I am a Real Estate Broker, Chicago Short Sale Realtor, Expert Who Specializes In Chicago Short Sale Homes, Illinois Short Sale, Short Sales in Chicago, Chicago Suburbs, Chicago Real Estate Property, Residential Real Estate, Purchasing Real Estate, Refinancing, Foreclosure (Stop and Avoid Foreclosure) and more.
Serving in Cook, DuPage, Lake, Will, Kane, Kendall and McHenry Counties in Illinois.
On June 30 Congress passed an extension of the Homebuyer Tax Credit closing deadline, the Homebuyer Assistance and Improvement Act (H.R. 5623). The extension applies only to transactions that have ratified contracts in place as of April 30, 2010 that have not yet closed. The new closing deadline for eligible transactions is September 30, 2010.
Don't Lose Your Home to Foreclosure. As a Licensed Real Estate Broker, Certified Loan Originator, Certified Distressed Property Expert, Short Sale Specialist, I Can Help You!
FORECLOSURE VS. SHORT SALE
Current or Future Employment Foreclosure; Employers have the right and are actively checking the credit regularly of all employees who are in sensitive positions. A foreclosure in many cases is ground for immediate reassignment or termination. Many employers are requiring credit checks on all job applicants. A foreclosure is one of the most detrimental credit items an applicant can have and in most cases will challenge employment.
Short sale: A short sale is not reported on a credit report and is therefore not a challenge to employment.
Deficiency Judgment Foreclosure: In 100% of foreclosure (except in those states where there is no deficiency) the bank has the right to pursue a deficiency judgment.
Short sale: In some successful short sales it is possible to convince the lender to give up the right to pursue a deficiency judgment against the homeowner.
Deficiency Judgment (amount) Foreclosure: In a foreclosure the home will have to go through an REO process if it does not sell at auction. In most cases this will result in a lower sales price and longer time to sell in a declining market. This will result in a higher possible deficiency judgment.
Short sale: In a property managed short sale the home is sold at a price that should be close to market value and in almost all cases will be better than an REO sale resulting in a lower deficiency.
Future Loan with any Mortgage Company Foreclosure: On any future 1003 application, a prospective borrower will have to answer YES to question C in Section 7 of the standard 1003 that asks "Have you had property foreclosed upon or given title or deed in lieu thereof in the last 7 years?" this will affect future rates.
Short sale: There is no similar declaration or question regarding a short sale.
Credit Score Foreclosure: Your score may be lowered anywhere from 250 to over 300 points, typically affecting your score for over 3 years.
Successful short sale: Only late payments on mortgage will show and after sale mortgage will be reported as paid or negotiated. This will lower the score as little as 50 points if all other payments are being made. A short sale's effect can be a brief as 12 to 18 months.
Credit History Foreclosure: Foreclosure will remain as a public record on a person's credit history for 10 years or more.
Successful short sale is not reported on credit history. There is no specific reporting item for 'short sale'. The loan is typically reported 'paid in full, settled, paid as agreed'.
Other things to know about short sales: - The short sales procedure can and does vary from lender to lender. - Seller will not receive any excess funds. - Seller may not remain in the property after the sale even with permission of the new owner. - Seller will not receive a refund of any escrow accounts. - Seller may be asked to sign a note for the deficiency at closing. - There can be no substitution or assignment by buyer. - Even though a short sale is pending, the lender can still foreclose on the property - Buyers must be patient because the short sale process can take several months.
REO - definition of REO - Real Estate Owned. Property which is in the possession of a lender as a result of foreclosure or forfeiture. Foreclosure - definition of foreclosure - The legal process by which an owner's right to a property is terminated, usually due to default. Definition: BPOs are often associated with foreclosures and short sales. A BPO, or broker price opinion, is a broker's opinion of the value of a property in the current market.
The Home Affordable Foreclosure Alternatives (HAFA) Program provides additional options to avoid costly foreclosures and offers incentives to borrowers, servicers and investors who utilize a short sale or deed-in-lieu (DIL) to avoid foreclosures. HAFA alternatives are available to all HAMP-eligible borrowers who: 1) do not qualify for a Trial Period Plan; 2) do not successfully complete a Trial Period Plan; 3) miss at least two consecutive payment during a HAMP modification; or, 4) request a short sale or deed-in-lieu.
