Recent Posts in foreclosure Category

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A Look at What Foreclosure Means for You

Missing one mortgage payment or accidentally paying the incorrect amount doesn't necessarily mean you will face foreclosure and the prospect of filing for bankruptcy. However, if you are unable to ...
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Homeowners Over 50 Being Hit Hard by Foreclosure

Reuters reported on August 21, 2012, that a report from the AARP Public Policy Institute shows roughly 3.5 million homeowners owe more on their mortgages than their properties are worth. One troubling ...
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Chicago-area Foreclosures Higher Than Last Year as Lenders Tackle Backlog

Nearly 12,000 homes in the Chicago area received a foreclosure notice during July, RealtyTrac Inc. said on August 9, 2012. The Chicago Tribune reported that the overall number of 11,8885 was down from ...
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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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New Home Construction Suffers Alongside Struggling Housing Market

Around 54,000 new homes were built in the Chicago area in 2005, but only about 3,000 building permits have been issued so far this year to start construction on new housing, Voice of America reported ...
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$196K In HUD Funds To Be Used For Foreclosure Prevention Counseling

The U.S. Department of Housing and Urban Development announced more than $10 million in housing counseling grants in "an effort to help families keep their homes and avoid mortgage scams" on September ...
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Chicago Home Prices Rise For Month

Chicago led the way of eight cities posting month-to-month gains in a June report from the Case-Schiller Home Price index. While Zacks.com reported on August 30, 2011, that Chicago rose 1.32 percent ...
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Consumer Confidence Hits Lowest Level In More Than 2 Years

The Consumer Confidence Index fell to 44.5 percent in August, a drop of nearly 15 points from a revised 59.2 in July. The Associated Press reported on August 30, 2011, that the sharp deterioration ...
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Teachers Want CPS To 'Turn Up The Pressure' On Banks, Stop Foreclosures

The Chicago Teacher's Union has asked Chicago Public Schools to end business relations with five major banks involved in the largest number of foreclosures for union members and their families. The ...
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Chicago Developer Facing Another Foreclosure Suit

First Midwest Bank N.A. filed a $6.4 million lawsuit against developer William Senne over a business loan backed by 11 of his properties, Crain's Chicago Business reported on August 11, 2011. The ...
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Suburban Exodus Regions Now Among Hardest Hit By Housing Downturn

While property values in Chicago have suffered, the housing market is also suffering in the distant suburban markets that were once among the fastest-growing in the United States. An August 22, 2011, ...
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Austin Seeks Inclusion In Emanuel Foreclosure Program

The chairman of the Westside Ministers Coalition and spokesman for the Community Reinvestment Organizing Project (COP) has demanded that Chicago’s Austin community be included as a targeted area ...
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Man Sentenced To More Than 17 Years In Mortgage Fraud Scheme

A former South Holland man will spend more than 17 years in federal prison after directing a mortgage fraud scheme that cost lenders about $16 million for properties on the South Side, according to ...
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Foreclosure Fraud in California Shut Down

The California Department of Justice and the State Bar of California recently sued a group of California lawyers for taking millions of dollars from homeowners by promising them relief on home loans ...
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Emanuel Hopes $20 Million Loan Program Can Help Hardest-Hit

Mayor Rahm Emanuel unveiled a $20 million loan pool on August 17, 2011, with a goal of bringing new ownership to 2,500 foreclosed homes in "small sub-sections" of nine Chicago neighborhoods. With a 20 ...
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Illinois Home Foreclosures Down In July

There were 46 percent fewer foreclosure filings in July than there were last year, a report from Irvine, Calif.-based RealtyTrac showed. Released on August 11, 2011, the report showed Illinois with ...
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Lofty Evanston Mansion Falls in Cook County Sheriff's Sale

A controversial mansion in Southeast Evanston is scheduled for auction in August 2011. It once had a price tag of $9 million before heading into foreclosure. The auction of the 11,000-square-foot ...
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Developer of New City YMCA Property Facing Lawsuits on Other Building Sites

A Chicago developer with plans to develop the ex-YMCA property on Clybourn Ave. and Halsted St. is fighting foreclosure lawsuits on two nearby properties. PNC Bank filed three foreclosure suits ...
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Troubled Block 37 on Market After Foreclosure Fight

The new Block 37 mall on State Street is officially going up for sale after a long and hard-fought foreclosure battle. The bank group that now owns the shopping center has hired Eastdil Secured LLC to ...
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Owner of Wrigley Field Rooftop Building Suffers Losing Streak

The curse of the Loveable Losers is affecting The Lakeview Baseball Club, a three-story building that overlooks the right field at Wrigley. The building is heading to a sheriff's auction after ...
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Fannie Mae Moves to Foreclose on Apartment Building in Chicago Ridge

Fannie Mae has filed a $6.1 million foreclosure suit against an 84-unit apartment building located in Chicago Ridge. The owners of Ridgeland Court failed to keep up with their end of the bargain. The ...
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Founder of Failed New Century Bank Faces Foreclosure on Personal Condo

Faye T. Pantazelos, founder of New Century Bank, has failed to make payments on her condominium loan since December 2010. There is no mention of her seeking foreclosure help or a short sale. Her bank ...
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Five Charged in Mortgage Fraud for North Shore Development

Three partners in a failed North Shore development project, a loan officer, and a title company executive were charged in a federal indictment unsealed on June 5, 2011. The charges allege that the ...
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Delinquent Homeowners Stay in their Homes up to 15 Months

Illinois homeowners who are facing the foreclosure process have up to 494 days to stay in their homes before eviction. The time between filing and eviction has increased since the first quarter of ...
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Illinois Attorney General Expands Probe of Foreclosure "Robosigners"

The Illinois Attorney General's office is expanding its probe of alleged "robosigning" of mortgage foreclosure documents. On May 25, 2011, the office announced subpoenas to two Florida-based mortgage ...
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