definitely be more aggressive with your contact.

Best of luck with your modification application!

Alex Said:

Where can I take this couse a real estate class in Illinois?

We Answered:

Any course must be approved by the state or it will not count towards licensing. SO it is best to check with the state first.

I don't know about Illinois but Oregon has a state website that gives the contact information for the real estate agency. You can call them and get sent a list of approved locations.

Lawrence Said:

How much down payment for stated income loan in Illinois?

We Answered:

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Elizabeth Said:

Did the 'sweetheart' home loans libs got have any influence in their vote to give mortgage lenders your money?

We Answered:

Negotiating lower interest rates is part of the 'game' when getting a mortgage. And most people are pretty poor at it, meaning that the average rate is a lot higher than what banks are often willing to offer. If Barack Obama weren't good enough at it to get a 'below-average' rate, particularly on a mortgage of that *size* (a bank would bend over backwards to keep that mortgage) then it would reflect poorly on his competence generally. A 0.315% variation from the average is certainly within the standard of deviation, and isn't even close to supporting allegations of corruption.

Penny Said:

change mortgage broker agent?. illinois, usa?

We Answered:

Once you find a home and an offer has been accepted you should be able to take possession in about 30 days. If the agent you are using now is trying to sell you a home he has listed then he is the sellers agent. If you have a buyers agent agreement signed with him then he would fall under a dual agent agreement if you purchase a home he has listed, and he would need to disclose this to you. If you have a friend that is an agent then why didn't you use him to begin with? If he shows you a home to buy that he has listed then you fall under the same situation as the agent you are using now. The honorable thing to do is work with the one that has been working with you and has been showing you home already. If the home you like doesn't have his sign in the yard then in most cases he isn't working for the seller only the buyer. If you use your friend to purchase a home the other person shown you then you could cause a problem between the agents. There is a term used called procuring agent. Ask you friend and he will explain. If you need more info feel free to contact me.

Mary Said:

Can I start living at the property (Illinois lake County) if tenant received 30 days and didnt move out?

We Answered:

Absolutely not. Any action that you take, other than eviction will cost you dearly. Other major NO NO's.....turning off the water, removing doors, or general harassment. Tenants have the implied right to "quiet enjoyment" and by you making a tenant's life hard to live could result in a very expensive lesson for you.