Help is on the way for many homeowners who are facing foreclosure, thanks to new details under the Making Home Affordable Program announced today by the U.S. Treasury and the U.S. Department of Housing and Urban Development.
On May 14, 2009, the Obama Administration announced its Foreclosure Alternatives Program (FAP) providing incentives and uniform procedures for short sales and deeds-in-lieu of foreclosure under the Making Home Affordable Program.
Eligible borrowers are those who meet minimum requirements under the Home Affordable Modification Program but do not qualify for a modification or do not maintain payments under a modified loan. Under FAP, servicers, borrowers (homeowners losing their homes), and second lien holders may qualify for incentive payments. Other program features include standardized documentation, valuation based on either appraisals or broker price opinions (BPOs), timelines, and limits on commission reductions. The program terminates at the end of 2012.
Short sales occur when a bank agrees to let homeowners who have fallen behind on their mortgage to sell their home for less than they owe on their mortgage. Visit www.treasury.gov for detailed information on the program changes.
The Making Home Affordable Program is designed to help homeowners obtain modifications to their loan so they can afford to stay in their home. Where a modification is not possible, new incentives encourage the “quick private sale or voluntary transfer of property, which will save homeowners money and protect their financial future,” according to U.S. Treasury Secretary Timothy Geithner. FAP fact sheet.
Today’s Closed Properties
314 Callan #1E – Evanston – $79,000 (foreclosure)
1748 Grey – Evanston – $142,000 (foreclosure)
1506 Greenwood – Evanston – $185,000
2141 Ridge #2C – Evanston – $200,500
1230 Western #208 – Lake Forest – $215,000
1717 Greenwood – Evanston – $203,580 (foreclosure)
512 Lee #2S – Evanston – $280,000
900 Chicago #311 – Evanston – $300,000
9243 Crawford – Evanston – $315,000
332 Skokie Valley – Highland Park – $320,000
920 Madison – Evanston – $415,000 (short sale)
2201 Forestview – Evanston – $565,000
226 Aspen – Highland Park – $640,000 (short sale)
3211 Wilmette – Wilmette – $656,000
315 Weatherford – Lake Bluff – $703,000
385 Deere Park – Highland Park – $775,000
Contract Pending – (list price=LP)
1111 Darrow – Evanston – $64,900 LP
2106 Keeney – Evanston – $109,900 LP
1426 Fowler – Evanston – $134,900 LP
1101 Green Bay – Highland Park – $180,000 LP
209 Dodge – Evanston – $229,900 LP
800 Elgin #713 – Evanston – $249,900 LP
929 Elmwood – Evanston – $465,000 LP
1601 Seward – Evanston – $495,000 LP
1107 Tower – Winnetka – $549,000 LP
510 Beverly – Lake Forest – $775,000 LP
1291 Estate – Lake Forest – $$895,000 LP
1491 Asbury – Winnetka – $999,990 LP
708 Apple Tree – Glencoe – $1,000,000 LP
1426 Asbury – Winnetka – $1,395,000 LP
2744 Sheridan – Highland Park – $1,750,000 LP
1025 Eastwood – Glencoe – $2,599,000 LP
327 Leicester – Kenilworth – $2,795,000 LP
Based on information from Midwest Real Estate Data for the period May 19, 2009 through May 23, 2009. Listing and solds by various Participants of MRED
For more real estate information, please call me at 847-512-2724 or email me at TPareti@rubloff.com
Filed under: News, Sellers Tagged: | evanston closed properties, evanston properties under contract, evanston real estate, Evanston short sales, Foreclosure Alternatives Program, Making Home Affordable Program, tim pareti
