Will County Announces Property Tax Relief Measures - 2020

Will County Announces

Property Tax Relief Measures - 2020

U.S. property owners, including those in the Chicagoland area, are currently facing real financial pressures in the face ...

Why?  

One reason is ... it's real estate property tax time across much of America.

In many areas of our nation, property taxes are presently being issued and 1st installment of tax payments are coming due.  

That is certainly true in the Chicago Metropolitan Area.  

In Chicago's Southland, Will County real estate taxes were mailed out and posted online beginning on May 1st, 2020.  Will County property owners' 1st installment of taxes will come due for payment soon ... on June 3rd, 2020.

But as I mentioned above, events now taking place are making the payment of this year's tax payments-especially challenging for many.  Employment furloughs, unemployment, reduced earnings, and health issues delivered via the COVID-19 virus are all contributing to those current challenges.

Many of our local Chicagoland-area county governments are looking for ways to meet those challenges head-on.  They're also trying to find ways to provide much-needed relief to the residents and property owners within their boundaries.  

That is definitely true in Will County.  On Thursday, May 21st, the Will County Board met and approved measures to provide financial relief to Will County property owners in meeting their 2019 tax installment responsibilities.  

The following payment schedule was approved at that County Board meeting:

   * 50% of the 1st Installment is due June 3, 2020

   * 50% of the 1st Installment is due August 3rd, 2020

   * 50% of the 2nd Installment is due September 3rd, 2020

   * 50% of the 2nd Installment is due November 3rd, 2020 

     NOTE:  Any unpaid balance remaining after the August 3rd and November 3rd dates will accrue interest.

To simplify the payment of taxes, Will County has made payment possible via any of the following methods:

• Lender Tax Escrow Payment(s):  (Check with your Mortgage Service Provider for further info.  NOTE: Most Homeowners with Mortgages and Taxes paid via Escrow accounts will see  little or no change in the tax payment schedules)
• Banks:  For a list (and locations) of those banks collecting on the County's behalf, click HERE 
• Online Payment:  Click HERE for that link
• By Mail:  Send payment(s) to Will County Treasurer, 302 N. Chicago Street, Joliet, IL 60432
• Drop-Box Payment:  2 Drop-Boxes are provided at the County Building located at:  302 N Chicago St, Joliet

            #1 is located in the parking lot as a drive-up facility/service 
            #2 is located in the County Building's lobby

Should you have any questions regarding the payment of your taxes/tax installments, please contact the Will County Treasurer's office at:  815.740.4675.  

You can also email the Treasurer's office at the following:  treasurer@willcountyillinois.com 

The topic of Real Estate Taxes is vitally important as taxes play a critical role in the transacting of real estate.  For those considering a real estate purchase, real estate taxes figure greatly into the "affordability" factor of properties, especially when the property is being financed.

Because of this fact, I've written articles on the topic many times ... specifically, as they pertain to Will County residential transactions and ownership.  Links to some of those articles are provided below.  

I hope these articles provide some insight into the topic of taxes and provide a better understanding of how Will County properties are assessed and taxes are estimated and paid. 

• Will County Taxes: Escrows, New Construction, Assessments
• Love Your New Construction ... But Educate Yourself About Future Tax Bills
• Will County and Chicagoland Property Taxes:  What, Where, How, Why
• I Received a New Property Assessment. What Do I Do?

Have questions as to how the real estate taxes on a property could affect your ability to buy?  

