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How to Avoid Foreclosure

by Rose Price

Many Champaign home owners that have gone through a foreclosure process can testify that it can be a scary situation. I’ve heard some heartbreaking stories in the last few months. The foreclosure process is painfully personal and can be painfully fast. Do you realize you and your family can lose your most precious asset in just a few short months?

So what happens in a foreclosure--and when? The U.S. Department of Housing and Urban Development has prepared an easy-to-understand foreclosure timeline. Just to emphasize how pressing foreclosure can be, I’ve put that timeline into very human perspective below:

You miss one payment. You get a call or note from your lender. Not so bad, right? You’re just juggling the bills a little right now--no problem. You’ll pay as soon as possible. Not to worry.

You miss two payments. Your lender calls again. Where are the payments? You’re still trying to convince yourself that everything is OK, but you still can’t make the payment, either. Things have to get better, don’t they? You’re starting to worry, but you do nothing.

You miss three payments. You get a scary “Demand Letter” or “Notice To Accelerate” from the bank that says you must pay all the missed payments in 30 days. If you don’t pay or negotiate different arrangements, the bank can start foreclosure. Now you’re really worried, but you’re hoping it’s a bluff. Foreclosure takes forever, doesn’t it? So you again do nothing.

You miss four payments. You still haven’t paid or made other arrangements within that 30 days. The lender turns you over to the legal team, and now you’re responsible for all the legal expenses, too. Once again you do nothing--because you’re overwhelmed and terrified.

You get notice that your home will be sold by the Sheriff--and you’re in foreclosure. But it’s only been just a few short months! You’re told you can save your home if you make all the missed payments and pay all the delinquency costs. But where will you get all that money, and why would the lender accept other arrangements now? So you again do nothing. It’s too late!

You get one last chance to save your home. You can still keep your home even after the sale if you pay all the missed payments and all foreclosure costs. You can’t do it.

Your home is lost. Why? Because you didn’t take action to save it.

Although foreclosure may differ by state, this gives you a good idea of how foreclosure works--and how fast it can happen. HUD notes that a housing counselor could have helped even after the fourth missed payment. Doing nothing if you’re facing foreclosure is the worst possible thing you can do.

Doing nothing is not an option if you want to save your home. HUD advises that you be honest with your lender as soon as you suspect you’re in trouble. You can also contact HUD to find a housing counselor who can help. You don’t have to face foreclosure alone, please contact me if there’s anything I can do, I’m always available to assist with all your real estate questions, even difficult ones like this.

Rose Price, CIPS, CRP

Prudential Landmark Real Estate
Champaignrose.com

 

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Free cupcakes plus wieners and wine at Sleepy Creek!

by Rose Price

Bring the whole family down to Sleepy Creek in Fairmont, Illinois this Friday and Saturday!

There will be FREE cupcakes this weekend at Sleepy Creek to raise funds and support a local bakery to help open up!You may remember local creative types Eric and Patty Woller from the Salt Fork River Art Fest, Freeky Creek Films, and TLC and Food network challenges. Now, they need our help to open shop in Homer. AND, there are plenty of perks and incentives in exchange for your donation. Soooo..... Let the cupcake craze begin.... 

Crazy Cupcakes with your Wieners. Friday, 5-8 p.m.Make'n Bacon with Jack Cupcakes and Pork 'n Beans

Saturday, May 5 - FINAL FUNDRAISING DAY!Wango Tango Jalapeno and Mango Cupcake. Happy Cinco De Mayo While supplies last....

The festivities will be held at the Sleepy Creek Vineyards Tasting Room Located between Champaign and Danville. Take the Oakwood exit 206 off I-74, head south 3 miles.

Thanks news gazette for the info!

Rose Price, CIPS, CRP

Prudential Landmark Real Estate
Champaignrose.com

 

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Learn Ways to Make Your Home Affordable

by Rose Price

Are you finding that your Champaign, Illinois home is just becoming to costly? If you’ve never heard of this amazing website launched by the federal government, you better go check it out!  Making Home Affordable is a website that offers a variety of online tools that will help today's homeowner determine if they are eligible to participate in the “Making Home Affordable” loan modification and refinancing program. In this tough economy saving money anyway you can is key!

