Results tagged “foreclosure”

After a dismal past six months for the housing market, real estate agents say they are finally starting to see marked increased activity.

• Plainfield police have announced new developments in the Lisa Stebic case, and while they're not doling out any details, they are saying that they "shed additional light on what happened to Lisa." Stebic disappeared nearly 2 years ago.
• The Cook County Sheriff's Office is continuing their strong stand to fight prostitution -- besides suing Craigslist, they've also brought in counselors to help women quit the business and get off the streets.
• A bar in Peoria really, really wants people to know THEY ARE NOT A GAY BAR!! The gay community in the city is outraged, and have "vowed to never go back to the bar." We don't think they thought that one all the way through.

Governor Pat Quinn was in Chicago's West Lawn neighborhood this weekend to sign into law a bill that extends a 90 day grace period to homeowners facing foreclosure. The bill, which passed the state legislature in late January, prohibits lenders from beginning foreclosure proceedings during the first 30 days of delinquency. After that, lenders are required to tell homeowners that they have 30 days after that period to seek credit counseling. Homeowners who get counseling from a HUD-approved credit counselor then have an additional 30 days to work out a plan to begin making payments on their home loan again.

The saga of Mr. Beef's recent misfortunes continues today as co-owner Joseph Zucchero testifies before Congress regarding his recent struggles with Midwest Bank, which holds the lien on the River North institution, has cut off Zucchero's line of credit, and threatens to foreclose on the restaurant. This despite Midwest Bank recently being the recipient of $85 million in TARP funds from the Treasury Department. From the Tribune's "Swamp" Washington Bureau blog

Illinois ranked ninth in the country for total number of foreclosed properties in 2008 -- at almost 100,000 -- but it’s not just homeowners who are suffering. A New York-based investment firm has only a few days left to pay off more than $48 million in loans on the building at 500 W. Monroe St., or it could be become the first Chicago skyscraper in a decade to face foreclosure, Crain’s Chicago Business reports.

It seems strange to be touting a foreclosure workshop, but with third-quarter home foreclosure filings up 71 percent over the same period last year, it's a pressing topic. This weekend, the City of Chicago will be holding a Borrower Outreach Day, a non-profit homeownership preservation workshop to help troubled homeowners learn more about their options. Professional financial advisers and representatives from dozens of major lending banks will be on hand to help. There will also be loan work-out sessions with counselors and lenders, access to free legal assistance, various workshops and information about the City's financial literacy programs. To reserve a spot at the workshop, contact the Department of Housing at 312-742-0635.

Cook County Sheriff Tom Dart is closer to resuming evictions of rent-paying tenants living in foreclosed properties now that judges are using a new court document. The new document specifically outlines how long the tenant has until he/she has to leave the property - the shortest of 120 days or the remainder of the lease. Dart spokesman Steve Patterson said:

We applaud Judge Kinnaird for taking this step and believe it brings us much closer to a resolution. We're continuing to meet with the judge and state's attorneys, addressing logistical changes that will have to take place before the plan can be finalized. But we're confident things are moving in that direction.

Cook County Sheriff Tom Dart, he of "We won't surprise tenants with an eviction order intended for their landlord" fame, recently sat down with Time Magazine to discuss the housing crisis and why he came to the decision he did.

Tell me about your thoughts on the "cavalier" attitude at the root of this problem.

Continue reading "Sheriff Dart Talks To Time"

The mayor's plan to require owners of vacant buildings to make them more secure was delayed yesterday after lenders objected to the requirements. The new rules would require a building that is vacant for six months or longer to be secured with steel panels, or have all the doors and windows completely installed, dusk to dawn lighting, and an "active account" with a private security firm. Lenders that are holding the property would also have to pay an increased fee of $250 to place the building on the city's vacancy registry. That fee, currently at $100, would be waived as long as the building is kept up to city code.