The Trusted Adviser

October 2012 | Volume 5 - Number 7

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Update from ATG Administration

Mortgage Forgiveness Debt Relief Set to Expire

Short Sale Transactions May Result in Higher Income Taxes Starting in 2013

Christine Sparks photoThe Mortgage Forgiveness Debt Relief Act of 2007 (Act), enacted December 20, 2007, is set to expire December 31, 2012. Without the  Relief Act, homeowners would typically be responsible for any deficiency not pursued by a lender in a foreclosure action, for any loan amount forgiven by a lender in connection with a short sale transaction, or for the amount of a principal reduction. Read more...

Christine Sparks
ATG Vice President - Managing Attorney, Claims and Audit

IN THE NEWS |IMBA Recognizes Two of ATG's Finest; ATG Holiday Reception

ATG's Paul Freske and Marlena Wygocki Recognized for Excellence — Two of ATG's finest were recognized by the Illinois Mortgage Bankers Association (IMBA) at its "Best in the Business 2012" Awards Dinner. Read more....

Pictured from left: Marlena Wygocki, Independent Closer for ATG; Paul Freske, Senior Account Manager, ATG Member Sales and Support; and Kelly Kawell, IMBA Board of Directors and , Senior Account Manager, ATG Member Sales and Support. See more pictures.

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ATG Holiday Reception
Thursday, December 13, 2012
Adler Planetarium | Chicago
Save the Date!

ATG MEMBERS | Underwriters' Bulletin

This content is for members only. Consider joining — see Membership Benefits

Procedural Updates

New Water Certification ProceduresEFFECTIVE IMMEDIATELY: ATG now obtains Water Certifications using the City of Chicago Water Department’s electronic water management system.

New Wisconsin Construction Escrow Forms — ATG's new Wisconsin construction forms and procedures streamline the construction draw process and more.

ATTORNEYS | Practice Notes

Real Estate and Title Insurance News

Understanding the New Medicare Contribution Tax and its Limited Impact on the Sale of Real Estate — Get the facts about a new Federal real estate sales tax that may have an impact on a seller's home sale gain.

REMINDER: CFPB deadline for submitting comments on proposed closing disclosure rule is November 6, 2012read more...



Bankruptcy; Recording: In re Heaver — A mortgage recorded prior to the recording of the warranty deed vesting title in the grantor of the mortgage is considered outside the chain of title and does not give constructive notice to third persons.


Mortgage Foreclosure: OneWest Bank, FSB v Markowicz — A General Administrative Order does not conflict with or circumvent statutes setting requirements for serving process and commencing civil actions.


Easements: Trust No. 6011, Lake Cy Trust Co v Heil’s Haven Condominiums Homeowners Ass’n — The plain language of the easement governs despite practical indications that might suggest otherwise.


Mortgages: Waterstone Bank SSB v Heller — A bank may seize a property if the borrower has signed a mortgage note allowing it.

WHAT'S NEW | Member, CLE, Trust, Process, and Auction Services

ATG logoPlan for New Business With a small investment of time, we'll help you examine your existing business relationships, leverage those contacts into new firm business with a marketing action plan, and teach you networking strategies. We'll set realistic goals and show you how to evaluate returns against efforts. Contact Member Services Representative Bob Dillow today!

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10/18 webcast | Construction Liens and Disbursing in Wisconsin

You can also choose from more than 40 OnDemand seminars. See ATG Legal Education at for our current program catalog. You must be a registered site user to take our programs.

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ATG Trust Company logoTrust Client Brochure ATG Trust Company provides a brochure promoting its client services, including implementing estate plans, asset protection, and trust administration.

ATG TRUST MEMBERS: Use this excellent marketing tool to introduce ATG Trust Company to your clients. Contact us at or 312.338.7878 with your copy order or your questions.

NOT A MEMBER YET? Learn about the benefits to you and your clients.

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ATG LegalServe logoFAST AND FLEXIBLE: The Process Server Responsive to Your Needs Get the finest process serving available to lawyers today. Learn what the LegalServe Difference can make in your practice and place your order today!

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Auctions by ATG logoAuctions by ATG - Your REO Resource Your REO Resource - Auctions by ATG provides opportunities for clients on both sides of the transaction: Lenders and Servicers get a faster, more cost-effective platform to dispose of non-performing assets; Investors and Homebuyers get an exciting opportunity to purchase residential real estate at attractive prices. See current and upcoming auctions.

Join Our Email List to receive notices and updates on our auctions. You can bid in person or online. If you have questions, contact Operations Manager Mary Fran Gill, 312.752.1160.

[Last update: 10-15-12]