Jose Hernandez
Phone:
312-788-7079
Mobile:
773-490-9791
Fax:
866-445-1498

Email


Office:
Chicago - Gold Coast

Chicago, IL 60611

Chicago Short Sales and Multifamily

Jose Hernandez,SFR
Multifamily Investments & Short-sale Expert

"I've stayed in business because of your referrals...My experience, knowledge, and goals are to represent my clients to the best of my ability"



Short-sales

I first started negotiating short-sales in early 2008 when the opportunity was presented to work with some of the largest banks and assist them with the loan modification and short sale process.  I received the training required from the banks to successfully execute a loan modification or short sale and since then I have helped many families avoid foreclosure.

Today I work with a team of negotiators together we make sure all of our clients have the best service and negotiators representing them.  

Any real estate agent can list a property but it takes someone with the knowledge, experience and the right contacts to make sure the sale is a success.

Why you should contact us to list and negotiate your short-sale.

* You pay 0% commissions
* Up to $3,000 to seller for relocation assistance (HAFA program)
* We are not affiliated with any so called "investors" looking to take advantage of your current situation.

                  Free confidential consultation 312-788-7079
   


Multifamily

Multifamily is probably one the best real estate investments you can make if you're looking to invest and build wealth. With today's real estate prices declining and interest rates on the floor it is the perfect storm to acquire some of this multifamily buildings with cash flow!

Foreclosures

Foreclosures are what's driving our real estate economy at this time and most buyers are looking to get a great deal on a foreclosure.  This types of properties are great but for the right buyer, as many of them have been sitting vacant for months or years and will need many repairs.
Every transaction is different therefore experience is the most important requirement to accomplish a succeful transaction. 

After you have had the chance to review this information, contact me so we can tell you more about how we can help.

 




2-4 flat Multifamily

2-4 flats

Considered residential and an entry-level investment for real estate investors or owner occupants.  From a lending standpoint Multi Unit apartment buildings fall under residential guidelines which can offer owner occupants/ investors very favorable leveraging opportunities as high as 96.5% loan to value and 80% loan to value for non owner occupant investors.

Multi-Family

Multi-Family Apartment Buildings are one of the most attractive assets to seasoned real estate investors because they are bought for income. The main advantages of apartment buildings as income or investment property are: High Return on Cash Invested, Tax Benefits, Control and Appreciation of Invested Capital. Multi-Family Buildings fall under commercial lending guidelines and typically require a minimum equity contribution 20%-25%.

Foreclosure

 Foreclosure

We are currently working with many community banks in assisting them in the disposition of their Reo assets.  A foreclosure is normally easier and less time consuming then a short-sale, but many foreclosures will need major repairs.  

Short-sale

 Short-sale

A short sale is a sale of real estate in which the sale proceeds fall short of the balance owed on the property's loan. It often occurs when a borrower cannot pay the mortgage on their property, but the lender decides that selling the property at a moderate loss is better than pressing the borrower or foreclosure. Both parties consent to the short sale process, because it allows them to avoid foreclosure, which involves hefty fees for the bank and poorer credit rating outcomes for the borrowers. This agreement, however, does not necessarily release the borrower from the obligation to pay the remaining balance of the loan, known as the deficiency.

By nature, all short sales will have a deficiency balance. Laws governing the right of the lender to pursue a borrower for the deficiency balance vary state to state. States considered recourse states allow the lender to pursue. Non-recourse states generally prevent this, though some allow pursuit of deficiency though set forth limits on the amount that can be pursued. If a lender can legally pursue the deficiency and does not specifically waive its right to pursue the deficiency, the borrower is at risk for a deficiency judgement. Illinois law potentially grants lenders a seven year window of time to sue for the deficiency based on breach of contract in contract law, not foreclosure law. Borrowers considering a short sale should be aware of this risk and ask every party involved in the process (Realtor, lender, third party, ...) what can and will be done to protect against a deficiency judgment. Consult an attorney in the state where the property resides to determine specific risks.Once a short sale has been completed, a Chapter 7 bankruptcy is a possible remedy that the borrower can use to remove the risk of the deficiency judgment or to discharge the judgment itself.


Mortgage Forgiveness Debt Relief Act of 2007

The Mortgage Forgiveness Debt Relief Act was introduced in Congress on September 25, 2007, and became law on December 20, 2007. This act offered relief to homeowners who would formerly owe taxes on forgiven mortgage debt after facing foreclosure or Short-sale. The act applies to debts discharged in calendar year 2007 through 2012.