• 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 percent increase in foreclosures in 2010, the Chicago Sun-Times reported that the $20 million in loans provided by the John T. and Catherine D. MacArthur Foundation is planned to leverage private capital to grow the loan pool to $50 million.

    Emanuel told WBEZ that the “Micro-Market Recovery Program” should get about 2,000 homes stabilized within three to five years. “This program will move Chicago from a house-by-house approach to a community-focused strategy, which will do a better job of protecting residents from the devastating impact of foreclosures,” the mayor said in a statement.

    The Sun-Times reported that about 95 percent of the 10,500 properties are currently vacant and the city plans to enforce a City Council ordinance agreed to last month which would hold banks responsible for maintaining and securing foreclosed properties. Banks would be asked to fund the renovations or relinquish the properties to the city for remodeling.

    Benjamin Brand Services – Chicago bankruptcy lawyers

  • 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 10,627 foreclosure actions-including default notices, auctions and bank repossessions-last month, according to the Associated Press.

    The Daily Herald also reported suburban counties with large drops included DuPage County with 64 percent, Kane County with 57 percent, Will County with 50 percent, McHenry with 44 percent and Lake County with 40 percent. However, Illinois ranked No. 9 nationwide in foreclosures. RealtyTrac also reported 212,764 nationwide, or a 35 percent drop.

    However, the report also showed that for the second straight month the bank-owned, or repossession, of homes increased about 20 percent in Illinois.

    Experts told the Daily Herald that the foreclosure process has slowed due to the robo-signing controversy started in October 2010 when some major lenders were accused of trying to process foreclosures quickly by signing documents without thoroughly reading them. The matter is still under investigation by the state attorneys general.

    Benjamin Brand Services – Chicago bankruptcy lawyers