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 declined.
My situation was no different.
While in negotiation for a lump sum payoff with my old lender, I watched our already battered property values continue to head south.
So when the time came to negotiate with my new lender I threw out a number.
That number was $20,000.
While the representative for my new mortgage lender needed to get the proper authorization, he didn’t forsee a problem with that number being accepted.
My home was on it’s way to officially being worth $20,000.
Now where was I going to get the money to make the deal happen?
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