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Illinois Population Dwindling - No Surprise Here.


Craigcelia

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Legalized marijuana is going to fix this state.

 

I'm sure that was sarcasm, but reading many local social media forums, you would be amazed at how many actually believe this to be true, most people have absolutely no concept of how financially deep in a hole Illinois is and that even if Illinois did ten times the marijuana sales that Colorado is doing it wouldn't even leave a visible dent in the unfunded pension deficit.

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The kings men said the same thing about the lottery; and then later about casinos. Now dope. Each one the end all. The tax to end all taxes. Sent from my iPhone using Tapatalk

 

Only in liberal owned states are they able to get away with this bait and switch over and over again and get re-elected, in TN for example the extra lottery money is allowing them to provide free two years of community college to residents, and when they tried to pass an income tax in 2001 almost every legislator that supported it was voted out of office the next election so polar opposite of Illinois. BTW they just elimitated their 10 cents a box ammo tax this year, it was only 10 cents (any sized box) but just that same it didn't sit well with the voters.

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  • 4 weeks later...

It always cracks me up when whining people say things like "We've been trying to sell our house for two years and it just won't sell!"

 

NO, you haven't been TRYING. Trying is pricing it at the level at which someone buys. DUHHHHHHHHHHH!

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Saw an article on Yahoo today about the best and worst states for taxes. Yes, Illinois was listed as the worst and I figure it will get worse in the next couple years. Our time line is looking like sometime in February for our move to Indiana. Jim.

 

 

 

We live in Lake County and are very happy. Been here nine years now and have saved thousands in real estate taxes.

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It always cracks me up when whining people say things like "We've been trying to sell our house for two years and it just won't sell!"

 

NO, you haven't been TRYING. Trying is pricing it at the level at which someone buys. DUHHHHHHHHHHH!

 

You assume they have the equity or a big bank account so they lower it down to that selling point, many don't have that option. I have seen a bunch of short sale houses on the market that never sell around me. In fact both my neighbors had their houses listed with short sells for years before they simply let them fall into default and when they sold they sold for far less than the short sell price, no way the 'owners' could have lowered to that selling point.

 

The owners of my property have offered it to me at a 33% loss over what they paid a decade ago, not many are willing or able to do that and I'm still not buying.

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The current market for homes over $300k in Dupage is DEAD. There's nobody in the buying market. We've lowered our price by $28k and still can't get a walk through. We've had four open houses since August and only had three people come through. We have the cheapest house in the neighborhood, the biggest yard, and the lowest taxes. The next closest home is priced $30k higher.

Every one who is selling is leaving the state.

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Perhaps there is hope for the future?

From Second City Cop today:

 

 

 

Feds...they have the "Green Light" from D.C. to bring down a LARGE chunk of Chicago's Alderman,and both Democrat and Republicans in State Government.

 

Ed Burke is just a root in a tree in in a rotten forest and he's got massive documentation both oral and written on everything.

Chicago is finally about to get real reform, 3/4 of the current Alderman are in the crosshairs.

 

To the people who don't like Mayor Lightfoot, please give her time she's told the Feds to run with the ball for real change in the city.

This sounds promising, but like anything else, proof is in the pudding.

 

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This just brought a tear of joy to my eye. The holidays will be so joyful!

Let’s hope they get some footage of a fat politician trying to run!

 

But in all seriousness, you know there will be politicians behind bars that still get re-elected somehow.

Or their crony’s will be ready to step into position and perpetuate the cycle and corruption.

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It always cracks me up when whining people say things like "We've been trying to sell our house for two years and it just won't sell!"

 

NO, you haven't been TRYING. Trying is pricing it at the level at which someone buys. DUHHHHHHHHHHH!

 

You assume they have the equity or a big bank account so they lower it down to that selling point, many don't have that option. I have seen a bunch of short sale houses on the market that never sell around me. In fact both my neighbors had their houses listed with short sells for years before they simply let them fall into default and when they sold they sold for far less than the short sell price, no way the 'owners' could have lowered to that selling point.

