foreclosures: STRATEGIC DEFAULT? MOST UNAWARE OF FINANCIAL CONSEQUENCES!
- 10/12/13 02:42 AM
By now, you've heard the stories - from several years ago, in the hardest-hit Real Estate Markets in California, Arizona, Florida, Nevada, and other places. Highly-leveraged homeowners, severely underwater on their mortgages, just pick up and move away, leaving their homes to face eventual foreclosure from their lenders. Although many holding underwater mortgages are indeed in considerable financial distress, hundreds of others do have the means to pay, but simply want to move on, unaware that such behavior might have considerable financial consequences. Indeed, legally, in most states, including Illinois, lenders can go after delinquent borrowers whose home is eventually foreclosed for the (0 comments)
foreclosures: CHICAGO FORECLOSURES TAKING LONGER TO SELL - Poorest Communities Seem Hit Hardest!
- 10/05/09 02:23 AM
Our Team sees Foreclosed Homes and Short-Sale Pre-Foreclosures in many Chicago Neighborhoods. In modest-priced neighborhoods like Portage Park, Jefferson Park, Albany Park, and Dunning, some 1920's-era Chicago Bungalows are fetching, in some cases, prices as much as 40% less than what the sold to their current owners only two or three years ago. Many are boarded-up reminders in otherwise tranquil neighborhoods that we are still in the midst of a housing downturn here. Down in the more tony neighborhoods of Chicago - The Gold Coast, River North, The South Loop, even Lincoln Park - condo prices have fallen by 1/3 or more over the past (0 comments)