A new community-based foreclosure prevention and homeowner education project is starting in Chicago. It’s called Take Root, and it’s already operational in Milwaukee, Denver, and parts of Florida. Chicago is the next step. Take Root is a Freddie Mac sponsored program. Unlike many other foreclosure prevention programs, however, Take Root teams up with a local community organization, operating on the assumption that local residents might be more comfortable talking to a local organization, rather than the bank or an arm of the government. In Chicago, Freddie mac is working with the Chicago Urban League. Take Root does not offer money to participants. Rather, it educates homeowners in preventing foreclosure, and also in purchasing a new home. The program has been successful in other cities. For example, in its very first year in Milwaukee, Take Root helped more than 2,000 families avoid foreclosure. If you need help avoiding foreclosure or advice on purchasing a… read more →
If you own a home in Cook County that you don’t live in, but are claiming a homeowner’s exemption on your real estate taxes, it’s time to stop. If you own more than one residence in Cook County and are claiming more than one homeowner’s exemption, again — it’s time to stop. In the past, many people got away with taking multiple homeowner’s exemptions. If the county ever caught you, all they did was remove the exemption going forward. They did not penalize you. But not anymore. Under a new law, the Cook County Assessor’s office will fine property owners who claim multiple exemptions. Once the county notifies you that you are claiming too many exemptions, you will have 60 days to pay back the exemptions. If you do not, a lien will be placed against the properties you own that don’t qualify for the exemption. As time goes on, the penalties… read more →
Chicagoland suffered heavy storm damage in April of this year. As a result, the Federal Emergency Management Agency (FEMA) extended flood recovery assistance to area homeowners. Homeowners may receive a grant or a low interest loan for lost property from FEMA and the Small Business Administration (SBA). The deadline to apply with FEMA passed a couple weeks back, but FEMA has now extended the deadline to July 24, 2013 That gives affected homeowners a few more weeks to apply. In order to apply, you will need your address, a list of everyone who lives in your home, description of the damage, your social security numbers, and your insurance information. The SBA’s filing deadline is actually February 10, 2014. Affected homeowners can borrow up to $200,000 for lost real property, and up to $40,000 for lost personal property. Homeowners and renters will pay a low interest rate, amortized over 30 years,… read more →