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Attorneys At Law

Attorneys practicing in and around the Chicagoland area. Experienced in the practice areas of Real Estate Law, Mortgage Foreclosure Defense Litigation, Business Law, & Estate Law.

Attorneys At Law - Attorneys practicing in and around the Chicagoland area. Experienced in the practice areas of Real Estate Law, Mortgage Foreclosure Defense Litigation, Business Law, & Estate Law.

Category Archives: News

DuPage Homeownership Center is Now H.O.M.E DuPage

HOME DuPage - Home Ownership, Money, Education

New logo for HOME DuPage – formerly DHOC

Do you remember when DHOC had a secret?

The DuPage Homeownership Center (DHOC) was promoting a “big reveal” of their secret on February 8, 2017.

The “secret” has been revealed and it is a new name and new look for the organization.

H.O.M.E. DuPage

Formerly known as The DuPage Homeownership Center, it will now be doing business as H.O.M.E DuPage, Inc. effective February 9, 2017.

Why H.O.M.E. DuPage?  Simply stated, DHOC needed something that reflects what they do best and sets them apart from those who might have similar services, but not exactly.

Therefore the new name reflects these service points: Home. Ownership. Money. Education. DuPage

The creation of a new identity has been a year in the making. During this time, a task force of members of the Board of Directors and the Advancement Committee have been working to roll out this new change.

The goal is to increase visibility in the community with an identity that more effectively states who they are and what they do.

Please update your records as of February 9, 2017 – DHOC goes H.O.M.E.!

Related H.O.M.E. DuPage Information:

H.O.M.E. DuPage Inc. Website

Financial Fitness Program

Financial Fitness Coaching

Upcoming Classes & Workshops

* Advertising Material: To the extent that the information in this e-mail is interpreted as attorney advertising in accordance with the Illinois Rules of Professional Conduct or within the meaning of state bar rules from all other localities, this statement is made pursuant to those rules.

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The Law Offices of Lora Fausett P.C. provide real estate law attorney services including short sales and deeds in lieu, loan modifications and workouts, and buying & selling assistance.

For Information Call 630-858-0090

Mortgage Rates Surging After Presidential Election

mortgage rates going up after presidential electionThe average rate of a 30-year-fixed rate mortgage has jumped to 3.94%, up from 3.57% last week. In the past two weeks, the rate has increased 40 basis points.

But that’s still pretty low. This time last year, a 30-year mortgage was 3.97%.

The higher rate means the monthly payment on a $250,000 home loan with a 20% down payment would be $948 — $42 more than it would have been last week.

The initial bump in mortgage rates last week was more of a knee-jerk reaction to the election results from the market, explained Keith Gumbinger, vice president of HSH.com.

But now concerns over President-elect Donald Trump’s proposed spending and tax cuts, are fueling volatility in the bond market.

“The prospect for faster growth comes with faster inflation, and even though not a stitch of policy has been written, markets are preparing for what is likely to come in the months ahead,” said Gumbinger.

Treasury notes serve as a benchmark for various types of credit, including mortgages and car loans.

The 10-year Treasury note closed at 1.85% on Election Day. A week later, it stood at 2.24%. Higher yields make borrowing more expensive.

“There is a flight to safety of assets outside the U.S.,” said Erin Lantz, vice president of mortgages for Zillow Group.

Tight inventory levels have pushed up housing prices in many markets throughout the country. But low interest rates have helped buyers stomach the higher prices.

While mortgage rates increased 10%, they are still close to historic lows.

“It is always important to keep perspective: If you look back, rates are only as bad as when we began 2016,” noted Gumbinger.

But the prospect of higher rates is starting to set in. Mortgage applications dropped 9.2% last week, according to The Mortgage Bankers Association. The Refinance Index took an 11% tumble to the lowest level since March.

The Federal Reserve is set to meet in December and is expected to raise the federal funds rate, which is the short-term interest rate it uses to lend money to banks.

While an increase is heavily anticipated, Gumbinger said he will be paying attention to the central bank’s language.

“It’s more about what they say about future policy. If the message is a soothing one, markets won’t react very much. If it’s a more hawkish tone, then you will see markets reposition for the next interest rate increase.”

Original story appeared on CNN.Money

Should You Tape Over Your Webcam?

Recently, the current FBI director, James Comey, said he places a piece of tape over his computer webcam. If an FBI director follows these security measures, what safety precautions should you take?

During a talk at the Center for Strategic and International studies on national security issues, Comey told the moderator, “I think people just need to continue to be sensible in their own sort of security hygiene and asking good questions and not assuming that somebody else has thought about this or someone else has taken care of their security.”

Comey is not the only high profile individual who admits to protecting his privacy with the tape strategy. Mark Zuckerberg, of Facebook, revealed he tapes over his webcam and microphone.

Though we cannot be certain if this tape method is needed or effective, a 2013 report from tech news site Ars Technica, suggests that webcam hacks are a very serious and real threat. The article describes sites that contain threads of people sharing and trading images of “slaves” — people whose computers they have broken into.

So is it just paranoia? It doesn’t hurt to cover your camera. At the very least, it can minimize damage from the threat of webcam spies. Like Zuckerberg and Comey, perhaps we should have the attitude that it is better to be safe than sorry.

Mortgage Forgiveness Debt Relief Act extended through 2016!

While it is a little known fact, the Mortgage Forgiveness Debt Relief Act was extended through 2016 when President Obama sign a package of “tax extenders” into law in December 2015. This Act had previously expired December 31, 2014. This is important for any clients wishing to short sale property because without this extension any forgiven debt in a short sale would be included in taxable income. The extension of this act provides relief to homeowners who had qualified mortgage interest forgiven by lenders.

Any homeowner who has qualified debt forgiven should be issued a 1099-C. This is extremely important for homeowners because when a lender forgives their debt, their deficiency is waived. This means they no longer owe the balance on their loan.

Call us with any questions.