• The Invisible Foreclosures

    When there is news about a property possibly going into foreclosure, how often do you hear a response like this: “It’s not like it’s a drag, it’s not going to hurt housing values in the area.” Such were the comments Gail Lissner, vice president of Appraisal Research Counselors, shared with Medill Reports for an article published on October 27, 2011. She was talking about One Museum Park West, the 54-story South Loop residential building that has sold only 25 percent of its units, making it one of the largest blocks of unsold inventory in the downtown condo market. Crain’s Chicago Business reported on October 15, 2011, that the developers are facing probable foreclosure action from bank of America and would be the largest foreclosure since the market bust four years ago.

    Unlike foreclosures on single-family homes which typically result in unkempt yards and boarded-up buildings, Medill said “the future is typically bright for downtown foreclosures.” Lissner told Medill that condo developments in the Loop often find success in converting to rental units after they run into financial issues.

    Are you finding it difficult to share similar optimism about the market while seeking foreclosure help ? If you are facing foreclosure but feel as if you have no options, your answer may lie in a bankruptcy means test . Our Chicago bankruptcy lawyers can help outline a plan that will allow you to consolidate, reorganize or eliminate your debt and keep you and your family in your home. Whether you intend to file Chapter 13 or Chapter 7 bankruptcy, contact our office first to receive an initial consultation that can be your first step toward becoming debt free and credit rich.

    Benjamin Brand Services – Chicago bankruptcy attorneys

  • 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