Know your rights if mortgage sold to another lender

click here for the rest of the story from the chicago tribune by Benny L. Kass 

Q: My mortgage was sold twice, ending up with an out-of-state lender. That is when the problems started. It paid our insurance from escrow when we are escrow waived and have been for 24 years. Then they dropped my wife's name from the account and have even sent us a default notice. All of these are "keystroke" errors as they told us. On top of that, they have the worst customer service I have ever seen. I never asked for this company; we were sold to them.

A: Unfortunately, you have no choice what your initial lender will do with your loan. Most mortgage lenders are not loaded with cash, so to make more loans, they have to sell their loans. In many cases, that lender will continue to service the loan. This means that you will continue to make your payments to that lender. However, many loans are sold to third parties — could be to Fannie Mae or Freddie Mac, or could be to one of the syndicates we have heard so much about during the mortgage meltdown.

But if your lender or the servicer of your loan is making mistakes, you have certain rights. Make sure any mistake does not affect your credit rating.

You can also file complaints against your lender. At the federal level, contact the Federal Trade Commission and the Federal Reserve Board. In your state, complain to the attorney general.

If your current loan carries a high interest rate, you can refinance.

Neal Paskvan is a full time Realtor specializing in Downers grove, Darien,Woodridge, Westmont and Du page county Real Estate

Solid vs. Engineered Hardwood Flooring

Solid hardwood floors and concrete do not like each other
fortunately there is a product especially made for that application

Prep Your Air Conditioner for summer by baird and warner

April 9th, 2014

Imagining hot summer weather can be difficult right now, but we promise that you will be using the air conditioner before you know it.

Preparing the air conditioner for a season’s worth of use is an important step in keeping a comfortable home. Ignoring preventative maintenance can be very costly, so get a jumpstart on your prep work before a failing unit jumps on your budget.

Clean the Condenser
A good first step is to wash your unit’s condenser, the part that facilitates the transfer of hot and cold air. The condenser needs to be clean and free from grass, leaves and other debris to work at high efficiency. Inspect the unit, and clean dirt from the evaporator fins with a brush. If no dirt is present, you can clean the unit with running water, a blower or a vacuum. If you need extra oomph, purchase a commercial cleaning product specifically for condensers and follow the instructions.

Replace the Filter
Replacing a unit’s filter is the single most important thing to do when preparing an air conditioner. In fact, the filter needs to be replaced every month. The filter cleans the air before the blower motor cycles your conditioned air throughout the house. You will usually find the filter on the bottom of the inside unit, and it should be fairly easy to replace.

Inspect the Ductwork
Visually inspect the ducts running through your basement or attic. Also, turn the fan to “ON” and feel for air that blows out of all vents evenly. If you do not feel any air from a vent or group of vents, there may be a hole or broken joint in the ductwork.

Call an HVAC-Certifie

Landlords are Pushing Up Rents Again

As apartment demand continues to rise, landlords are projected to increase their rents for the fifth consecutive year. A rise in apartment construction isn’t likely to offer relief to tenants anytime soon either, USA Today reports.

Between 2000 and 2012, apartment rents have risen 6 percent while incomes among renters have fallen 13 percent in that time period, according to a report from Apartment List, a rental housing website that adjusts for inflation.

"That's what we call the affordability gap," says John Kobs, Apartment List's chief executive. "I don't see that improving in the near future."

The vacancy rate for apartments has dropped from 8 percent to 4.1 percent from 2009 to 2013, according to Reis, a commercial real estate data provider. Meanwhile, the average national effective rent has increased 12 percent to $1,083 from 2009 to 2013, according to Reis, which data reflects apartments in buildings with 40 or more units.

During that same time period, the median price of an existing home has risen about 14 percent, according to the National Association of REALTORS®. Many renters – which surveys show want to buy a home – are unable to purchase a home due to tight credit conditions that are preventing them from obtaining financing.

Rents rose the most in 2013 in Seattle, increasing 7.1 percent in the past year, followed by San Francisco, which has risen 5.6 percent, Reis reports.

More apartment buildings are under construction nationwide to respond to rising demand. Reis experts expect a stronger job market will push more people out of living with their parents or being roommates and increase rental demand. Reis predicts the effective apartments will rise 3.3 percent this year to an average $1,118 nationwide.

Source: “Growing Demand for Apartments Pushes up Rents,” The Associated Press (April 5, 2014)

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Good News for Landlords: Rents Still Rising