I just received this in the mail from my lender:
Dear Borrower:
Select Portfolio Servicing, Inc. (SPS), as a servicer for your loan, has reviewed your account for the Obama Administration's Home Affordable Modification Program (HAMP). We regret that we are unable to qualify you for HAMP based on the information you provided to us. The reason you do not qualify is that you did not pass the U.S. Treasury Department's Net Present Value (NPV) test. The NPV test determined that the amount realized by sale of your property following foreclosure exceeds the amount that would be obtained through a modification of your mortgage.
Words absolutely fail me at this time.
I very well could be looking at foreclosure in the next few months.
Developing...
Showing posts with label Property Value. Show all posts
Showing posts with label Property Value. Show all posts
Friday, October 09, 2009
Monday, May 12, 2008
Skokie's Come Calling
Yes, the real estate market is in the shitter.
This should come as no surprise to those of you who may have tried to refi or purchase a home in the past 12 months.
Apparently someone forgot to tell the new owners of one of the vintage apartment buildings down the street from me.
I should have known something was up when parking became a little bit easier.
One day the building was full, the next---no one was there.
And then the hammering started.
After a basic search online of county records and the ever reliable Everyblock, I’m relieved to see that the current owners have received the proper permits for the renovations that they’re performing.
There was no way that all of that hammering wasn’t going to attract attention.
Well at least attention from me.
But now the question begs who are the current owners and is the place going to be condoed out?
At first glance, it seems that Astor Properties out of Skokie put the building in a land trust but as we all know, that could be a front for yet another limited liability corporation. I won’t be able to tell you until I take a trip downtown to request copies of the deed and building permits.
But if everything is on the up and up, why haven’t they posted the building permit in a conspicuous place?
Time will tell if this outfit is legit and plans to turn out quality condos or at the very least a quality building.
I’m cautiously optimistic that this renovation will turn out well and add value to our little ‘hood.
I hope that the design of both the interior and exterior stay within the existing standard.
Believe it or not Woodlawn has design standards.
Aside from the people who want to treat our neighborhood like a rubbish bin, I really do live on a pretty block. Most of the 100 plus year old buildings are in reasonably good shape despite years of neglect.
That’s my nice way of saying that I hope the new owner(s) doesn’t paint the brick facade pink and plant huge sunflowers all over the yard.
Don’t laugh, I’ve actually seen that.
Because between you and me it would be nice to see that building’s lawn become a patch of green happiness.
This should come as no surprise to those of you who may have tried to refi or purchase a home in the past 12 months.
Apparently someone forgot to tell the new owners of one of the vintage apartment buildings down the street from me.
I should have known something was up when parking became a little bit easier.
One day the building was full, the next---no one was there.
And then the hammering started.
After a basic search online of county records and the ever reliable Everyblock, I’m relieved to see that the current owners have received the proper permits for the renovations that they’re performing.
There was no way that all of that hammering wasn’t going to attract attention.
Well at least attention from me.
But now the question begs who are the current owners and is the place going to be condoed out?
At first glance, it seems that Astor Properties out of Skokie put the building in a land trust but as we all know, that could be a front for yet another limited liability corporation. I won’t be able to tell you until I take a trip downtown to request copies of the deed and building permits.
But if everything is on the up and up, why haven’t they posted the building permit in a conspicuous place?
Time will tell if this outfit is legit and plans to turn out quality condos or at the very least a quality building.
I’m cautiously optimistic that this renovation will turn out well and add value to our little ‘hood.
I hope that the design of both the interior and exterior stay within the existing standard.
Believe it or not Woodlawn has design standards.
Aside from the people who want to treat our neighborhood like a rubbish bin, I really do live on a pretty block. Most of the 100 plus year old buildings are in reasonably good shape despite years of neglect.
That’s my nice way of saying that I hope the new owner(s) doesn’t paint the brick facade pink and plant huge sunflowers all over the yard.
Don’t laugh, I’ve actually seen that.
Because between you and me it would be nice to see that building’s lawn become a patch of green happiness.
Wednesday, October 31, 2007
Disapearing Acts
Slowly but surely the vacant lots are disapearing in Woodlawn. These newly constructed buildings near the south west corner of 65th Place are the newest entries in the local housing market.
Friday, August 10, 2007
Temperature Gauge
Much is happening in the hoody hoo right now.
It’s real estate-o-rama Woodlawn style.
A unit below me is getting ready to close next week. I can only imagine the (low) price that it’s selling for.
That sound you hear is my property value dropping.
And while I’m on that topic, a building on my block that I thought was a six flat is on the market as well.
Some dumb ass thought it was a good idea to take that beautiful building---which I suspect was built to house people for the Columbia Exposition---and put a bootleg wall up in the middle of the marble foyer and make it into two three flats.
Philistines. Why do these people even exist?
So the western three flat is on the market for $375K.
