When there is news about a property possibly going into foreclosure, how often do you hear a response like this: “It’s not like it’s a drag, it’s not going to hurt housing values in the area.” Such were the comments Gail Lissner, vice president of Appraisal Research Counselors, shared with Medill Reports for an article published on October 27, 2011. She was talking about One Museum Park West, the 54-story South Loop residential building that has sold only 25 percent of its units, making it one of the largest blocks of unsold inventory in the downtown condo market. Crain’s Chicago Business reported on October 15, 2011, that the developers are facing probable foreclosure action from bank of America and would be the largest foreclosure since the market bust four years ago.
Unlike foreclosures on single-family homes which typically result in unkempt yards and boarded-up buildings, Medill said “the future is typically bright for downtown foreclosures.” Lissner told Medill that condo developments in the Loop often find success in converting to rental units after they run into financial issues.
Are you finding it difficult to share similar optimism about the market while seeking foreclosure help ? If you are facing foreclosure but feel as if you have no options, your answer may lie in a bankruptcy means test . Our Chicago bankruptcy lawyers can help outline a plan that will allow you to consolidate, reorganize or eliminate your debt and keep you and your family in your home. Whether you intend to file Chapter 13 or Chapter 7 bankruptcy, contact our office first to receive an initial consultation that can be your first step toward becoming debt free and credit rich.
Benjamin Brand Services – Chicago bankruptcy attorneys