This site will show you how this program works and who is eligible for assistance. This is the same $75 billion program you may have heard about in the media. To see if it can help you, first have this information in front of you:

* Information about your first mortgage, such as your monthly mortgage statement.

* Information about any second mortgage or home equity line of credit on the house.

* Account balances and minimum monthly payments due on all of your credit cards.

* Account balances and monthly payments on all your other debts such as student loans and car loans.

* Your most recent income tax return.

* Information about your savings and other assets

* Information about the monthly gross (before tax) income of your household, including recent pay stubs if you receive them or documentation of income you receive from other sources.

* It may also be helpful to have: A letter describing any circumstances that caused your income to be reduced or expenses to be increased (job loss, divorce, illness, etc.) if applicable.

There are many programs out right now including the energy tax credit, $8000 tax credit for first time home buyers, and long term interest rates lower than 5%. There is something for everyone it’s just a matter of knowing where to look.  

Check out these opportunities and see if any of them can help you or contact me to discuss your current situation.  Together we can find a solution to your real estate needs.

What are you concerns about home affordability in the Champaign Illinois real estate market?

 

Rose Price, CIPS, CRP

Prudential Landmark Real Estate
Champaignrose.com

 

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Young Artists Exhibit

by Rose Price

Make plans to go out today in  Champaign, Illinois and see some beautiful art!  As part of the Boneyard Arts Festival, enjoy the student artwork from Hua Nian Art Studio on display in the Children's Department on the ground floor. The art will be on display until April 28. Library hours: 9 a.m. to 9 p.m. Monday through Thursday; 9 a.m. to 6 p.m. Friday and Saturday; 1 to 5 p.m. Sunday.

The Boneyard Arts Festival has grown into an 'open source' festival that Champaign County residents have truly made their own. Last spring, the Boneyard featured over 130 different venues - both indoors and out - where residents and visitors alike could enjoy an incredibly diverse range of performing, spoken and visual art offered by nearly 500 artists from all backgrounds.

The Boneyard Arts Festival is string band music in Sidney, yodeling in downtown Urbana, a cinema festival in Champaign, Brazilian bossa novae on the U of I campus, opera and origami, glass blowing and graphic design, puppetry and painting, juggling and jewelry, hip hop break dancing, photography, ceramics and so much more.

Thanks 40 North for the info!

Rose Price, CIPS, CRP

Prudential Landmark Real Estate
Champaignrose.com

 

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Potential Costs When Selling Your Home

by Rose Price

There are some cost you may not know you could encounter when selling your Champaign Illinois home. Below is a list of some of the most common costs associated with selling your home.

Closing Costs: Although most of the closing costs are the responsibility of the buyer, the seller is expected to pay the property taxes and insurance up to the date of the closing, even if they're not due yet. In addition, some buyers will ask the seller for help with other closing costs as part of the negotiations.

Home Inspections: Although the buyer pays for the home and pest inspections, it's a good idea to get your own inspection before putting your house on the market. This way you're aware of any hidden problems before selling.

Home Repairs: If your inspector finds problems or if you know of problems that you have been wanting to correct, it is time to fix them. The less problems that the home has, the more attractive it is to buyers. Don't forget to budget for new paint, plants, hardware etc. that offers a fresh new look as well.

Realtor Commission: Typically there's a 4 percent to 7 percent commission on the sale price of the house if you opt to go with an agent. Usually this rate is between 5 percent and 6 percent, so be sure to account for this cost when pricing your home and figuring up your expenses that come with selling your home.

Legal expenses: Many sellers choose to work with a real estate attorney to examine the sales contract and assist with closing, which can be complicated.

Prepayment penalty: Many mortgages have prepayment penalties if you pay off the mortgage early. Be sure to examine your mortgage agreement and read the fine print.

