Posts in category "Foreclosure"

Unemployment Stories: Things Fall Apart, Part 2

I tried.  I really, really tried. But I couldn’t do it.  I couldn’t save my mother’s house. Prior to my her death, my sister and her children lived there and presently continue to do so. Circumstances—some known to me and some not—prevented the mortgage from being paid in a timely fashion.  Obviously in my state... Read more »

Unemployment Stories: Things Fall Apart

At the end of the summer in 1979 my mother, my sister and I came home to a big SOLD sign in the front yard of our home. Unbeknownst to us, our landlord had sold the only home my sister and I knew to the hospital across the street.  I have no idea how my... Read more »

Foreclosure Stories: The End

My mortgage nightmare was coming to an end. After being deeply underwater as property values in Woodlawn continued to decline, I had made an offer to purchase my condo for $20,000 and found a friend to finance the deal. Despite the fact that things were falling into place, I was still up against a big... Read more »
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Foreclosure Stories: The $20,000 Loan

I had a potential deal on the table to purchase my condo for $20,000. The only problem was that I didn’t have that kind of money.  Actually let me rephrase that, I didn’t have any money. I’m still “in-between jobs” and what assets I had were depleted long ago. In case you didn’t know, banks... Read more »

Foreclosure Stories: My Home Is Worth $20,000

The south and west sides are ground zero for mortgage fraud in Chicago.  Wave after wave of foreclosures and vacant or half finished buildings have decimated property values. If you have the available money, you could take about $100,000 and literally buy a city block in certain neighborhoods. That’s how much the property values have... Read more »

Foreclosure Stories: My Mortgage Gets Sold

Just because I wasn’t paying my mortgage didn’t mean that I didn’t have contact with my mortgage servicer. They called dutifully—in some cases up to four or five times a day—to get me to pay my past due balance. I was truthful with them. Since they couldn’t make a reduction in my payments, there was... Read more »
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Foreclosure Stories: Getting Lucky

Do not think that the answer to any mortgage problem you may have is to simply to stop paying. You entered into a legal contract. It is enforceable and you could very well find your ass out on the street if you choose to do what I did. It’s a dangerous game that I don’t... Read more »

Foreclosure Stories: I Stopped Paying My Mortgage

January 2012 was the last time I paid my mortgage in full. Like many unemployed or underemployed Americans, I had some tough decisions to make regarding my finances.  If I paid the mortgage, how was I going to eat?  How was I going to keep the utilities on?  How was the phone bill going to... Read more »

Race, Real Estate and The Bank Of America

Yesterday the Chicago Tribune reported that Bank of America has been accused of taking better care of foreclosed properties in predominately white neighborhoods than they do in minority neighborhoods. Oh boy here we go. Topics of race and racism are always incendiary. Nonetheless, when I do discuss issues of race with people I don’t know... Read more »
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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 »