Tuesday, January 27, 2015

Some Chicago Wrigley Rooftop Owners Facing Foreclosure

Shortly after the dust settled from the recent destruction of the bleachers in Wrigley Field, the second oldest baseball stadium in the majors began to experience even more threats. Some of the stadium’s iconic rooftops are now facing foreclosure. Allegedly owing more than $36 million in back payments of principal, interests and fees, the owners of these famous Sheffield Avenue properties were sued in federal court recently, according to a Chicago Curbed report. Facing foreclosure can be a traumatizing time in the life of anyone. If you or someone you know is facing foreclosure, contact a Hanover Park foreclosure defense attorney today to learn about your rights and obligations under the law.

Market Slowly Improving

According to a study conducted by Progress Illinois, Chicago’s six-county region reported foreclosure rates that were comparable to pre-recession levels. Foreclosure filings, the first step in the foreclosure process, dropped 38 percent in the first half of 2014 when compared to the previous year. The final step in the foreclosure process, the foreclosure auction, did not see this downward trend.

Numerous cities across the nation, including Chicago, are still suffering neighborhood plight as a result of the backlog of foreclosures on the judicial system’s docket. In 2013, Illinois ranked third in the nation in foreclosure rankings behind Florida and California. Several years after the real estate market bubble burst, approximately 18,000 homes still sit vacant in Chicago. In fact, 18.1 percent of residential homes in the Englewood neighborhood remained unoccupied for more than two years, according to a study conducted by DePaul University’s Institute for Housing Studies.

Banks Still Use Predatory Lending

Lenders and mortgage servicers, who have had a history of questionable business practices in the past, are once again being exposed for unfair lending. Chicago’s own Cook County recently filed suit in federal court, accusing Wells Fargo of predatory lending, according to a Bloomberg report. This legal action is not the first in the nation, as municipalities in Miami and Los Angeles filed similar suits earlier in 2014. Cook County seeks $300 million in money damages as well as a court order demanding the bank stop its predatory lending practices. Most recently, Bank of America reached a multi-million dollar settlement with U.S. regulators regarding allegations of wrongdoing in mortgage lending.

Hanover Park Foreclosure Defense Attorney

If you or someone you know is facing foreclosure, or may be participating in any other type of real estate transaction, contact a Hanover Park foreclosure defense attorney today to find out your rights and obligations during this process. The attorneys at the Law Offices of Gilbert C. Schumm have more than 35 years of legal experience providing guidance. Contact the firm today at (847) 559 – 9109 to schedule your initial consultation.

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