March 2011 | Volume 4 • Number 2
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Update from ATG Administration
Short Sales: Complicating Factors and Keys to Success; IMPORTANT REGULATORY UPDATE
As mortgage delinquencies continue to rise and property values fall, many distressed homeowners find themselves in the difficult position of being "underwater," that is, owning a home with mortgage debt that exceeds the value of the home. One option for these homeowners is a short sale. A short sale allows an underwater seller to transfer property for a price that is less than the amount needed to pay all liens, encumbrances (including mortgages and property taxes) and closing costs (including the transfer taxes, brokers' commission, title insurance fees, and attorneys' fees and costs).

The short sale process is complex and involves coordinating many parties (e.g., servicers, investors, subordinate lien holders, and mortgage insurance companies), who must all agree to accept a loss on an outstanding debt. As a result, it often takes months to complete a short sale... read more

Karen G. Courtney
Managing Attorney - ATG Short Sale Coordination



ATTORNEYS | Practice Notes
Power of Attorney:
Power of Attorney Act Amendments
ATTN ILLINOIS ATTORNEYS: Effective July 1, 2011, amendments to the Illinois Power of Attorney Act will create new provisions that may affect your practice, including the signing of documents at a home closing... read more
February 2011 Outlooks — The economy continues to show signs of underlying growth, but at a relatively sluggish rate, with the economy in the fourth quarter growing at an annual rate of 3.2%.... read more
March 2011 Outlooks — The latest economic figures continue to document an expanding economy. The expansion is fragile, however, as revealed by a slight downward revision of fourth-quarter gross domestic product... read more
Tax Deeds
SI Securities v Powless — Using the former legal description on notices in a tax deed proceeding does not negate the validity of the notices or the jurisdiction of the court... read more
Real Estate Taxes
In re County Treasurer and ex officio County Collector of Lake County — A devisee of real property is an "interested party" under the tax code. A diligent attempt to provide notice includes examining the probate record for the devisee's address... read more
Groshek v Trewin — An attorney who abused his position to purchase his clients' property was liable for breach of fiduciary duty... read more



ATG MEMBERS | Underwriters' Bulletin
Fraud; Power of Attorney: Powers of Attorney and Real Estate Fraud — Real estate fraud is on the rise and the perpetrators are targeting transactions involving powers of attorney... read more



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Real Estate Procedures Update:
Power of Attorney Act, Joint Tenancy Act,
and Other New Legislation

Be prepared for the new real estate and closing procedure changes coming to Illinois in 2011.
Wednesday, April 6, 2011
1.50 MCLE | Connect webcast

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[Last update: 3-28-11]