Are you hoping to Buy or Refinance a home or Investment Property in the Chicagoland area?  Contact Me!  I'll put my 40 years of Mortgage experience and expertise hard to work on your behalf.  I'm easily found at:

Gene Mundt

Mortgage Originator  -  NMLS #216987  -  IL Lic. #031.0006220  -  WI License 216987

American Portfolio Mortgage Corp

NMLS #175656

Direct:  815.524.2280

Cell or Text:  708.921.6331

eFax:  815.524.2281

gmundt@goapmc.com

www.genemundt.com

              

        

Gene Mundt, Mortgage Originator, an Originator with 40 years of mortgage experience, will offer you exemplary mortgage service and advice when seeking:  Conventional, FHA, VA, Jumbo, USDA, and Portfolio Loans in Chicago 

and the greater Chicagoland region, including:  

The Lincoln-Way Area, Will County, (New Lenox, Frankfort, Mokena, Manhattan, 

Joliet, Shorewood, Crest Hill, Plainfield, Bolingbrook, Lockport, Channahon, 

Romeoville, Naperville, etc.), DuPage County, the City of Chicago, Cook County, 

and elsewhere within IL & WI.

Referrals are Greatly Appreciated and Welcomed!

What is an Appraisal Waiver and Who is Eligible for One?

What is an Appraisal Waiver and

Who's Eligible for One?

Many changes surrounding residential appraisals have occurred recently.  Some have come as a response to the challenges presented by Covid-19.  Others were put into place prior to our facing current viral challenges. 

In this article, I address only those changes made to appraisal requirements and options for Conforming Conventional Loans.  The following are what "Appraisal Options" can mean in those specific cases.

First, it should be pointed out before proceeding: No two loans (or borrower(s) are the same, so no blanket-statement can be made or cover every situation or appraisal requirements required in every transaction. Each scenario must be considered singularly and upon its own merit.

To simplify things a bit, moving forward I will reference only those conventional loans being placed, sold, and guaranteed by Fannie Mae or Freddie Mac.  (Originally these guidelines were good on loan applications through May 17, 2020, but just recently they were extended to June 30, 2020.) 

Certain conventional loans can receive an "Appraisal Waiver" ... when either the Property Price (for purchases) or Estimated Value (for Refinances) ... is found to be acceptable, and in the Range of Values within the massive databases, for that property.  

The notations received in Automated Underwriting can allow for a loan to be approved and successfully Closed without an appraisal being performed.  Please note, however, that only a small percentage of Loans with less than 20% down receive this "Waiver of Appraisal".

Transactions that do not receive an Appraisal Waiver from the automated underwriting systems, require some sort of physical appraisal to be made.  

Those appraisals can be:

• A Desktop Review (No Inspection)
• Exterior Appraisal Only (No need to enter the home)
• A Traditional Appraisal 

The obvious next question then becomes ... 

"When does each various type of appraisal become applicable?"

     

A.  Purchase Transactions - Principal Residence up to 97% Loan-To-Value, allows the following:

           

     1.  Traditional Appraisal - (Full Report, Appraiser, Inspections)

     2.  Desktop Appraisal - Appraiser does NOT inspect the interior.  The Appraiser completes a Standard Appraisal Form with the benefit of public records, multiple listing service (MLS) information, and on-line/third-party sources to help identify the property characteristics

     3.  Exterior Only Appraisal - The name pretty much speaks for itself.  It's the least invasive form of appraisal report performed without an Appraiser's personal inspection

   Note: Mortgage Lenders can be exposed to scrutiny when

accepting "less than" a full traditional Appraisal Report when

selling the loan in the secondary market. So expect Lenders to remain cautious in this regard.

     B.  Refinance Transactions - Principal Residence, allows the following:

     1.  Either an Appraisal Waiver (None Required) or a Traditional Appraisal is required ... in most cases.

The following property types are eligible for Appraisal Waiver use:

• Single-Family Units, whether they be detached single-family residences, attached townhomes, or condominiums, are the primary properties eligible for Appraisal Waivers
• Investment Properties (meeting the above criteria) can also receive Appraisal Waivers at lower Loan-To-Value percentages
• Second Homes are also eligible for Appraisal Waivers if they meet the above-mentioned criteria 

Once again, the above are only guidelines, and individual Mortgage Lenders may institute or remain cautious regarding their own requirements on appraisals.  

However, the overriding message is ... the mortgage industry is trying hard to provide some flexibility during the uncertain times we are currently facing. Staying responsive to the needs of borrowers remains a positive and prime focus and is especially warranted during this challenging time.

