Rogers Park as of June's end, 2009, is a very slow real estate market. Prices overall have been steady, having dropped maybe 10-15%. Las Vegas, Orland, Phoenix are all down 50%. We have had it good on the Chicago north side, in most areas. It is a building by building market as you well know. But long term demand and a better economy will bring area prices back. If a building has its own negative profile, the owners should work to improve that. Your long term value is involved. It looks like a hassle, but get educated from Lakeside Community Development Corp or Rogers Park Community Council. They have condo building training. If you had house and the lawn was disgusting, you would fix it. Same with a condo, you need an association, so the next buyer wants to live there. This over-pricing was the result of banking scams. But at least you are in a lakefront area with good future prospects. Just hand in there by reducing your mortgage costs.

Hi Val,

Nobody can tell you exactly what to do without knowing all the details about your specific financial situation but here's a link to some additional info that you can review and hopefully you'll find useful.

http://www.kendooley.com/loan-modification/

Loan Modifications:

If you can no longer afford to make your monthly loan payments, either because your interest rate has increased or you have less income or you are experiencing a hardship that has increased your expenses (like medical bills), you may qualify for a loan modification to make your monthly mortgage payment more affordable. Millions of borrowers who are current, but having difficulty making their payments and borrowers who have already missed one or more payments may be eligible.

Features of the MakingHomeAffordable website :

* Extensive information about the Administration's Making Home Affordable plan
* Self assessment tools to allow borrowers to determine if they are eligible for the program
* A calculator feature that allows homeowners to estimate the reduction to their monthly mortgage payment that they might stand to realize under the plan
* Resources to find free, HUD-approved counseling services for borrowers who have additional questions
* A handy checklist to ensure homeowners collect all the documents they need before calling their servicers

Best of Luck.

Ken Dooley

Please read my blog about the home affordible refinance program. http://www.trulia.com/blog/david_cruickshank/2009/03/home_af…

Here's the deal! Guidlines have been posted by Fannie and Freddie and lenders will be rolling out the programs in April. Not all lenders will be involved but I have four that will most definatly be offering the program. I am collecting applictaions now so that when the programs roll out I can put people in front of these lenders. You can switch lenders like a normal refinance. You do not need to stay with countrywide. This way you will have access to more lenders and better rates.

Lenders have not issued any guidelines on how they will appriase the home yet but I should know by the beginning to middle of April. Please let me know if I can help you. There is no obligation or commitment for me to assess your situation.

David Cruickshank
Ardain Mortgage Corp
847-354-5455