• 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 mansion is the latest chapter in a saga that upset the exclusive one-block enclave of Edgemere Court. The tony block includes the 1927 mansion of Col. Henry Crown.

    The home, built in 2008 by developer Christopher Nesbitt, has five bedrooms, seven bathrooms, an outdoor pool and lakefront access. The last asking price on the property before foreclosure was $7.9 million.

    The home, and lot two doors south that was cleared by Nesbitt for another mansion, has been a sore spot for some neighbors. Nesbitt removed an existing sidewalk at the 925 Edgemere property, and removed the sidewalk on the lot at 917 Edgemere. Two other homeowners of adjacent properties removed their sidewalks as well. The removal prompted a group of neighbors to file lawsuits against the four offending properties.

    A resident of the street said the disagreements over the sidewalks – and the empty home and vacant lot – have rankled a neighborhood that’s functioned harmoniously for a century.

    The sheriff’s sale of 925 Edgemere comes because of a foreclosure lawsuit filed in December 2009 by the property’s lender, United Central Bank.

    Foreclosures can happen to anyone, regardless of life station, and the circumstances don’t really matter – what does matter is getting away from the debt before it becomes a major issue. Legal options can be employed to stop the problem and allow you to move on with life.

    Benjamin Brand Services – Chicago foreclosure attorney

  • Greektown Loft Office Property Returns to Bankruptcy Chapter 11

    A Greektown building defaulted on its first mortgage of $18.4 million barely one year after emerging from Chapter 11 bankruptcy.

    The venture owned by a husband-and-wife team from Wisconsin has missed mortgage payments on 833 W. Jackson Blvd. since March, according to a complaint filed by Wells Fargo Bank N.A.

    The property has not managed to come back to full occupancy after the collapse of a key tenant, Krahl Construction. Krahl Construction went out of business after it was raided by the FBI in 2010. The building’s vacancy rate is up to 24.5% after being almost fully leased in 2009, according to real estate data provider CoStar Group Inc. and court documents.

    The property is two buildings separated by a parking lot. One is an eight-story structure built in 1910, and a five-story structure built in 1924. Vintage office spaces such as these are struggling to find tenants due to lower quality office space.

    The burden of turning around the property may shift to MCZ Development Corp., who holds a $1.2 million mezzanine loan on the buildings. Michael Lerner of MCZ Development must refinance the first mortgage or face foreclosure by Wells Fargo. A foreclosure by Wells Fargo could potentially wipe out the $1.2 million investment.

    The owners of the venture filed a Chapter 11 bankruptcy petition in an attempt to hold off the foreclosure, one year after emerging from a previous Chapter 11.

    Corporations of all kinds take advantage of the legal resources to save the business from going under. Individuals who face similar circumstances are able to use the exact same resources in order to minimize disruption to their lives. Bankruptcy is an excellent tool for reorganizing personal finances and getting a fresh start.

    Benjamin Brand Services – Chicago bankruptcy lawyer