 

The owners of my property have offered it to me at a 33% loss over what they paid a decade ago, not many are willing or able to do that and I'm still not buying.

 

I do not assume anyone "has the equity or a big bank account."

 

Every property owner has the option to sell at a price that will get the property sold. It may very well be at a loss, but that does not mean the house can't be sold. And while some may not be willing to sell, all are able to do so, and it's probably just going to continue to get worse in ILLannoy. So take a loss today, or a bigger loss tomorrow. Point is, you CAN sell it.

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I do not assume anyone "has the equity or a big bank account."

 

 

Every property owner has the option to sell at a price that will get the property sold. It may very well be at a loss, but that does not mean the house can't be sold. And while some may not be willing to sell, all are able to do so, and it's probably just going to continue to get worse in ILLannoy. So take a loss today, or a bigger loss tomorrow. Point is, you CAN sell it.

 

 

If selling at a loss, please explain this option to everyone that allows you to sell a mortgaged house at a loss without the money in the bank to cover that gap, equity to cover the gap and/or a short sell agreement with the title holder, an agreement that isn't a gurantee you will even be offered?

 

Sure if it's owned outright you could take a figurative loss by selling bellow market value or less than you paid, but this is not an option to most that don't hold the title and can only go as low as their loan obligation unless they have a bank roll to make up the gap.

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I do not assume anyone "has the equity or a big bank account."

 

 

Every property owner has the option to sell at a price that will get the property sold. It may very well be at a loss, but that does not mean the house can't be sold. And while some may not be willing to sell, all are able to do so, and it's probably just going to continue to get worse in ILLannoy. So take a loss today, or a bigger loss tomorrow. Point is, you CAN sell it.

 

 

If selling at a loss, please explain this option to everyone that allows you to sell a mortgaged house at a loss without the money in the bank to cover that gap, equity to cover the gap and/or a short sell agreement with the title holder, an agreement that isn't a gurantee you will even be offered?

 

Sure if it's owned outright you could take a figurative loss by selling bellow market value or less than you paid, but this is not an option to most that don't hold the title and can only go as low as their loan obligation unless they have a bank roll to make up the gap.

 

The bank will be glad to get what they can. And sooner rather than later. Ask any banker. Foreclosure later is not nearly as good for the bank as an unforced sale. Foreclosure has legal costs and minimizes the value of the property. Waiting...and waiting....for some miracle to bail out the value of real estate in ILLannoy is not a viable option.

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"If selling at a loss, please explain this option to everyone that allows you to sell a mortgaged house at a loss without the money in the bank to cover that gap, equity to cover the gap... "

 

Chapter 7 bankruptcy plus foreclosure is the only way I know. Illinois is a recourse state. The lender can come after you to pay back the difference any other way.

 

I was reading online a few years ago about people with under water properties who stopped paying the mortgage but kept paying the property taxes and insurance and the bank didn't foreclose on them. One person notified the lender he was leaving the state(not illinois) for a job. Rented a house for a year, moved into another rental and the bank from the house he walked away from started calling him with offers to help him stay in his home.

 

 

Edit to add...

 

The other day I heard a city worker bragging about how he will be making more money in retirement than he made while "working." Probably just have to raise taxes on the ones who won't/can't leave this wonderful place to keep that scam going.

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Yes, ILLannoy is technically a recourse state. But deficiency judgments are very seldom filed in real practice. The only way, in real practice, that this operates as a practical matter against the defaulting homeowner is if he has substantial assets way above and beyond the value of the mortgage. And those need to be liquid assets, and non-retirement assets. As a practical matter, if that is the case, the homeowner/borrower is unlikely to be defaulting on the mortgage anyway. The bank is not going to go to the trouble of selling your furniture and your car.

