Posts in category "Mortgage"

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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Baby, I'm Back!

I’m sorry for my sporadic blogging these past few months. I’m on the precipice of finally getting my mortgage drama under control so you can imagine the amount to effort I had to put into that endeavor. While I’m still waiting for the final paperwork to arrive but it looks that my life is about... 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: 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 »