Archive for October 2010

Unemployment & The Mid-Term Elections

For about five weeks this summer I had no money coming in. The bill to extended unemployment benefits had stalled in the Senate causing me and several million of my fellow Americans to lose the only form of income we had. Frankly speaking, I consider myself lucky that I only lost my benefits for five... Read more »

4725 South Michigan: Mortgage Fraud Alleged By The State

Someone took note of my posts about the 4725 South Michigan condo association and suggested that I do some more searching. So I did. The renewed effort did not disappoint. The State of Illinois alleges that several individuals and real estate professionals were attempting to defraud various lenders to the tune of 7.7 million dollars.... Read more »

Notes From Maria Pappas

When Maria Pappas sends you a registered letter from the Cook County Treasurer’s office, it is often in your best interest to open it right away. ‘Cause she ain’t sending you a thank you note. When the notice of my delinquent taxes arrived, my financial situation was worsening every day. There were no immediate job... Read more »
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The (Property) Tax Man

My recent unemployment wasn’t without incredible stories, I just didn’t feel like writing them down—until now. I noticed them immediately. While sitting in a parked car in isn’t odd behavior, it is when you’re sitting taking notes and taking pictures. This behavior is even more disconcerting when you’re pointing the camera lens at my condo... Read more »

Onward & Upward

Thanks for sticking with me as I finished the Price of Foreclosure series. The story surrounding the 4725 South Michigan Condo Association was much deeper than the fire.  I felt it needed to be told even if it took me a few weeks to do so. But there’s a reason for that. As some of... Read more »

The Price of Foreclosure: The Takeaway

The Price of Foreclosure:  The Takeaway
In my experience, an emerging trend with association failures is that a handful of people own multiple units.  When one or two of these individuals fall on hard times, the rest of the association tends to suffer. So the question is what can you do to protect yourself from buying into an almost certain nightmare?... Read more »
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The Price of Foreclosure: The Pictures

The Price of Foreclosure:  The Pictures
I went to hallowed ground in Bronzeville yesterday and didn’t even know it. On my way to snap a few pictures of the 4725 South Michigan building, I passed the imposing and still majestic Rosenwald apartment complex on the northwest corner 47th & Michigan. Despite years of neglect, she still stood proudly, waiting for the... Read more »

The Price of Foreclosure: The Impact

The Price of Foreclosure:  The Impact
A few individuals owning multiple units within the 4725 South Michigan Condo Association ultimately led to its demise. When an individual owns multiple units in an association and their financial picture sours, the association’s finances come tumbling down as well. If the association isn’t getting paid by one unit that’s challenging; not getting paid by... Read more »

The Price of Foreclosure: Unit 3C

The Price of Foreclosure:  Unit 3C
Unit 3C at the 4725 S. Michigan condo association has an interesting story.   As it was going through the process of foreclosure, the plantiff FCDB LBPL 2008-1, discovered that the deed was clouded with a lien from the U.S. Attorney’s office for the Northern District of Illinois.  The lien in question was filed at the Recorder of... Read more »
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The Price of Foreclosure: An Education

The Price of Foreclosure:  An Education
My overdue trip to the Clerk of the Circuit Court’s office finally happened. While I had been there many times before, this trip provided me with a quick education in the steps the state is taking to combat predatory lending. In my last post I mentioned that a few of the foreclosure files had a... Read more »