Note that it’s right next to the a condo “association” that my developer did, but four or five of the units went into foreclosure and have been on the market for almost two years.
Candidly speaking, if I had the money I’d buy a few units myself.
That all being said, there are signs of life that Woodlawn hasn’t given up the ghost real estate wise.
While the Living Green Lofts have yet to break ground, foundations have been poured for what appears to be two new condo developments on the southwest corner of Blackstone and 65th place.
And yes, that head you see peeking from the third floor of the back porches across the street is mine.
65th place and Dorchester seem to be the new building hot spots in my neck of the woods.
Now you can say if you build it they will come, but philosophy and reality are two different things.
I’m interested to see how quickly units will sell.
Moreover, I’ll click my heels if the units sell anywhere near the listing prices.
One word: Equity.
Four more words: I told you so.
I’ve chronicled the ups and downs of my humble existence for almost two years. Despite the drama my neighbors and I have gone through, you’ve never heard me say that Woodlawn wasn’t worth the struggle.
I love where I live. I love my pile of bricks. I love my view and I love the south side.
But don’t confuse my south side love with being a Sox fan.
I have no doubt that all of us will come out on top.
And when we do, whether it takes five years or fifty years, I’ll look like a genius.
In the interim it would be nice if a local dry cleaner would open up to clean a sister’s cashmere sweaters.
So it with some dread and renewed interest that I’m watching the ‘hood around me right now.
While the values may be depressed right now, I honestly believe that they’ll go from zero to sixty and it will take everyone by surprise.
Except for me.
It’s real estate-o-rama Woodlawn style.
A unit below me is getting ready to close next week. I can only imagine the (low) price that it’s selling for.
That sound you hear is my property value dropping.
And while I’m on that topic, a building on my block that I thought was a six flat is on the market as well.
Some dumb ass thought it was a good idea to take that beautiful building---which I suspect was built to house people for the Columbia Exposition---and put a bootleg wall up in the middle of the marble foyer and make it into two three flats.
Philistines. Why do these people even exist?
So the western three flat is on the market for $375K.
Note that it’s right next to the a condo “association” that my developer did, but four or five of the units went into foreclosure and have been on the market for almost two years.
Candidly speaking, if I had the money I’d buy a few units myself.
That all being said, there are signs of life that Woodlawn hasn’t given up the ghost real estate wise.
While the Living Green Lofts have yet to break ground, foundations have been poured for what appears to be two new condo developments on the southwest corner of Blackstone and 65th place.
And yes, that head you see peeking from the third floor of the back porches across the street is mine.
65th place and Dorchester seem to be the new building hot spots in my neck of the woods.
Now you can say if you build it they will come, but philosophy and reality are two different things.
I’m interested to see how quickly units will sell.
Moreover, I’ll click my heels if the units sell anywhere near the listing prices.
One word: Equity.
Four more words: I told you so.
I’ve chronicled the ups and downs of my humble existence for almost two years. Despite the drama my neighbors and I have gone through, you’ve never heard me say that Woodlawn wasn’t worth the struggle.
I love where I live. I love my pile of bricks. I love my view and I love the south side.
But don’t confuse my south side love with being a Sox fan.
I have no doubt that all of us will come out on top.
And when we do, whether it takes five years or fifty years, I’ll look like a genius.
In the interim it would be nice if a local dry cleaner would open up to clean a sister’s cashmere sweaters.
So it with some dread and renewed interest that I’m watching the ‘hood around me right now.
While the values may be depressed right now, I honestly believe that they’ll go from zero to sixty and it will take everyone by surprise.
Except for me.
Wednesday, August 08, 2007
Didn't I Just Say That
Chicago magazine (and frankly anyone with good sense) has also noted the damage done to property values due to foreclosures in "emerging" neighborhoods.
One way to minimize any condo association's risk is to lock it down and make it owner occupied only.
That's not to say that owner occupied units won't wind up in foreclosure, but it's my humble opinion that you'll be a little more motivated to save the roof over your head vs. saving the roof over your tennant's head.
I'm just saying...
One way to minimize any condo association's risk is to lock it down and make it owner occupied only.
That's not to say that owner occupied units won't wind up in foreclosure, but it's my humble opinion that you'll be a little more motivated to save the roof over your head vs. saving the roof over your tennant's head.
I'm just saying...
Friday, May 04, 2007
Bad Sign, Getting Worse
As luck would have it, my refi dreams are down the shitter.
Apparently either due to the foreclosures in the area as well as neighbors who want a quick sale and sell cheaply, the property value in the hoody hoo has dropped over $30,000.
I’m sure inflated appraisals by bootleg appraisers might have had something to do with this as well.
All of these factors have led to a no go on the refi as the loan to value ratios don’t work.
What does this mean for me?
It means that every six months until I can actually refinance my interest rate adjusts upward.
When my rate adjusts in July I may be looking at an additional $300 tacked onto my mortgage payment.
