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Newsletter - The Scoop

 
 
 
 
 
 
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Debt Relief Act '13 Extension

 
   

 

"Will Congress Extend The Tax Breaks For Debt Relief On Short Sales Beyond December 31st?"

 

 

Update from our Regional Counsel, Barry Wolfinsohn:

When I was presenting our Fall Short Sale Seminars, one question was asked repeatedly: “Will Congress Extend The Tax Breaks For Debt Relief On Short Sales Beyond December 31st?"

Obviously this was a major concern for our customers before the end of the year.  The answer I gave at the time was that Congress was focused on the so-called fiscal cliff issues.  We were all hopeful that debt relief for short sales would be considered in any deal ultimately made. 

The new year brought good tidings and some reason for comfort in 2013.  Those that enjoy political theatre know that there was ultimately a last minute deal to save us from the dreaded precipice.  As part of this package, and surely in response to the voices of many in the industry and the private sector, Congress extended the Mortgage Forgiveness Debt Relief Act through 2013.  This extension will provide much needed relief and will certainly allow the market to continue to recover going forward.  Interestingly enough, it also extends the exclusion of capital gains on principal residences.

Here are some links to more information:

 

 

 
 
 

Get Connected At Fidelity

 
   

The Chicago Loop office now has Free Wi-Fi access for all of our customers.
So Bring your Laptops, iPads and Smart Phones to all your closings and just ask the receptionist for the password.

• Increase your productivity while visiting our offices

• Using Wi-Fi enables PDA’s and Laptops to deliver quick and easy access to information on a secured wireless network

• Available to you and your clients

Coming Soon:

Oak Brook, Oak Lawn, Schaumburg and Northbrook Offices

 

 

 
 
 

Automated P-Tax Form

 
   

Now available on FidelityDesktop.com using our doc prep application!

Order information will now auto-populate to the P-Tax form including the legal description

Should be used for all IL Counties except Cook Co.(Cook Co. requires you to use the EZ-Dec website for State, County and City of Chicago transfer stamps).    

Click Here to Access the EZ-Dec Website

 

 

 
 
 

Short Sale HUD for “Dummies”

 
   

Features

Answer a few simple questions and our short sale HUD will  then auto-populate a Hud-1 document that you can send for preliminary approval.

• Automatically Calculates tax proration’s.
• Autopopulates the correct title and escrow charges based on the sales price entered.
• Prepared in a format so it can be saved, printed or emailed.

 

Click HERE for Access

 

 

 

"Developers are picking up real estate prices that are probably their lowest in years, so they’re able to do teardowns and new-home construction at affordable prices again" said Adam Miller, president of the Chicago-based Summit Design & Build LLC.

Including apartments, residential construction contracts totaled $1.8 billion through the end of October, a 2 percent year over year gain, according to Kim Kennedy, McGraw-Hill.

Commercial projects, which include office, retail and other private-sector developments, also gained, with contracts rising 2 percent, to 1.4 billion.

In our own back yard:
1.  Lenders are starting to lend for construction again they are loosening up the funds
2. We are also seeing more Rehabs in commercial and residential
3. We are seeing more teardowns and new-construction, especially in Lake County

 

DID YOU KNOW?

 
   

Fidelity National Title has a centralized construction department located in our Schaumburg office!

Our Construction Escrow Supervisor Michele Pizur has 23 years’ experience in the title industry.  Our Construction department continues to increase its business year after year:

  • Contractors/Subcontractors can drop off their waivers and pick up checks at any of our 26 Offices – please call prior
  • General Contractors can drop off draws in any of our locations as well
  • Always available by phone or email:  P# 877.868.0886  F# 847.397.8505 or email:  contruction@fnf.com
 

 

 
 
 
 
   
 
 
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