Make sure a qualified real estate professional is representing you! A short sale is not a regular transaction, and hiring an inexperienced Realtor you are risking foreclosure. Do not make this mistake.
There is no cost for professional representation!The lender covers the costs of the real estate commission.
Do not hesitate to call me for free serviceand for more information, or if you have any questions about listing and selling your short sale property for free! I don't charge any fees for short sale listing and service! In a successful short sale your bank pays for the realtor commission, attorney fees, title company fee, and any other closing costs. Simply list and sell your short sale property for free!
But I'm not only a short sale specialist. I also work as a listing real estate agent and Realtor who works with many types of transactions. So don't hesitate to call me for any questions you have.
Are you buying or selling a loft? a condo? a rural property? raw land? an investment property? short sale? pre foreclosures? foreclosure? Perhaps cost is your main concern or timing. Whatever you decide, please contact Regina at (773) 520-1522 - Chicago Top Agent, Broker. http://www.Regina.IllinoisProperty.com Professional real estate services for buyers and sellers.
VIEW MY LISTINGS Here are some great properties that I would like to bring to your attention. Please see these select homes offered by me for sale.
Looking for MLS & Short Sale Listings?
Start Search for properties Find the perfect home for you! A variety of search types allow you to choose detailed advanced criteria!
Free property search engine brought to you by real estate agent Regina Zak Tomas By signing up with the Property Research Center, you have access to features that will help you find and organize the listings that best fit your needs.
Bank Foreclosed Properties. A HUD home is a 1 to 4 unit residential property acquired by HUD as a result of a foreclosure action on an FHA-insured mortgage. Foreclosure Listings IRS Tax Auction Free credit report This site allows you to request a free credit file disclosure, commonly called a credit report, once every 12 months from each of the nationwide consumer credit reporting companies: Equifax, Experian and TransUnion.
"My husband and I can not say enough about how wonderful it was to work with Regina. She was so very patient with us, being new home buyers, and walked us through every step of the buying process, from pre- approval to inspection to purchase. We always knew that she was in our corner, trying to get us the most for our money. We would highly recommend her to anyone looking for a trustworthy, patient, and reliable agent. Dayna, http://www.daynamalow.com/ "
My name i Regina Zak Tomas. I am a Licensed Real Estate Broker with 20 years of experience, Certified Loan Originator, Certified Distressed Property Expert - Short Sale Specialist. A full time agent since 1990, I know the Chicagoland area well and have a wide knowledge of Northern Illinois. A large part of my business is based on referrals, from many satisfied past clients. As your real estate agent, I will work hard for you, and only you, whether you are buying or selling, regular sale or short sales. I take your home purchase very seriously and will not let you down. I am available anytime to my clients by phone, email, or in person, 7 days a week, including holidays. Don't hesitate to give me a call or email me for any information you might need for your real estate.
In Real Estate, a Short Sale - What is it?
A Short Sale is when a lender agrees to receive less than the original amount owed on the property, via negotiations, to be able to release the lien. The Short Sale Process The first step is to find out if a short sale is an available option for you.
Then the property is put into the market, and the Hardship Package is given to the lender.
When an offer is received it is submitted to the lender. If the lender approves the offer, the file moves to closing
The Seller's Benefits, The Buyer's Benefits The homeowner can eliminate their mortgage debts without financing repairs for the purpose of the selling the property
The lender pays for commissions and closing costs.
The seller's credit report is not negatively affected by a foreclosure
Bankruptcy can be prevented.
The homeowner can stay on the property until the procedure is finished.
Buyers can buy property that has a below-market price. Also, the short sale properties are usually in better shape than foreclosure properties (don't need as many repairs).
Work with a Real Estate Agent, Broker A short sale has the potential to become very complicated. Lenders prefer to deal with a realtor instead of with the buyer. As a real estate agent, I am very persistent and patient with the short sale, using my abundant amount of experience to make the process as smooth as possible.
There is no cost for professional representation! The lender covers the costs of the real estate commission. Make sure a qualified real estate professional is representing you!