Now as much as that sucks if I work a little bit harder at the second job and stay in one weekend a month, I can make that up with no problem.
The shit hitting the fan comes in January of 2008.
That’s when the rate adjusts again and another $300-$400 gets tacked on to the first rate adjustment.
It’s gonna get ugly real quick like.
But instead of letting this situation control me, I’m exploring some options and will report back when the workable solutions have firmed up.
Until then I have to repay personal debts and batten down the financial hatches.
It’s gonna be a bumpy ride.
Apparently either due to the foreclosures in the area as well as neighbors who want a quick sale and sell cheaply, the property value in the hoody hoo has dropped over $30,000.
I’m sure inflated appraisals by bootleg appraisers might have had something to do with this as well.
All of these factors have led to a no go on the refi as the loan to value ratios don’t work.
What does this mean for me?
It means that every six months until I can actually refinance my interest rate adjusts upward.
When my rate adjusts in July I may be looking at an additional $300 tacked onto my mortgage payment.
Now as much as that sucks if I work a little bit harder at the second job and stay in one weekend a month, I can make that up with no problem.
The shit hitting the fan comes in January of 2008.
That’s when the rate adjusts again and another $300-$400 gets tacked on to the first rate adjustment.
It’s gonna get ugly real quick like.
But instead of letting this situation control me, I’m exploring some options and will report back when the workable solutions have firmed up.
Until then I have to repay personal debts and batten down the financial hatches.
It’s gonna be a bumpy ride.
Tuesday, February 13, 2007
What's New Pussycat, Part II
Not to be outdone on the development tip, Dorchester Street (Avenue?) has new construction projects as well.
Tuesday, July 18, 2006
Urban Sprawl, Woodlawn Style
One of my neighbors received the following letter yesterday:
Re: XXXX East 65th Place
Chicago, IL
Dear Property Owner or Resident:
In accordance with the requirements of the Lake Michigan and Chicago Lakefront Protection Ordinance specifically Section 194B-6.1(C), please be informed that on or about June 30th, 2006, the undersigned will file an application to the Chicago Plan Commission under the Lake Michigan and Chicago Lakefront Protection Ordinance on behalf of XXXX East 65th Place, Inc. for the property located at XXXX East 65th Place, Chicago, Illinois.
The applicant plans to build a new four unit residential building on the subject property.
I am the attorney for the applicant and the contact person for this application. My address is XXXX West Washington Street, Chicago, IL and my telephone number is (XXX) XXX-XXXX.
Please note that the applicant is not seeking to affect or purchase your property. The applicant is required by law to send this notice because you own property within 250 feet of the subject property.
Sincerely,
XXXX
Naturally phone calls were placed and oddly enough the attorney declined to name the developer. I was told that he said that this person was a private developer with private monies seeking to build market rate housing on the lot.
I wonder what's up with the cloak and daggers?
Re: XXXX East 65th Place
Chicago, IL
Dear Property Owner or Resident:
In accordance with the requirements of the Lake Michigan and Chicago Lakefront Protection Ordinance specifically Section 194B-6.1(C), please be informed that on or about June 30th, 2006, the undersigned will file an application to the Chicago Plan Commission under the Lake Michigan and Chicago Lakefront Protection Ordinance on behalf of XXXX East 65th Place, Inc. for the property located at XXXX East 65th Place, Chicago, Illinois.
The applicant plans to build a new four unit residential building on the subject property.
I am the attorney for the applicant and the contact person for this application. My address is XXXX West Washington Street, Chicago, IL and my telephone number is (XXX) XXX-XXXX.
Please note that the applicant is not seeking to affect or purchase your property. The applicant is required by law to send this notice because you own property within 250 feet of the subject property.
Sincerely,
XXXX
Naturally phone calls were placed and oddly enough the attorney declined to name the developer. I was told that he said that this person was a private developer with private monies seeking to build market rate housing on the lot.
I wonder what's up with the cloak and daggers?
Tuesday, June 20, 2006
The Good News, The Bad News & The Good News
The Good News: The second of our four foreclosed upon units sold at auction yesterday.
The Bad News: It sold for $130,000. Significantly below appraised value.
The Good News: Since appraisers usually use MLS listings for their comps, the sale
should not affect our property value.
The sale is still pending final approval from the seller and then won’t close for another 30 days. I can only pray that our new neighbor is someone who actually wants to be our neighbor, live in our association and is a decent responsible person.
Please no more investors or flippers.
(**fingers crossed**)
The Bad News: It sold for $130,000. Significantly below appraised value.
The Good News: Since appraisers usually use MLS listings for their comps, the sale
should not affect our property value.
The sale is still pending final approval from the seller and then won’t close for another 30 days. I can only pray that our new neighbor is someone who actually wants to be our neighbor, live in our association and is a decent responsible person.
Please no more investors or flippers.
(**fingers crossed**)
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