Category Archives: foreclosure

Illinois Foreclosure Statistics


Naperville’s iconic MetroWest building in foreclosure

By David Sharos for The Naperville Sun

The 10-story MetroWest building, known for the N-shaped facade designed by Chicago architect Helmut Jahn in 1986, is regarded by many passing motorists as an unofficial insignia for the city of Naperville.  But Crain’s Chicago Business says that the building defaulted on a $23.5 million loan that came due May 1, which means that foreclosure may be looming down the road. Interestingly, a former tenant said there was no evidence that the building or its owners were in financial trouble.

Over 50, Out of Work, Family Stopped Loving Him

There, but for the grace of God, go I.

Mike Risinger from Over Fifty and Out of Work on Vimeo

Illinois foreclosures down …


… but still in the national top 10, meaning that 1 in 550 housing units in Illinois is now in foreclosure. That in turn translates to roughly 1 out of every 10 residential homes.

But the real scourge of the real estate market is that is has hollowed out entire blocks and permanently affected the ability of homeowners to move, sell, divorce, or refinance. Most are stuck, and many are stuck paying for more house than they actually have.

Florida Foreclosure Fun!


According to this piece in the ABA Journal quoting the Palm Beach Post, South Florida foreclosure mill Ben-Ezra & Katz was terminated by Fannie Mae after it was found in contempt by Miami-Dade Circuit Judge Maxine Cohen Lando for, among other things, lying to the Court and eventually filing the documents it claimed to have lost, only to learn they weren’t the right documents.

The de-activation of the firm by Fannie will have far-reaching consequences. Just look at the same action taken months ago with respect to the office of David J. Stern in Plantation, Florida. When Fannie Mae gave them the boot the result was that foreclosures across the State were dismissed with no clear indication of when, if ever, they will be refilled.

Perhaps the most ironic part of the fallout from the botched case was that now the hundreds of employees laid off by the firm as a result will probably need to defend against their own foreclosures.

Now we’re having fun!

Westlaw Case Updates


Reed v. City of Arlington (Sep.17) (Cir. 5)

In a Chapter 7 case in which debtors omitted a pending $1 Million+ judgment from sworn statements and filings, district court’s order discharging debts and allowing the Trustee to collect on behalf of the Estate is reversed to protect the integrity of the judicial processes.

Deutsche Bank v. Tucker (Sep. 15) (Cr. 6)

Chapter 13 Debtor claims that she need only cure the amount of her mortgage default that is secured, and that all additional fees and expenses should be treated as unsecured. The bankruptcy court agreed, but the district court vacated and remanded. Following remand the bankruptcy court held that bank fees and advances allowed under the Note, Mortgage, and applicable State law, should be included in the cure amount set forth in the Chapter 13 Plan.

In re: Gebhart (Sept. 14) (Cir. 9)

Court may have property sold and any non-exempt equity distributed even if the property only rose in value after the filing date. In this case the value of debtors’ home increased during his Chapter 7 and the bankruptcy court’s order approving appointment of a broker was affirmed on appeal. The fact that the value of the debtor’s homestead exemption, plus encumbrances, had been equal to the market value of the residence at the time of filing did not prevent the trustee from taking advantage of the windfall.

Failed Bank List

Logo of the United States Federal Deposit Insu...

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This is the list maintained by the FDIC of bank failures since October 2000. You can download the list as a CSV file as well. Below find a portion of the complete list …