* Are you dreaming of buying or refinancing a home or Investment Property in New Lenox - Will County - Chicago - Chicagoland - IL/WI? 

Contact me today! I'll put my 40 years of mortgage experience and expertise to work on your behalf.

I'm easily found at:

Gene Mundt

Mortgage Originator - NMLS #216987 - IL Lic. 031.0006220 - WI License #216987

American Portfolio Mortgage Corp

NMLS #175656

Direct: 815.524.2280

Cell: 708.921.6331

eFax: 815.524.2281

gmundt@goapmc.com

www.genemundt.com

  

             

   

 

  

Gene Mundt, Mortgage Originator,  an Originator with 40+ years of #mortgage experience, will offer you exemplary mortgage service and advice when seeking:  #Conventional, #FHA, #VA, #Jumbo, #USDA, and Portfolio Loans in #Chicago and the greater Chicagoland region, including: 

 The #Lincoln-Way Area, #Will County, (#New Lenox, #Frankfort, #Mokena, 

#Manhattan, #Joliet, #Shorewood, #Crest Hill, #Plainfield, #Bolingbrook, #Channahon,

#Romeoville, #Elwood, #Lockport, #Naperville, #Wilmington, #Peotone, etc.), 

#DuPage County, the City of #Chicago, #Cook County, and elsewhere within IL & Wisconsin. 

Your Referrals & Testimonials are Always Greatly Appreciated!   

The Who, What, When, Where & How of Mortgage Forbearance

The Who, What, When, Where & How

of Mortgage Forbearance

No one knowingly buys a home envisioning that financial hardships lie ahead ...  

Yet hardships and challenges come even when planning and

preparations have been made.  

That is where many American homeowners now find themselves.  The COVID-19 virus has delivered it to their home's door.

If you are one of those Americans that have been negatively impacted financially, either via loss of employment/work hours, income loss, other financial stresses, or health considerations due to COVID-19 ... you are definitely looking for a dose of good news.  And thankfully, there is some to share.

A large percentage of U.S. homeowners ... about 70% ... hold mortgages that are federally backed (Government-Sponsored Enterprise (GSE).   The recently-passed (3/27/2020)  Coronavirus Aid, Relief and Economic Security Act passed by Congress offers relief to homeowners that have financed their homes in this manner.  If you're unsure if your mortgage is federally-backed, contact your Mortgage Servicer or loan officer right away.  

(If you do NOT hold a federally-backed mortgage and you have a privately-held or securities-held mortgage:  Relief may still be available to you via other avenues.  Check with your mortgage servicer for further info).  

Mortgage forbearance is one option available to those homeowners that are presently experiencing COVID-19 related financial/payment difficulties ... and also have a federally-backed mortgage.  

What relief is being offered via the CARES act as it pertains to mortgage forbearance?  

Here's the "Who, What, When, Where and Why" of mortgage forbearance info.  It will prove insightful, educational, of value, and also help you move forward should you currently find yourself needing relief:

