Spire Developer’s Gold Coast Home Faces Foreclosure

Bank of America N.A. filed a $12.02-million foreclosure suit on the 9,000-square-foot Georgian mansion owned by the developer of the failed Chicago Spire, Garrett Kelleher, Crain’s Chicago Business reported on August 25, 2011. In October 2010, Anglo Irish Bank filed a $77-million foreclosure suit against Kelleher’s Shelbourne Development group in regards to the failed Spire condominium project, a proposed 2,000-foot twisting tower at 400 N. Lake Shore Drive.

Seosaimh Partners L.P., a venture controlled by Kelleher, paid $8.5 million for the home on the 1400 block of Astor Street in March 2007. The venture took out a $10.8-million loan on the home from Bank of America in July 2008, Crain’s reported. Without being formally listed, the Gold Coast property was up for sale with an asking price of $16 million in January, but Crain’s said that a broker who toured Kelleher’s home when he listed it “several months ago” estimated the current value at between $10 million and $12 million.

When a resident in the affluent North Side neighborhood of Chicago needs foreclosure help , it seems clear that all of us are struggling through hard times. If you want to end creditor harassment and learn more about filing for an affordable bankruptcy now, contact our team of Chicago bankruptcy attorneys today.

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 demand is one of the requests the union is seeking from CPS after the Board of Education backed out in June on 4 percent across-the-board raises promised in union contracts, the Chicago Tribune reported on August 22, 2011.

The union is asking that CPS end business relationships with Bank of America, JPMorgan Chase, Citigroup, Wells Fargo and Deutsche Bank until they agree to write down the mortgage principals and interest rates for all homeowners facing foreclosure within the school district to market value as a part of an affordable and sustainable loan modification program to prevent foreclosures.

“We’re disappointed we couldn’t get (CPS) to want to try and stop home foreclosures,” Chicago Teachers Union Vice President Jesse Sharkey told the Tribune. “But we’re going to keep fighting for what’s in the best interest of schools. This is not the end of the world.”

If your bank is trying to foreclose on your home, our Chicago bankruptcy attorneys can answer the complaint and actively defend it in state court.

Benjamin Brand Services – Chicago bankruptcy lawyers

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