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 notation marked "Compliance with predatory lending."

My interest was obviously peaked. 

After looking through some of the files and a few phone calls later, I received an answer.

As of July 1, 2008, the state of Illinois required that all mortgage applications closed on or after that date in Cook County either be issued a certificate of compliance of anti predatory lending or a certificate of exemption to record the mortgage.

In short, the state wants to make sure people know what they're getting into prior to signing the mortgage papers for their home.

Ironically, as it pertains to the foreclosures at 4725 S. Michigan, the borrowers seemingly knew exactly what they were getting into.

For whatever reasons, the ability to maintain their financial commitment for, in most cases, multiple mortgages, caused the 4725 building to fall into disarray.

All of the selected foreclosure suits I pulled for the 4725 building pretty much read the same.  The borrowers just one day stopped paying.

Which is why in the midst of this mess, the story of unit 3C was so compelling.

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