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March 2011 | Volume 4 · Number 2Some content is password-protected for ATG members only. Not an ATG member? Apply today! |
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 moreKaren G. Courtney Managing Attorney - ATG Short Sale Coordination |
| ATTORNEYS | Practice Notes REAL ESTATE AND TITLE INSURANCE NEWS 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 TRUST AND ESTATE PLANNING NEWS 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 CASENOTES Illinois 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 Indiana 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 Wisconsin Ethics 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
CLAIMS CORNER
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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|  | PROGRAM OF THE MONTH
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
Package Users | Attorneys | All Others
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See ATG Legal Education at www.atgf.com for our full program list.
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|  | About Us: An Introduction - You can offer a full range of trust services, including an array of high-quality investment vehicles with proven performance results, many of which are typically available only to very high net worth individuals and institutions, through ATG Trust... read more
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[Last update: 3-28-11] |
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