 

If you have a pending issue along these lines, get a good attorney, and think strategically. The bank doesn't want to pay attorneys any more than you do. You're just another default statistic in their pre-planned loss program spread across a wide spectrum of mortgages, and business and personal loans. Banks would go broke if they tried to recover every bad cent.

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The bank will be glad to get what they can. And sooner rather than later. Ask any banker. Foreclosure later is not nearly as good for the bank as an unforced sale. Foreclosure has legal costs and minimizes the value of the property. Waiting...and waiting....for some miracle to bail out the value of real estate in ILLannoy is not a viable option.

 

 

Well I can tell you from first hand knowledge and a front row seat that you are incorrect as that doesn't apply as a rule of thumb. We were about $70K upsidedown in our house, the bank wouldn't even talk to us about a short sale for less than owed, it simply wasn't an option for us to sell the house for less, the bank wanted nothing less than the mortage balanced owed, they slammed the door on any talk of taking less in a short sale, meaning we could not lower the selling price to even market value let alone a bellow market value for a quick sale price because we didn't have the $70K in the bank to cover the gap and get a release of the title from the bank if we sold for less. We heard all the same stories of how banks don't want to foreclose and will work with you for a short sell, but we found the exact opposite to be true when were were upsidedown in a mortgage and wanted to get out of the house.

 

 

 

Chapter 7 bankruptcy plus foreclosure is the only way I know. Illinois is a recourse state. The lender can come after you to pay back the difference any other way.

 

Exactly! That was our only way out and although we didn't like doing it we don't regret it, as it put us in a much better financial situation to move forward.

 

 

 

I was reading online a few years ago about people with under water properties who stopped paying the mortgage but kept paying the property taxes and insurance and the bank didn't foreclose on them. One person notified the lender he was leaving the state(not illinois) for a job. Rented a house for a year, moved into another rental and the bank from the house he walked away from started calling him with offers to help him stay in his home.

 

We continued to live in the house for 18 months after we ceased making mortgage payments and told them to foreclose, we eventually moved out at about the 18 month mark to our new place, but kept the lights on and maintained the property for 6 more months before the bank finally foreclosed and took back the house because they finally deemed it vacant at that point.

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As far as the pot is concerned, they legalized it for recreation here in Michigan recently. And though I do not indulge in the stuff, I am told that the taxes are already so high, that the illegal peddlers are still in business as it is cheaper to buy black market. So the panacea of increased revenue from sources is just a pipe dream.

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The bank will be glad to get what they can. And sooner rather than later. Ask any banker. Foreclosure later is not nearly as good for the bank as an unforced sale. Foreclosure has legal costs and minimizes the value of the property. Waiting...and waiting....for some miracle to bail out the value of real estate in ILLannoy is not a viable option.

 

 

Well I can tell you from first hand knowledge and a front row seat that you are incorrect as that doesn't apply as a rule of thumb. We were about $70K upsidedown in our house, the bank wouldn't even talk to us about a short sale for less than owed, it simply wasn't an option for us to sell the house for less, the bank wanted nothing less than the mortage balanced owed, they slammed the door on any talk of taking less in a short sale, meaning we could not lower the selling price to even market value let alone a bellow market value for a quick sale price because we didn't have the $70K in the bank to cover the gap and get a release of the title from the bank if we sold for less. We heard all the same stories of how banks don't want to foreclose and will work with you for a short sell, but we found the exact opposite to be true when were were upsidedown in a mortgage and wanted to get out of the house.

 

 

 

 

 

I was reading online a few years ago about people with under water properties who stopped paying the mortgage but kept paying the property taxes and insurance and the bank didn't foreclose on them. One person notified the lender he was leaving the state(not illinois) for a job. Rented a house for a year, moved into another rental and the bank from the house he walked away from started calling him with offers to help him stay in his home.

 

We continued to live in the house for 18 months after we ceased making mortgage payments and told them to foreclose, we eventually moved out at about the 18 month mark to our new place, but kept the lights on and maintained the property for 6 more months before the bank finally foreclosed and took back the house because they finally deemed it vacant at that point.

