This is really a legal question and I would strongly recommend you consult with an attorney. However, if you are talking about getting paid TWICE then, in my lay opinion, the answer is no. The bank is entitled to be made whole, paid in full, but they are not entitled to receive anything more than that. Just double check that answer with an attorney, please!
You can personally check out the Illinois School Report card for District 118 of which Port Barrington is part of. Schools in Wauconda and Island Lake are utilized by children in all Port Barrington communities.... more
PMI does not cover the owner of the property. It only insures the lender for the portion of the loan that exceeded 80 percent of the value of the property on the date you obtained the loan. If you fail to make your payments or walk away from the loan and never pay it back or if you sell the home for less than the value of the mortgage, the lender has insurance on that portion of the loan.
When you failed to make your payments your lender probably filed a claim with the PMI company. The PMI company may pay off that claim with your lender and the lender may then sell the loan to a new lender.
That new lender then has the right to collect from you the full amount owed under the loan. In some cases, if the PMI company paid off the claim, the PMI company could come after you for the repayment of the amount paid to the first lender for the PMI claim.
There are some exceptions in which the homeowner might not have to pay the full amount of the loan back to the lender. One of these exceptions is when the borrower files bankruptcy and all or part of the loan debt is released. Every situation is different and I advise that you ask questions to all parties involved to get a complete understanding that is specific to your situation. I hope this helped. Good luck to you.... more
You must be looking at a foreclosure. With foreclosures, the bank does not provide a survey or the disclosures that normally are available or provided with a regular transaction. Also, if there are any city ordinances or repair requirements and or any escrows such as unpaid taxes due the buyer, the bank will not pay for them. The buyer will have to take the property subject to paying or waving these fees due or due to the buyer.... more
I serve as an alternate member of the Lake County Board of Review and while I cannot speak for them, I can tell you how we handled those issues this past year. The Township Assessors are all independent and establish thier own policies for dealing with short sales and foreclosures but, if appealed to the Board of Review (a simple process), assessed values were consistently adjusted to any "arms length" sale price with in the last year or so even if the transaction was a short sale or the property had been foreclosed. We checked on whether or not the property had been advertised for sale. Other counties may not take that position at this time and these policies are evolving and changing on a regular basis. I hope that helps.... more
This property is already listed with a realtor in the MLS so all negotiations have to take place wi your realtor and the listing agent. Do you have an agent representing you? There is no charge for the buyers to have an agent. Please contact me directly at Kathy.Diegel@cbexchange.com
Once the title is transferred officially to the bank they decide how they are going to market it. Most of these homes are listed through a professional real estate company and appear on MLS. All offers would be handled through the listing agent that presents offers to the owner (lender) and helps negotiate the deal. You can not negotiate or submit offers to the bank if the property is marketed by real estate company.
You as a buyer are entitled to FREE support from professional buyer's agent.
If you need an experienced realtor that will help you search the current inventory, advise on the suggested offer, prequalify you for a mortgage if needed, and help negotiate the deal - please contact me. I will be glad to help you with your purchase.
RealtorÂ®, Sr. Loan Officer
Express Real Estate Group, Inc.
847 630 6843
It is yours until title transfers. Keep the insurance and you can reduce your utilities by winterizing the home and then you'd need electric only for the sump pump.. Your attorney should have advised you of your potential liabilities until the home transfers.... more
Do you know anyone who is a Real Estate Agent? If you do contact them and find out who they know that lists and sells foreclosed homes. If you don't know anyone in the business, contact local Real Estate Offices and try to find out if anyone in the office lists and sells foreclosures. Then ask them to contact you if they need your service.... more