Articles filed under Foreclosures

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  • Fahey Medical Center in Des Plaines closes due to foreclosure Aug 8, 2014 4:22 PM
    A longtime medical clinic in Des Plaines has closed its doors due to foreclosure. An eviction notice from the Cook County Sheriff is posted on the doors of the Fahey Medical Center, which has been at 581 E. Golf Road since 1957.

  • Palatine law firm to hold free seminars on avoiding foreclosure Dec 31, 2012 5:05 PM
    Lavelle Law in Palatine will host a series of free seminars to discuss strategies for maintaining homeownership. The seminars will start at 7 p.m. and take place Tuesdays on Jan. 8, Jan. 22, Feb. 5 and Feb. 19 at the law firm's offices, 501 W. Colfax, Palatine.

  • Ga. counties sue HSBC claiming loss of tax base Dec 25, 2012 8:28 AM
    Three Atlanta-area counties have filed a lawsuit claiming that British bank HSBC cost them hundreds of millions of dollars in extra expenses and damage to their tax bases by aggressively signing minorities to housing loans that were likely to fail.

  • Bank repossessions hit 9-month high in November Dec 13, 2012 6:39 AM
    U.S. home repossessions rose to a nine-month high in November, even as the number of homes starting on the path to foreclosure declined to the lowest level in six years. Banks completed foreclosure on 59,134 homes last month, an increase of 11 percent from October and up 5 percent from November last year, foreclosure listing firm RealtyTrac Inc. said Thursday.

  • Foreclosure starts fell on annual basis in August Sep 13, 2012 6:37 AM
    The evolution of the U.S. foreclosure crisis is increasingly diverging along state lines. On a national level, fewer homes were placed on the foreclosure track last month than in August last year, when they hit a 17-year high, foreclosure listing firm RealtyTrac Inc. said Thursday.

  • Charities help pets when foreclosure victims can’t Jul 29, 2012 6:55 AM
    Various charities around the country help pets when foreclosure victims can't. Some also work with the unemployed and those too ill or old to handle their pets, but about 30 percent of their pets are foreclosures.

  • Housing crisis sees 1.5 million older americans lose their homes Jul 22, 2012 6:18 AM
    More than 1.5 million Americans aged 50 or more have lost their homes since the collapse of the housing market in 2007 as delinquency rates and foreclosures soar, according to advocacy group AARP. About 3.5 million loans, or one in six to people in the age group, had balances that were higher than the value of the property being purchased as of December, according to a report by Lori Trawinksi for the Washington-based lobby. “More older Americans are carrying mortgage debt than in the past, and the amount of that debt is also increasing,” Debra Whitman, AARP’s executive vice president for policy, said in a statement. “Their economic situation is worsening.” The percentage of loans to older Americans that are in foreclosure or at least 90 days delinquent increased to 6 percent in December from 1.1. percent in 2007. That’s faster than the rise to 7.5 percent from 1.6 percent for people younger than 50. Last year, the foreclosure rate on prime loans for older Americans was 23 times higher than the 0.1 percent rate in 2007, the report found. Foreclosure rates for blacks and Hispanics who are 50 or older were 3.5 percent and 3.9 percent in 2011. That’s nearly double the 1.9 percent rate for white buyers, it found. “This crisis is far from over,” Whitman said. “Many loans remain in danger of falling into foreclosure.”

  • Mortgage rates at historic lows, but it's harder to refinance Jul 11, 2012 1:04 PM
    Valeria and Milos Coric bought a home in Lincolnshire in 2002 and paid the monthly mortgage regularly. That devotion helped to build equity for them and stability for their two children. So when mortgage rates dropped to historic lows, they were eager to refinance, despite seeing the value of their home drop. But others can't take advantage of the low rates. A job loss, poor credit score or reduced home value have made it difficult or impossible to qualify for a new home loan.

  • Elgin market shows job growth but steadily high foreclosures Jun 29, 2012 2:15 PM
    While Chicago ranks among the top five job growth markets in the country, Elgin leads the way among submarkets in the region, according to data cited by Chris Huecksteadt of Metrostudy. The firm tracks housing and development information across the country and Huecksteadt, director of Metrostudy's midwest region, shared the latest findings with Elgin City Council members this week.