 

 

Not sure of the comps in your area, but I haven't ever heard of a bank not willing to do a short sale.

 

That said, anecdotes help, but I can anecdote lots of things that go against common assumption and data.

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Not sure of the comps in your area, but I haven't ever heard of a bank not willing to do a short sale.

 

Well we experienced it and from I was told by our lawyer and realtor it's not uncommon for a mortgage holder to refuse when it's a strategic short sale vs a hardship sale. We were told a huge factor in getting a short sale approved is how well you can sell a hardship story to the bank, if you can't prove a financial hardship getting them to agree to a short sale is a flip of the coin. For us there was no way we were going to sell a hardship or even claim one and thus the bank was unwilling to even flip the coin.

 

My guess is that many short sales are approved because many people got mortgages they should have never got in the first place in the whole subprime mortgage game the banks played, giving those people an instant hardship they could sell the banks, but, this is not applicable to all and I'm betting if the numbers were able to be crunched one would find that those unable to sell a viable hardship get denied quite often on short sales.

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Not sure of the comps in your area, but I haven't ever heard of a bank not willing to do a short sale.

 

My guess is that many short sales are approved because many people got mortgages they should have never got in the first place in the whole subprime mortgage game the banks played, giving those people an instant hardship they could sell the banks, but, this is not applicable to all and I'm betting if the numbers were able to be crunched one would find that those unable to sell a viable hardship get denied quite often on short sales.

 

 

10 years ago there were a whole lot of short sales taking place as the banks would review the seller's financials and have a What the hey!!! moment, realizing if they didn't get out from under that loan asap they were about 6 months from losing a whole lot more.

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Not sure of the comps in your area, but I haven't ever heard of a bank not willing to do a short sale.

 

 

 

My guess is that many short sales are approved because many people got mortgages they should have never got in the first place in the whole subprime mortgage game the banks played, giving those people an instant hardship they could sell the banks, but, this is not applicable to all and I'm betting if the numbers were able to be crunched one would find that those unable to sell a viable hardship get denied quite often on short sales.

 

 

 

 

10 years ago there were a whole lot of short sales taking place as the banks would review the seller's financials and have a What the hey!!! moment, realizing if they didn't get out from under that loan asap they were about 6 months from losing a whole lot more.

 

This. When you take out a mortgage, you are effectively taking a âlongâ position on the value of your home, hoping/assuming that itâs value will be stable and/or increase. Oops.

 

If bank made lending decision appropriate to home value (debt to value), your assets/net worth, income and credit-worthiness, they will rarely have to take it in the shorts.

 

Why should they suffer when you make a bad decision? When banks happily participated in the bad decisions (2095-2008?) they got all of the above very wrong. Mortgages were more like margin loans on stock positions than very secure, boring, long term debt on the housing costs of reliable people. Double oops. They took it in the shorts.

 

Now that that have returned mortgage lending to somewhat normal standards, they are not fueling a bubble and their butts donât hurt as much.

 

 

 

 

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It always cracks me up when whining people say things like "We've been trying to sell our house for two years and it just won't sell!"

 

NO, you haven't been TRYING. Trying is pricing it at the level at which someone buys. DUHHHHHHHHHHH!

 

Right. And the commercials for new online real estate companies say "Our broker just wasn't able to sell our home for over a year - until we switched to Dream Sales Co". That story usually starts with sellers picking a broker who told them what they wanted to hear to get the listing, and then refusing to adjust the price to market.

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Oops! Wrong cut and paste-

 

https://www.chicagotribune.com/columns/john-kass/ct-chicago-teachers-strike-kass-20191018-ml7tm2qgt5dftozyhth2z4rpta-story.html

 

FCTU

 

And I’m not talking about where jack Bauer used to work!

 

 

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All you need to know is

 

"The mayor has offered more than taxpayers can afford. But the CTU wants even more....."

 

Neither side cares about the taxpayers it's all about themselves and power!

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