• The Consumer Financial Protection Bureau (CFPB) defines mortgage forbearance:  Forbearance is when your mortgage servicer, that’s the company that sends your mortgage statement and manages your loan, or lender allows you to pause or reduce your payments for a limited period of time
• Mortgage forbearance does NOT mean that your mortgage payments are forgiven indefinitely or erased forever.  
• Mortgage forbearance is only a temporary agreement and according to your mortgage servicer's forbearance agreement, you will have to repay your missed/reduced mortgage payments as agreed upon at some point in the future
• Homeowners should not wait until they have missed monthly mortgage payments to request mortgage forbearance
• Dependent on the type of loan you have, mortgage forbearance options can differ.  Do not proceed with any actions until you fully-understand the forbearance program or option you are being offered by your mortgage servicer
• As their part of the forbearance agreement, the mortgage lender is promising that they will NOT foreclose on your property during the forbearance agreement period.  
• It's important to make sure your mortgage forbearance option is received in writing.  Keep safe possession of your documentation and written proof of the agreement in your records
• Each mortgage holder must APPLY for their mortgage forbearance.  The mortgage servicer does NOT offer it automatically.  Homeowners must be prepared to provide proof of hardship upon their request for forbearance
• Examples of Lender's mortgage forbearance conversations can be found at:  Fannie Mae ... as well as Freddie Mac.  Proactively prepare for your conversation requesting mortgage forbearance 
• While in conversation, have your mortgage account number available.  As with your initial mortgage application, information regarding employment, pay stubs, information regarding current debt and savings, tax returns and more may be required during the Lender's assessment of your individual/specific situation
• Be aware that your Lender may request to review your Credit Report at this time 
• Be prepared, if requested, to make your request in written form/letter  
• Continue to protect your credit and finances as well as possible throughout your mortgage forbearance period.  
• Pay special attention to the upcoming mortgage statements received during the forbearance period.  If you have an escrow account, be aware that insurance and property tax payments should continue to be made during the mortgage forbearance period.  
• Moving forward, protecting your credit scores, credit history, and credit report will continue to be important.  Monitor your credit health at: annualcreditreport.com
• The initial mortgage forbearance period is typically (up to) 180 days.  An additional forbearance period may be possible but may require further request/approval
• Depending on the type of loan you have, mortgage forbearance options/programs available may differ.  Please consult with your Mortgage Lender as to the specifics of your forbearance options and requirements
• Mortgage forbearance is made at the sole discretion of the Lender
• AT THIS TIME and of this date (5/5/2020):  There is no law that specifies what happens once your mortgage forbearance period is over.  Mortgage servicers/Lenders continue to work on specific details of the options they offer.   

Those options can/might include:

       A.  The option of a Loan Modification (a restructuring of mortgage terms)
       B.  Mortgage term date is delayed or "pushed back"
       C.  Monthly mortgage payments may be increased moving forward (making up for payments missed while in forbearance) 
       D.  Payment of one lump sum (often called Reinstatement) 

Should you think that you will NOT be capable of returning to your normal monthly mortgage payment schedule, contact your Mortgage Servicer well in-advance of the forbearance period expiring.  Other additional options may be available to you.  

The objective of mortgage forbearance is to assist homeowners through a difficult time and to help them sustain the least amount of credit/financial hardship and injury as possible while navigating their financial difficulties.  

Documenting, conversation and full-disclosure with mortgage servicers also aids homeowners in achieving that goal and each action will benefit you greatly ... both in the short and long term ...  

* Are you dreaming of buying or refinancing a home or Investment Property in New Lenox - Will County - Chicago - Chicagoland - IL/WI? 

Contact me today! I'll put my 40 years of mortgage experience and expertise to work on your behalf.
I'm easily found at:

Gene Mundt

Mortgage Originator - NMLS #216987 - IL Lic. 031.0006220 - WI License #216987

American Portfolio Mortgage Corp

NMLS #175656

Direct: 815.524.2280

Cell: 708.921.6331

eFax: 815.524.2281

gmundt@goapmc.com

www.genemundt.com

  

             

   

 

  

Gene Mundt, Mortgage Originator,  an Originator with 40+ years of #mortgage experience, will offer you exemplary mortgage service and advice when seeking:  #Conventional, #FHA, #VA, #Jumbo, #USDA, and Portfolio Loans in #Chicago and the greater Chicagoland region, including: 

 The #Lincoln-Way Area, #Will County, (#New Lenox, #Frankfort, #Mokena, 

#Manhattan, #Joliet, #Shorewood, #Crest Hill, #Plainfield, #Bolingbrook, #Channahon,

#Romeoville, #Elwood, #Lockport, #Naperville, #Wilmington, #Peotone, etc.), 

#DuPage County, the City of #Chicago, #Cook County, and elsewhere within IL & Wisconsin. 

Your Referrals & Testimonials are Always Greatly Appreciated!