Other Fees Negotiated by the Buyer: Buyer negotiated fees are becoming more common in the current real estate market. Some of the most commonly seen buyer negotiated fees might include a home warranty paid for by the seller, the cost of repairs needed to make the sale, and the cost for a home inspection. Keep in mind that most all parts of the real estate contract is negotiable.


Many homeowners are not aware of the costs involved with selling a home but there are some perks as well. With any home sale you are eligible for a tax write off of up to $250,000 gained in the sale of your home for a single owner, and $500,000 for married couples. This applies for most state taxes as well; check with a tax professional to get all the details of any tax credit that may be available to you and your situation. 

Contact me today for assistance in selling your Illinois home!

 

Rose Price, CIPS, CRP

Prudential Landmark Real Estate
Champaignrose.com

 

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The 10th Annual Boneyard Arts Festival

by Rose Price

The 40 North Boneyard Arts Festival is an annual four-day event showcasing the broad range of creative activity flourishing in our community. Make plans to stop by on April 20 from 7 a.m. to 2 p.m.  The goal of this event is to bring together local artists and businesses for a special event showcasing the art that lives in Champaign County.

More than a traditional arts walk, the Boneyard is a unique countywide celebration that takes place in a wide variety of venues (over 100!) - both traditional (clubs, galleries & museums) and non-traditional (ice cream shops & real estate offices) - and features the work of literally hundreds of artists.

Sculptors, weavers, painters, photographers and other visual artists join musicians, actors, dancers, poets and performers of all kinds in sharing their creativity throughout Campustown, Champaign, Urbana, Mahomet, Homer, Rantoul, Sidney and St. Joseph. 40 North invites artists to partner with local businesses, arts organizations, nonprofits, schools or municipal offices in hosting a performance or display of work...and join the celebration!  

For a complete list of venues and artists please visit 40north.org or pick up The News-Gazette on Monday, April 16th for the official map of the festival.

Thanks News Gazette for the info!!!

 

Rose Price, CIPS, CRP

Prudential Landmark Real Estate
Champaignrose.com

 

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Choosing a Pest Control Service

by Rose Price

Summer is almost here in Champaign Illinois. Unfortunately, that means the bugs are here too. If you are a homeowner who has these uninvited guests, fortunately they can be controlled. Household pests can be eliminated through a combination of preventive measures, including proper sanitation and over-the-counter pesticides. However, some pest infestations may be extensive or a particular pest may be difficult to control, requiring pest control services.

While many household pests are merely a nuisance, some can cause serious damage to our homes or property and other pose dangers such as bites, stings, and transmit disease-causing agents. Choosing a pest control company is a serious matter, you want someone who is honest, dependable, state-certified, and who has the proper training and expertise to use the pesticides safely in your home. Below are some tips to help you in your search to find a professional in your area.

• Select a company based on their reputation, time in your community and willingness to answer your questions. They should give you written material that describes the problem they propose to treat and how they propose to treat it including what chemicals will be used and in what amounts.

• Pest control companies differ in their guarantees so be sure to Inquire on the specifics. If a guarantee is given, know what it covers, how long it lasts, what you must do to keep it in force, and what kind of continuing prevention and management are necessary.

• While the cost is an important factor, it is important to not base your decision on price alone. An advertisement in the phone book or the "deal of the week". Be cautious of unsolicited sales pitches and never select treatment just because your neighbor's property is being treated or because there is "leftover spray from another job." Get references and check them. 

• Make sure you receive a written estimate detailing how much will they charge to do an inspection to determine the extent of your problem, outline the services they would perform.

• Ask how long it will take to solve your pest problem, and how often the company will return to do more work or to track results. Ask the company what other measures they can take to manage the pest problems, or what you can do to reduce future pest problems.

Choosing a quality
pest control company is an important decision. You want the company to get rid of the pests but you also want to keep your Champaign Illinois home safe.  Do not be pressured by a sales person or a company to sign a contract immediately or to pay in advance, take your time to make a sound decision. The key to any decision is having confidence in the company you chose.