  • Surge in Kane County foreclosures taxing to sheriff’s office Jun 23, 2012 7:55 AM
    A large bubble of foreclosures is beginning to move through the Kane County court system. It's so large the sheriff's office can't keep pace with the necessary paperwork. Officials debated the hiring or outsourcing of some of the clerical work Friday. Problem with that would be the loss of some of the $1 million worth of foreclosure revenue the county expects to receive from all that misfortune.

  • FHFA seeks to limit buybacks to spur lending Jun 19, 2012 7:12 PM
    The Federal Housing Finance Agency, the regulator of Fannie Mae and Freddie Mac, plans to help banks avoid being forced to buy back mortgages as it becomes concerned that lenders are tightening standards even for the most creditworthy home buyers.The FHFA will detail flaws that would trigger a putback request, Stefanie Johnson, a spokeswoman for FHFA, said.

  • Suburban foreclosures jump in May Jun 15, 2012 12:39 PM
    The month of May proved dramatic in the spike of foreclosure filings throughout the region — especially for DuPage County with a massive 159 percent hike — compared to a year ago, according to data released Thursday by RealtyTrac Inc. The firm also showed foreclosures up about 54 percent in Illinois. Other counties saw double-digit increases in May, compared to May 2011, including Kane County at 92 percent; Kendal at 93 percent, Will at 87 percent. Lake at 72 percent, and McHenry at 58 percent.

  • DuPage hardest hit by foreclosures Jun 15, 2012 12:38 PM
    Foreclosure filings rose dramatically in May throughout the region — especially for DuPage County, with a massive 159 percent hike — compared to a year ago, according to data released Thursday by RealtyTrac Inc.

  • Report: Fewer U.S. homes foreclosed upon in April May 17, 2012 9:24 AM
    National foreclosure trends took a positive turn in April, as the number of homes seized by banks declined and fewer properties entered into the foreclosure process.But state-level data point to potentially more home repossessions ahead in Florida and many of the 25 other states where courts are required to sign off on foreclosures.

  • Housing downturn spurs boom in foreclosure-to-rental conversions Apr 29, 2012 6:17 AM
    With home prices at historic lows and rental rates on the rise, a growing number of investors with cash to spare are seeking lucrative returns by gobbling up foreclosures in distressed markets across the country and turning them into rentals. The investors are seeing bargain opportunities, said Lawrence Yun, chief economist for the National Association of Realtors. The numbers are just very attractive, given the alternatives.

  • Industry insider: Buz Hoffman, Right Residential Apr 28, 2012 5:06 AM
    Builder Buz Hoffman and his partners reinvented their homebuilding company to compete in these challenging times. Their company, Right Residential, buys forclosed properties in good suburban neighborhoods. A market exists when they can bring the right deal, the right home upgrades and right buyers all together, he said.

  • Kane County sees more foreclosure activity to start 2012 Apr 20, 2012 11:42 AM
    Kane County just saw its highest rate of foreclosure activity since 2010, according to new numbers released by the county recorder's office Thursday. The first quarter of 2012 saw more foreclosure documents filed in the recorder's office than any quarter in 2011. County board members were understandably concerned and called for banks to be more willing to come to the table with homeowners to work out plans to keep people from losing their homes.

  • Morgan Stanley to pay for some U.S. foreclosures Apr 8, 2012 12:01 AM
    The Federal Reserve says Morgan Stanley will review foreclosures carried out by its old mortgage subsidiary and reimburse any homeowners who were improperly forced out of their homes.

  • Searching shadows for end to foreclosure crisis Apr 1, 2012 9:36 AM
    Each month, analysts issue reports detailing the number of homes nationwide in foreclosure or held by banks. The implication is that if we can just find a cure for these loans and homes either by matching buyers with houses or helping the borrowers stay put the economy will be able to heal at last. At ground level, though, its more complicated. Shadow inventory keeps part of the supply hidden.

  • Foreclosures inspire housing ideas for today’s market Mar 16, 2012 1:31 AM
    Amid a housing market profoundly altered by stagnant incomes, declining wealth and Wall Street folly, the Museum of Modern Art displays a waterfall cascading down an atrium in a high-rise apartment. It's a moment of refreshing whimsy from an exhibition that envisions what's possible when politicians offer only pitiful nostrums. The MoMA show "Foreclosed: Rehousing the American Dream" doesn't suggest that architecture can float underwater mortgages. Barry Bergdoll, chief curator of architecture and design, working with MoMA satellite museum P.S. 1, matched five architect teams with hard-hit areas across the country. They envisioned the kinds of communities today's market could support.

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