• Two Different Foreclosure Plans Get Two Different Reactions

    Two South Loop aldermen introduced legislation to address the growing problem of vacant foreclosed properties, although the advocacy group Action Now supports one while being skeptical of the other. The Chicago Journal reported on October 12, 2011, that while Action Now said the revised version of vacant building legislation from Pat Dowell (3rd Ward) “might not be worth doing,” the group does “unequivocally support” an ordinance from Bob Fioretti (2nd Ward).

    According to the Journal, Dowell’s “new ordinance overly restricts the definition of what properties are considered vacant,” Action Now says. The original version of Dowell’s measure sought to make mortgage servicers holding a property after foreclosure secure and maintain that building unanimously passed the City Council on July 28. Action Now, however, contends that when the banks persuaded Dowell and Mayor Rahm Emanuel to revise the legislation, the advocacy group was not part of the negotiations. The updated legislation, they say, expands the definition of what properties are not vacant.

    Fioretti’s “more modest ordinance,” co-sponsored by Deborah Graham (29th), would make mortgage servicers or whoever else legally holds a vacant property deploy watchmen at abandoned buildings that are within 1,000 feet of schools, according to the Journal. The bank or institution owning the vacant property would pay for the watchmen, Fioretti told the Journal. The alderman also proposed a different ordinance that would set up credit unions in tax increment financing districts, to pool unused TIF money toward the rehabilitation of foreclosed properties.

    All over Chicago, there are a countless number of families seeking foreclosure help . Did you know that filing a Chapter 13 or Chapter 7 bankruptcy can help keep you in your home and immediately end creditor harassment? Our Chicago bankruptcy lawyers can help you understand all of your legal options in dealing with your debt. Even if you have never heard of a bankruptcy means test , contact our office today to take the first step toward becoming debt free and credit rich.

    Benjamin Brand Services – Chicago bankruptcy attorneys

  • Lenders, Lawyers Could Challenge Chicago Foreclosure Law

    A number of lending institutions and associations have filed protests against the Chicago City Council amendment to the municipal code that changed the definition of mortgagee to consider the lender as an owner of the property, and thus liable to maintain the property. The law passed on July 28, 2011, and supported by Mayor Rahm Emanuel will take effect on September 18, 2011, requiring lenders to take over and maintain vacant, attended residential and commercial properties.

    According to GlobeSt.com, organizations such as the Securities Industry and Financial Markets Association and American Securitization Forum believe the new law goes against existing property law. Daniel Slattery, a Chicago-based partner at Pittsburgh-based Reed Smith, told the website that “foreclosure of any property is only an option, not a legal requirement by lenders … A lender could decide to hold its lien and never act, and still not legally own the property.”

    Who knows how long the political theater over this issue might be stretched out for, but continuing the debate is not much help to the many Chicagoans who need foreclosure help now. Whether a job loss or unforeseen medical bills have you struggling through hard times, our bankruptcy law firm can help you eliminate bills and stop foreclosure. Completing a bankruptcy means test today can go a long way toward ending creditor harassment tomorrow. Contact our office now to set up a free initial consultation with one of our Chicago bankruptcy lawyers.

    Benjamin Brand Services – Chicago bankruptcy attorneys

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