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Homeowners Facing Foreclosure Should Know Three Benefits to Chapter 7

On Monday, we discussed Illinois having the highest foreclosure rate in the nation in August and talked about some of the benefits that a Chapter 13 bankruptcy offers for homeowners needing ...
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Braxton Un-Breaks The Bank

Nearly 15 years after she sang about the nights being so unkind, six-time Grammy Award-winner Toni Braxton says bankruptcy has "worked out really great" for her. The Wall Street Journal reported on ...
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Record Number of Americans Living in Poverty

While the Census Bureau reported that there are 46.6 million people, or 15.1 percent of Americans, living poverty in 2010 under the decades-old official measure that considers only food costs and ...
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The Young and the Homeless

An increase in the number of people needing foreclosure help combined with a lack of affordable housing and a state unemployment rate higher than the national average has led to an increase in youth ...
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Illinois Will Need Jobs to Recover From Housing Crisis

Illinois will be one of the last states to recover from the housing crisis, the Chicago Tribune reported on November 4, 2011. Economists with the trade group the National Association of Home Builders ...
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Knock Knock, Foreclosure Help Going Door-To-Door

Chicago area homeowners in need of foreclosure help and wanting to save their property could soon have help right at their doorsteps. According to a story from Medill Reports published on November 3, ...
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Housing Starts Surge in September, But Not Enough to Single Recovery

A surge in volatile apartment construction drove homes to be built in September at the fastest pace in 17 months, the USA Today reported on October 19, 2011. While single-family home construction rose ...
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Making Foreclosures Strategic

What if foreclosure could be used for your benefit? According to a September survey conducted by business schools at the University of Chicago and Northwestern University, 34 percent of foreclosures ...
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Home Agency Director Took Interest-Free Loans Despite State Law

Kenneth Pannaralla not only takes home $213,418 a year from a city pension and three government jobs, but the former captain for Illinois House Speaker Michael Madigan also got two interest-free ...
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Will More Startups Lead To More Hiring?

Startup companies are growing in Illinois and many of them will be planning to hire new employees this year, the Chicago Tribune reported on October 17, 2011. In a survey distributed by the ...
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In Volatile Housing Market, Fixed Mortgage Rates Hit Record Lows

The average rate on the 30-year fixed mortgage fell to the lowest rate ever, 3.94 percent, the Associated Press reported on October 6, 2011. The average rate on a 15-year fixed loan dropped to 3.26 ...
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Illinois To Provide $78 Million To Help Banks, Lenders

Gov. Pat Quinn said the state will leverage $78 million in federal funding to help banks and other lending institutions as part of a new state initiative that will help small businesses get the ...
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Mortgage Modification Leaves Shell Of A Home

Wanda Carter said that it seemed as if Washington Mutual Bank "was paying her $20,000" to take a $142,000 loan that covered the sale price and loan fees of a South Side home she bought in November ...
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Unemployment Tax Hikes Hurt The Employers

More than 30 states have had to borrow billions from a federal fund to cover unemployment benefits and higher state unemployment tax bills are forcing employers around the nation to shell out more ...
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Renting Still Preferred To Buying

Rent increases around Chicago and the suburbs will continue through the fall and could escalate into next year, according to new market studies that were reported in the Chicago Sun-Times on September ...
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Credit Card Default Rates Drop In Chicago

Fewer Chicago area residents defaulted on their credit cards in August as the rate fell from a year ago, the Chicago Tribune reported on September 20, 2011. According to the Standard and ...
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Home Sales Increase While Prices Decrease

The federal regulator for the country’s two largest mortgage finance providers said Fannie Mae and Freddie Mac are expected to gradually increase the fees they charge lenders in the next year, ...
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Illinois Ranked Among Worst Business Climates

Only two states have worse business climates than Illinois, according to a survey of 322 corporate executives by New York-based consulting firm Development Counsellors International. According to a ...
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Feds Pick On Poor And Powerless

The "mortgage fraud" defendants dragged into the grand federal courtrooms at 219 S. Dearborn St. are not bankers, but instead are "realtors, loan originators, 'straw buyers' and, occasionally, ...
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Proposed Bill Would Eliminate Property Tax Increases

State Rep. Jack Franks (D-Woodstock) introduced a bill that would eliminate property tax hikes in any year in which the gross property value of property in a taxing district decreases, Crain's Chicago ...
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Unfit Finances Shuts Down Lakeshore Athletic Club’s Power

Already facing a nearly $27-million foreclosure suit, the Lakeshore Athletic Club had its power shut off by Commonwealth Edison Co. due to an unpaid bill, Crain's Chicago Business reported on ...
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Could Chapter 11 Deliver Giordano's To Competitor?

Already owning Gino’s East and Edwardo’s Natural Pizza, 62-year-old Jeff Himmel's West Loop-based Bravo Restaurants Inc. will be among the parties interested in making a bid for ...
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Lenders, Lawyers Could Challenge Chicago Foreclosure Law

A number of lending institutions and associations have filed protests against the Chicago City Council amendment to the municipal code that changed the definition of mortgagee to consider the lender ...
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Chicago Area's Most Expensive Home Going To Auction

A 26-room, 26,500-square-foot French-inspired chateau in Winnetka that has not found a buyer since being put up for sale in 2009 will go to auction, fully furnished, next month. The Chicago Tribune ...
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Real Estate Industry Continues To Suffer

While the nearly 278,000 people who worked in the Chicago-area commercial real estate industry in the second quarter was a marginal increase from a year earlier, it is still down nearly 22 percent ...
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