Local Economy Information for Vernon Hills, Gurnee and Grayslake, Illinois Provided by The Kite Team

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Welcome > > Owe More Than You Own?

If you owe more than your home is now worth and/or you are having trouble paying your mortgage, don't wait until you miss a payment and risk foreclosure. There are possible solutions for you.

One solution is to refinance to safe FHA financing. This new refinancing option is through the FHASecure program. This program’s goal is to offer borrowers unprecendented foreclosure prevention. This refinancing option is available to borrowers who meet the five following criteria:

- a history of on-time mortgage payments (before teaser rates expired and loan rest)
- a sustained history of employment
- proof of sufficient income to make the new mortgage payments
- interest rates that have or will reset between June 2005 and December 2009
- has at least three percent cash or equity in the home

Another possible solution is a short sale. In a short sale the lender agrees to receive less than the amount owed in exchange for the sale of the property. A short sale has advantages over a foreclosure to both you and your lender in the following ways:

1.) It may not impact your credit
2.) It tends to cost less to your lender
3.) It doesn't take as long to process
4.) It is not as emotionally stressful

If you think a short sale might be the solution for you, visit my Short Sale Resource page for more information. If neither of these solutions will work for you and you think you will enter foreclosure be sure to review my Foreclosure Special Report.

Contact me today! I can help you find the right solution for you and your family.

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Titles >Do You Really Need Title Insurance

When a home is purchased, title insurance is one of the closing cost items on the closing statement. This insurance protects the buyer from defects in the title that are not discovered until after the closing. There are two kinds of title insurance--coverage that protects the lender for the balance of the mortgage if the buyers have a loan, and coverage that protects the buyers' equity in the property.

It is prudent to purchase owners' coverage because most of the title problems that arise after a closing are not from a sloppy title search, but are the result of inaccurate information in the public records. The ownership chain goes back a long way, and fraud or misrepresentation anywhere in the chain could mean big problems. Title insurance will protect you if a wife or husband did not properly sign off on the ownership papers or if the property was sold as part of an estate that was later disputed. Most people do not have to deal with the title insurance company after the closing, but this coverage could save your investment if a problem arises.

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Q	What island in the St. Lawrence River was given away on a television game show in 1964?
A	Price is Right Island was given away by Bill Cullen on "The Price is Right."
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The Kite Team, REALTOR®, real estate agents and broker for Vernon Hills, Gurnee and Grayslake, Illinois home listings, property and land for sale - NUMBER1EXPERT(tm)

The Kite Team
Keller Williams Premier Realty
410 Peterson Rd.
Libertyville, IL. 60048
Phone: 847-877-9881
Email: Amy@AmyKite.com
Founder of the Kite Team of Keller Williams, Amy Kite specializes in the real estate needs of first-time home buyers, retirees, seniors and military personnel. Areas of expertise include foreclosure prevention, short-sales, new construction, and investment property. For the past three years, Amy has netted 98.7% for her clients of their asking price. For 2007, Amy has netted 99.5% for her sellers of their asking price and her buyers have paid on average 92% of the asking price. Amy Kite is a Top Expert in Lake County area real estate. Amy holds designations in the following: CRS, ABR, e-Pro, SRES, CNHS (Certified New Home Specialist), and CDPE (Certified Distressed Property Expert).

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