All Entries Tagged With: "Chicago Foreclosures"
Abundance of Foreclosed Homes in Market
A new study by Urban Institute reported seriously delinquent mortgages have declined, but foreclosures are still burdensome on the recovering housing market. Data from Foreclosure-Response.org. showed the delinquency rate dropped to 9.3 percent compared to December 2009’s 10.4 percent. The serious delinquency rate is measured in the U.S.’ largest 100 metropolitan areas as the amount [...]
Foreclosure Prevention Workshops Save Homes
Are you behind on your Chicago real estate mortgage payments? Are you concerned about losing your home? Want to do something about it? Illinois has the fourth highest foreclosure rate in the country, and in Cook County alone, one in every 357 homeowners received a foreclosure filing in the third quarter of this year. Don’t [...]
Banks Must Maintain Vacant Chicago Real Estate
A proposal making banks responsible for the upkeep of vacant Chicago real estate has passed, but with changes. The Chicago City Council on Tuesday approved an ordinance which requires banks that hold mortgages on abandoned properties to maintain those residences within 60 days of a mortgage default. Some of those responsibilities include: *Boarding up windows [...]
City Ordinance Would Protect Students from Vacant Properties
Abandoned Chicago real estate is doing more to our streets than lowering property values. In some cases, the unsecured properties are making our neighborhoods unsafe, especially for children. A new ordinance would require owners of foreclosed and vacant Chicago properties located near schools to secure those buildings or face fines. The “Vacant Property Safe Passage” [...]
Local Foreclosures Spike, But Is It a Paperwork Issue?
The amount of metro Chicago homeowners in foreclosure last month jumped over the previous month, though the increase could be attributed back to the robo-signing controversy. According to RealtyTrac, 11,226 homes in the Chicago metropolitan area received a foreclosure filing during the month of August. That’s a 19.5 percent increase from July. But it’s also [...]
