• Site Owner of LTH Forum Files for Personal Bankruptcy

    Gary Wiviott, owner of LTH Forum has filed for chapter 7 personal bankruptcy. The actual filing was done in November 2010, but has only recently become known due to the trustee putting one of the assets up for sale. The specific asset is the LTH forum, also known as the Little Three Happiness forum.

    LTH Forum is a popular local restaurant forum, one that attracts users from all around the Chicago area. It is an active forum with almost 10,000 users, and could potentially generate income by the placement of advertising and selling email lists generated by the user base. Wiviott stated the value of the forum at $0 in his petition, allowing the trustee to put it up for sale.

    A personal dispute between Wiviott and Peter Daane, a charter member of LTH Forum and an attorney, plays a large part in the bankruptcy. Wiviott borrowed a sum of money from Daane and never repaid. Daane has since taken Wiviott to court and received a judgment for the amount. As a result of the judgment, Wiviott filed for bankruptcy.  The bankruptcy filing negated the judgment, meaning that Daane could no longer collect his money from Wiviott.

    In an attempt to gather interest for the website, Daane was responsible for informing local media that the trustee had opened up bidding for LTH Forum.

    The trustee placed the website up for sale, with the first bid of $40,000 made by LTH Acquisition, LLC. LTH charter members David Dickson, Ron Kaplan and Steve Zaransky are all active members of the forum. They plan to maintain the site as it currently exists, with no advertising or selling of emails if they win the bid.

  • Foreclosures Represent 29 Percent of Home Sales in the First Quarter

    Almost 30 percent of all homes sold in Illinois during the first quarter were foreclosures. This number is down considerably from the first quarter of 2010.

    The 5,529 homes were sold as foreclosures during the first three months of the year, ending in March. This number is down 38 percent from the previous year and down 6 percent from the last quarter of 2010. Illinois is still one of the states with the best deals for buyers.

    The average price of a foreclosed home for the first quarter is $132,983, a nearly 41 percent discount from the sales prices of non-foreclosed homes. Bank owned or repossessed properties sold for 48 percent off the sales price of non-distressed homes. Homes that are in default but not yet repossessed by lenders averaged 19 percent off the average non-foreclosure price. Short sales are not included in the data.

    The Federal Housing Finance Agency issued its quarterly house price index on May 25, 2011. The data shows how foreclosure sales are dragging down overall home values. According to FHFA, Chicago are home prices are down 5 percent as compared to the final quarter of 2010, 9.5 percent from the period one year ago, and 26 percent from five years ago.

    If you are in need of foreclosure help, contact a Chicago foreclosure lawyer for more information.