 

Rose Price, CIPS, CRP

Prudential Landmark Real Estate
Champaignrose.com

 

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Carnival Exhibit

by Rose Price

Need some thing fun for you and the kids this weekend in Champaign Illinois?  The Spurlock Museumhas a new exhibit that you've got to check out!

For all participants—rich or poor, young or old— Carnival provides the opportunity to play by leaving the everyday world, becoming someone else, and behaving in unusual ways.Through artifacts, interactive opportunities, and dazzling photographs, this exhibition provides information on the origins and evolution of this celebration, as well as windows into eight communities in Europe and the Americas where Carnival is a high point of the yearly cycle.This exhibition has been made possible through NEH on the Road, a special initiative of the National Endowment for the Humanities. It is brought to you by Mid-America Arts Alliance. ¡Carnaval! was organized by the Museum of International Folk Art.

The exhibit is open during Museum hours: Tuesdays noon to 5 p.m., Wednesdays, Thursdays, and Fridays 9 a.m. to 5 p.m., Saturdays 10 a.m. to 4 p.m., and Sundays noon to 4 p.m. April 6 through Aug. 11.

Free admission!

Location:  Spurlock Museum, 600 S. Gregory St, Urbana, Illinois.Thanks News Gazette for the info on this fun  and educational Illinois Event!

 

Rose Price, CIPS, CRP

Prudential Landmark Real Estate
Champaignrose.com

 

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Blood Drive

by Masha Halpern

Are you looking for a way you could give back to your Champaign community? You could help save a life by donating your blood or bone marrow!  

Helia Healthcare will host a blood drive with Community Blood Services of Illinois on Friday, April 6 from 8-11 a.m. There is no substitute for human blood. Give Blood! It's about life.

Date and Time: 

04/06/2012 - 8:00am - 11:00am

Location: 

Helia Healthcare, 1915 S. Mattis, Champaign

For More Information call 367-2202 or email  ahowie@bloodservices.org

Special thanks to News-Gazette for the info on this Champaign Illinois event!   

 

Rose Price, CIPS, CRP

Prudential Landmark Real Estate
Champaignrose.com

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Help for Buyers

by Rose Price

Have you been searching for that Central Illinois dream home and are finally ready to make an offer? You may have some concerns about the down payment and in this difficult economy it can be difficult to pay a large down payment so what are your options?  There may be an option to help you you complete the sale if you don’t have extra cash.

Different lenders have their own minimum down payment requirements and can vary depending on the mortgage program, loan amount, borrower income and credit rating. A good rule of thumb is roughly 20%, but you can find different ways to help you meet down payment requirements, including buyer assistance programs -  also called down payment assistance programs.

Assistance programs and grants can help you avoid robbing your savings or 401K or borrowing the money elsewhere to come up with a cash down payment. Some of the most common buyer assistance programs are for first time home buyers, but other assistance programs are available as well. How do they work? Below are some key requirements of standard programs. 

  • Home buyers must qualify for a loan that allows gift funds from a charitable organization
  • Limits may apply to the price of the home
  • Funds can be used for the down payment and for closing costs
  • Gift funds can be used for new or existing homes

There are several different organizations that provide buyer assistance, including Grant AmericaNehemiah and American Family Funds. Many other buyer assistance organizations are available, so do some homework and talk to your tax preparer and mortgage lender about options.

Always speak to your lender about available programs in your market, they can help you structure the down payment assistance to be compatible with their underwriting guidelines and offer advice on program advantages for your type of loan. 

​For more information and help finding that perfect home for you and your family contact me today!

Rose Price, CIPS, CRP

Prudential Landmark Real Estate
Champaignrose.com

 

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Displaying blog entries 11-20 of 52

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Rose Price
Landmark Real Estate
One East Main Street, Suite 200
Champaign IL 61820
217-202-8843
217-352-1933
Fax: 217-378-1281