If you're considering buying or selling a home, selecting a real estate agent is the first important decision you will have to make. While there are many qualified real estate agents out there, it's important to decide on a professional who will understand your needs and individual preferences, someone who you can respect and trust. Nearly four out of five homebuyers and sellers enlist in the help of a real estate professional or broker.Whether you're looking to buy a new home or sell the one you're in, choosing a professional who best fits your needs is vital. Selecting a Real Estate Agent
DON'T LOSE YOUR HOME TO FORECLOSURE, Avoid Foreclosure! I CAN HELP YOU! As a Licensed Real Estate Broker with 20 years of experience Certified Distressed Property Expert Certified Loan Originator
I can give you the expertise necessary to save your credit, relieve the uncertainty and most of all, help your family. Don't Wait Until It's Too Late!
Contact me, Regina Zak Tomas, and let's get started towards the path of recovery.773-520-1522
WHY IS IT WORTH IT TO WORK WITH ME? I have 20 years of experience working full time as a Real Estate Broker.
I am a Licensed Real Estate Broker, Certified Loan Originator, Certified Distressed Property Expert.
I work with the best law firms in area.
I finished Law School at the University of Warsaw, which enhanced my negotiation skills with the law firms, and real estate agents, and results in successful transactions.
I am available any time, almost 24/7.
I know that the online marketing is key to real estate success. You can see my website on many front pages like Google, Yahoo, etc. In addition, I advertise listings in various websites like Craigslist, Oodle, HotPads, Zillow, Backpage, Vast, etc. I am the Top Agent Broker, with many satisfied clients!
Why not list with me? My Website is on the front of many sites, including: Top Agent America's Most Popular Realtors Online www.TopAgents.biz, Lender Lister Top Sites www.LenderLister.com/topsites/, Why not to work with the best?
I do not use other agents, teams, or assistants. Each of my clients is treated personally and with professional care, which combined with my 20 years of experience and collected certificates, causes former clients to eagerly return to me for business and to recommend me to their friends.
In a short sale, your lender takes the loss, on the upside, a short sale is far less destructive to your credit rating than a foreclosure, Deed-in-lieu may be your fastest way outbut,on the downside, if the lender eventually sells the home for a price that doesn't pay off the original mortgage amount, he can get a deficiency judgment and try to collect it from you. There are several downfalls to a deed in lieu.As with short sales, you probably cannot get a deed in lieu if you have second or third mortgages, home equity loans, or tax liens against your property. In addition, getting a lender to accept a deed in lieu of foreclosure is difficult these days. Many lenders want cash, not real estate -- especially if they own hundreds of other foreclosed properties.
What is Cancellation of Debt? If you borrow money from a commercial lender and the lender later cancels or forgives the debt, you may have to include the cancelled amount in income for tax purposes, depending on the circumstances. When you borrowed the money you were not required to include the loan proceeds in income because you had an obligation to repay the lender. When that obligation is subsequently forgiven, the amount you received as loan proceeds is normally reportable as income because you no longer have an obligation to repay the lender. The lender is usually required to report the amount of the canceled debt to you and the IRS on a Form 1099-C, Cancellation of Debt.
Seller Deficit and Mortgage Debt Relief Act of 2007 has been extended to 2012. To qualify for the tax exclusion of up to $2 million of debt forgiven or canceled by a mortgage lender on primary residences, the mortgage proceeds must have been used to buy, build, or make substantial improvements on the property. Both mortgage restructuring and foreclosure qualify.
"Regina was very helpful through the whole home buying process. As first time home buyers, we had many questions about the whole process. She offered great advice in selecting a home, ranging from repair and maintenance considerations to the closing process. We had some special considerations in selecting a home, and Regina worked tirelessly to find us exactly what we needed. We saw many homes before we found one that worked for us. She regularly researched new listings for us: we were the first to see the home we ultimately purchased, we saw it the first day it was on the market! We love our new house, and we are so thankful to have worked with a great agent like Regina! Scott Burns. http://www.scottburnsjazz.com/"
Illinois Short Sales, Chicago Short Sale Homes, Short Sale Specialist and Pre Foreclosure Expert, Chicago Real Estate Agent, Broker REGINA ZAK TOMAS
Serving in Cook, DuPage, Lake, Will, Kane, Kendall and McHenry Counties in Illinois. 
