• $16 Million In Foreclosure Funds Still Available

    There are 1,944 former property owners who are entitled to a share of $16 million in foreclosure surplus funds due them, the Chicago Tribune reported on August 25, 2011. The office of the Cook County Clerk of the Circuit Court still has the sum sitting in an interest-bearing account two years after unveiling a search engine for former property owners to determine if they were entitled to those funds. The Tribune reported that now the office is teaming up with other county and state agencies to increase awareness.

    The goal of the Mortgage Foreclosure Surplus Fund Task Force, for instance, is to “encourage residential and commercial property owners who lost their real estate to foreclosure to check on their cases, even if they go back to the late 1990s.” The Tribune noted that if a foreclosed property was “resold at a court-ordered auction for more than the amount due on the mortgage,” state law requires that the original property owner is entitled to receive any surplus amount of more than $100.

    While one person is due funds as high as $450,000 on one commercial property, the average surplus is $2,000, according to the Tribune. There is no time limit for when people have to apply for the funds.

    If you are struggling through hard times and need foreclosure help today, you have many options available to you to try to keep your home and catch up on your mortgage. Contact our Chicago bankruptcy lawyers to obtain important bankruptcy information. Bankruptcy could save your home.

  • Chicago Developer Facing Another Foreclosure Suit

    First Midwest Bank N.A. filed a $6.4 million lawsuit against developer William Senne over a business loan backed by 11 of his properties, Crain’s Chicago Business reported on August 11, 2011. The foreclosure lawsuit filed last month alleges a venture managed by Senne failed to pay off the business loan when it came due in August 2010.

    According to the complaint, the First Midwest suit is in regards to a loan obtained by retail stores in West Loop Promenade, a 78-unit condominium building built at 1201 W. Adams St. by Senne’s Senco Properties, in addition to 10 smaller residential and retail properties. The loan was originally taken out from Westmont-based First DuPage Bank in August 2005 before First Midwest took over following regulators shutting down First DuPage in October 2009, according to Crain’s.

    Crain’s reported that Senne, CEO of Chicago-based Senco, is also facing foreclosure on a 94-unit Bucktown condo project that has yet to be constructed and is still waiting to sell out a 212-unit West Loop development. The complaint, filed on July 8 in Cook County Circuit Court, says First Midwest is seeking to collect the unpaid debt, plus interest, fees and other costs.

    If you are dealing with your own threat of foreclosure , our Chicago bankruptcy lawyers can help.

    Benjamin Brand Services – Chicago bankruptcy attorneys