Posts in category "Property Value"

White Gentrification In Chicago: My Response

Yesterday, I posted a letter from a reader who was concerned about potentially gentrifying neighborhoods of color when she moves to Chicago. Her issue is that gentrification will raise rents and property values making it increasingly expensive for families who have been there for years—or in some cases generations–and they’ll be priced out of the... 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 »

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 »
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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 »

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 »
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