Posts in category "Foreclosure"

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 »

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 »
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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 »

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 »
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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 »

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 »

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 »