Chicago Illinois Real Estate Blog

The Federal Deposit Insurance Corp. proposed Friday to use $24 billion in government funding to help 1.5 million American households avoid foreclosure.
Where to find that money, though, is in dispute. FDIC officials want to use part of the $700 billion bailout of the financial industry to pay for it. But the Treasury Department is opposed [...]

[Read more →]

Citigroup announced last weekthat it will impose a moratorium on most foreclosures and modify $20 billion in mortgagesto enable homeowners who are not behind on their loans but in danger of falling behind to avoid foreclosure.
Those that don’t fall under the plan? They’re in hot water. Well, underwater.

[Read more →]

Forclosure in October ,Nationally, were 25% higher in 2008 than in October 2007.
More than 279,500 U.S. homes received at least one foreclosure-related notice in October, an increase of 5 percent over September. One in every 452 housing units received a foreclosure filing, such as a default notice, auction sale notice or bank repossession.
In Illinois, 12,681 [...]

[Read more →]

Cole Taylor Bank has filed two foreclosure lawsuits seeking to recover a total of almost $8 million on a small retail property next to the Lincoln Village Shopping Center and a 32-unit apartment building two miles away.
The properties are owned by a group that includes North Side real estate investor Zlatko Pehar, who is a [...]

[Read more →]

The number of Chicago-area homeowners who received foreclosure notices continued to climb during the third quarter, but at a slower pace than the rest of the nation, according to a report released Thursday.
The number of foreclosure notices in the area rose nearly 42% during the third quarter, to 22,069 homes, compared to the third quarter, [...]

[Read more →]

Chicago is in the running for the new corporate headquarters of Mead Johnson Nutrition Co.
The Evansville, Ind.-based manufacturer of Enfamil and other products has been scouting out 25,000-square-foot locations in the northern suburbs, sources said.
Chicago is one of five cities being considered for the new corporate office which will house up to 60 employees including [...]

[Read more →]

Condominium developer Terrapin Properties faces foreclosure lawsuits on two more investments: a residential development near Rockford and a block of condos its principals own in a River North high-rise.
The suits compound an already difficult situation for Chicago-based Terrapin, which was hit by a foreclosure suit in January over a 162-unit condo project in Kenosha, Wis., [...]

[Read more →]

Prospective home buyers with an open mind and a good credit history are finding there are plenty of diamonds in the rough in the foreclosure market.
But you have to be prepared to look, both at multiple properties and their potential and at your own wherewithal to get through the process and move into what in [...]

[Read more →]

Foreclosure sales have spawned new services.
Jon Maddux is co-founder of YouWalkAway.com, which offers a kind of do-it-yourself kit and information to help those in trouble get through foreclosure while staying in the home as long as legally possible.
For a $995 fee, the Carlsbad, Calif., firm arranges a consultation with a licensed attorney and unlimited access [...]

[Read more →]

The sweep, code named Operation Malicious Mortgage, was the third major action that the Department of Justice has headed up since 2004 against mortgage fraud and related crimes. The most recent activity has resulted in 144 mortgage fraud cases in which 406 defendants have been charged since March 1. Cases were brought in every region [...]

[Read more →]