Tag: foreclosure crisis

Dead-End Leases for Subsidized Renters

Imagine moving into a new apartment only to find out a few months later that your building is in foreclosure? Ok, now imagine it happening two you twice in less than a decade. Johneece Cobb, a 45-year-old community college student, didn’t see it coming when she signed a lease a couple years ago. Having been... Read more »

Should Illinois pull out of the nationwide 'robo-signing' settlement?

Should Illinois pull out of the nationwide 'robo-signing' settlement?
California did. New York did. Now Nevada, Massachusetts and Delaware may follow suit. And today, citizens of Chicago are calling on Illinois Attorney General Lisa Madigan to join the growing number of states that have pulled out of a legal settlement that attorney generals from across the nation struck with banks as punishment for improperly... Read more »

Minority renters bear the brunt of rental foreclosures and illegal evictions

Minority renters bear the brunt of rental foreclosures and illegal evictions
The posting addressed “All Unknown Occupants” living in an apartment building on the Northwest Side of Chicago. A new owner had taken control of the structure in a foreclosure action. A mixture of capitalized and bold headings, references to state law, debt collection and promises the owner will file a “Forcible Entry and Detainer Action”... Read more »
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Chicago Reporter pushes city to secure vacant buildings, make banks pay up

Chicago Reporter pushes city to secure vacant buildings, make banks pay up
Today, the Chicago City Council will hear an ordinance that would make banks that own vacant buildings secure their properties and pay up on their delinquent registration fees. That ordinance, supported by Mayor Rahm Emanuel, is a direct result of a Chicago Reporter investigation. Reporter Angela Caputo uncovered the situation in our May issue, showing... Read more »

Home prices drop in Chicago (or plummet, depending where you are)

The latest installment (PDF) of the Case-Shiller Home Price Index was released earlier today, and the data shows the aftermath of the housing crash continues to ripple through communities across the Chicago area in the form of lower housing prices. More at chicagoreporter.com Single-family home prices in greater Chicago ticked down just less than half... Read more »

In Auburn Gresham, can anyone afford their mortgage?

In Auburn Gresham, can anyone afford their mortgage?
In our final entry in our series examining where we live, Chicago Reporter Publisher Alden Loury talks about what the foreclosure crisis has done in his neighborhood. What’s going on where you live? We want to know. Take a look at your census tract with the New York Times’ slick map and tell us what... Read more »
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Abandoned foreclosures: Chicago's lost homes

We all know that there are a ton of foreclosures in Chicago. How many? More than 45,000 in the city’s metro area in 2010. But there’s a slice of those, and not a small one, that falls into a different category. They’re almost like ghost homes – not really among the living or the dead.... Read more »

Chicago family refuses to leave home after foreclosure fraud

Silva Tellez remembers holding the phone in her hand and dialing the number that came on the letter about her mortgage. It rang and rang, she says, but finally a machine picked up. “It said, ‘Your loan modification is denied,'” she says. “That was it.” Tellez was shocked. She and her husband, Alvaro, hadn’t missed... Read more »

Some Chicago homeowners worse off after loan modifications

Imagine your home is in foreclosure. For a lot of Chicagoans, it’s not hard to dream up. One in five homeowners in the metropolitan area are delinquent by at least one month on mortgage payment. Like so many, you don’t want to lose your home, and so you work with a counselor to get a... Read more »
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Modern-day homesteading: Taking back foreclosed homes

You’ve probably seen a foreclosed home or two in your neighborhood. Maybe you even have one on your street. Is it a nuisance? Boarded up, sitting vacant, attracting looters or squatters. What if you or your neighbors got fed up and decided to take the matter into your own hands? That’s just what mortgage broker... Read more »