Abandoned Properties

Recent Posts in Abandoned Properties

  • Trash and Lock Out - Banks Try to Bypass the Law

    If you miss a couple of mortgage payments, there are a few things a bank can legally do – from changing the locks with a court order to sending someone to check if the property has been abandoned. However, banks commonly engage in the illegal ...
  • How Judges Can Help Prevent Zombie Foreclosures

    According to RealtyTrac, 25 percent of foreclosures in the U.S. are “zombies” – homes with no clear ownership of title. This happens when the owner has vacated the property, but the lender has not yet closed the case and taken over ...
  • America's Foreclosure Crisis is Far From Over

    In our previous blog, we talked about the $5.1 billion settlement that Goldman Sachs is responsible for paying as recompense for its part in the 2008 mortgage scandal. As part of this settlement, $1.8 billion is to be earmarked to help struggling ...
  • Forget About Trump, Look At Our Blighted Neighborhoods

    Dawn Turner Trice, a columnist for the Chicago Tribune, wrote a great column today. She took the opportunity to turn the current brouhaha about Donald Trump's obnoxious sign into a discussion about urban blight on the city's south and west ...
  • How Foreclosures Have Impacted Chicago

    Last month, I wrote a post about the number of vacant properties in Chicago and how long those properties had been vacant. Now, to elaborate on that post, I have found an article in the Washington Post that discusses what that actually means for ...
  • That's right. According to the Chicago Reporter, one in five vacant properties in Chicago have been empty for more than five years. These are the so-called "zombie properties;" the ones stuck in limbo in the foreclosure process. ...
  • Zombie Foreclosures Are Back -- Again

    The Woodstock Institute recently revived the concept of zombie foreclosures and mortgages by issuing a new report. The report details the patterns of zombie properties in Cook County. For those who aren't familiar with the term, zombie properties ...
  • The City of Chicago's Abandoned Property Pivot

    When the City of Chicago first began addressing the challenge of abandoned properties, it was focusing the majority of its efforts on buying, rehabbing, and reselling abandoned properties. However, as WBEZ reports, this was often easier said than ...
  • The Federal Housing Finance Agency (FHFA) - the regulator that oversees Fannie Mae and Freddie Mac - has filed a lawsuit against the city of Chicago regarding a city ordinance which makes creditors responsible for the upkeep of vacant homes, even ...
  • Chicago's City Council recently toned down the language of its abandoned building ordinance. As originally drafted, the ordinance would have considered mortgage lenders and servicers the owner of a property in foreclosure, even if a judicial sale ...