Distressed Lake Zurich Homeowners Bank Goes Under...

Distressed Lake Zurich Homeowners Bank Goes Under was reported Friday that Midwest Bank and the Lake Zurich Branch was closed by the FDIC. So I get a phone call from a client who is considering a short sale and now they ask what happens, the bank folded. After listening to the details, they wondered would this buy some more time? Would they even have someone to go to with questions about short selling their property. I just said, FDIC will probably come in over the weekend and be open for business by Monday. And that is exactly what happened, Monday Midwest was open and new owners were already in place, a bank out of Ohio. Crazy times we now live in and in 50 years this time in history will be referred to when the history books talk of financial crisis. Most important, if you or anyone you know is in this situation, talk to us about your options vs letting a property go to foreclosure. There are other options...