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.

Loan Modification Scams Spring Up in Schaumburg Area

According to the Illinois Department of Financial & Professional Regulation, the state has seen an increase in solicitations to the general public in the form of direct mail, advertisements and other marketing mediums offering foreclosure-related services. These unsolicited businesses are claiming assistance to struggling homeowners in the form of loan modifications in addition to loss mitigation and foreclosure prevention. These services purportedly provide consumers assistance in the negotiation and resolution of delinquent accounts with lenders in exchange for fees paid upfront. If you or someone you know has been the target of a loan modification scam, contact an Illinois foreclosure attorney right away to protect your rights.

Loan Modification Explained

A loan modification occurs when an underwater homeowner, or the homeowner’s authorized representative, successfully negotiates with the mortgage lender to obtain a permanent change in the terms of the underlying loan resulting in reduced and affordable payments. It is possible that a successful loan modification may reduce the interest rate on a mortgage to as low as two percent, for the life of the loan. Additionally, a loan modification may allow the borrower to add overdue payments to the back end of the modified loan in order to make the loan current. An alternative to foreclosure, if approved, a loan modification helps to keep a homeowner in the property.

How to Avoid Being Scammed

If you or a loved one is facing foreclosure, contact an Illinois foreclosure attorney right away to protect your interests. Some examples of current loan modification scams include mortgage payments to a third party without prior approval of the lender, stating that signing the deed over to a third party will save the home, requiring an upfront fee in exchange for mortgage counseling or modification services, and charging a fee to obtain assistance through the federal Making Home Affordable program.

Should mortgage counseling be of interest, ensure that the agency providing the services is one approved by the Department of Housing and Urban Development before conducting any business with the agency. Do not pay money unless you know exactly what services will be provided and clear away from agencies that only accept cashier’s checks or money orders. Beware of “guarantees” promised by anyone assisting in this process as the final decision in approving a loan modification is made by the lender. Moreover, do not sign any paperwork that hasn’t been read – or reviewed by a reputable foreclosure attorney – especially if the documentation relates to transferring title to a third party.

Contact a Chicago Loan Modification Attorney

If you believe you have been the target of foreclosure fraud, contact an Illinois foreclosure attorney today for advice on your rights. With over 35 years of experience fighting for clients’ property interests, the Law Offices of Gilbert C. Schumm can provide competent and reliable legal assistance to you or a loved one. We service the Chicago area, including Arlington Heights, Rolling Meadows, Des Plaines, Schaumburg and Streamwood. Call (847) 559-9109 today to schedule your initial consultation.