There is one specific home I remember driving by often on my way home a few years ago. It was clearly foreclosed — the lights were never on, the yard was a shambles. Occasionally there was a sign on the door. But despite that, it looked like a beautiful house in a nice neighborhood, and I kept wondering when it would come on the market. Well, lo and behold, it eventually did come on the market. It must have been at least six months later, if not more. Apparently, there is a new tool out there that can give you more information about when a foreclosed home might make it to market, along with other details — address, the amount of the original mortgage and how much is still owed, an estimated price, and even details of how far along the property is in the foreclosure process (to help you… read more →
A recent case, Deutche Bank National Trust v. Gilbert, 2012 IL App (2d) 120164 (September 25, 2012), highlights how important it is for a bank to have standing — in this case, the bank must actually own the loan — when filing a foreclosure suit.In 2005, the defendant homeowner entered into a mortgage with Mortgage Electronic Registration Systems (MERS). At some point, he defaulted. In March 2008 the plaintiff, Deutsche Bank, filed a foreclosure action against the defendant. In August 2008, MERS assigned the mortgage to Deutsche Bank. The next month, Deutsche Bank amended its complaint and attached the assignment from MERS.The defendant claimed that Deutsche Bank did not have standing because it did not own the mortgage when the foreclosure was filed. While the trial judge initally agreed with the defendant, upon motion for reconsideration, he sided with Deutsche Bank.The home was foreclosed, and the defendant appealed. The appellate court found… read more →
The funds from February’s $25 billion national settlement are being distributed as we speak. Back in August, $4.7 million were given towards assistance for distressed homeowners and tenants in Cook County. A few weeks back, $4.5 million were earmarked for foreclosure assistance in Winnebago County, and northern and central Illinois generallly. Shortly thereafter, $1.4 million was awarded to provide legal assistance to renters in the Chicago area. The attorney general plans on distributing $20 million towards legal aid. As more funds become available, the organizations receiving them are hiring attorneys to assist distressed homeowners and tenants. If you are facing foreclosure, help may be just around the corner!
A recent case, Seth v. Aqua at Lakeshore East, 2012 IL App (1st) 120438 (September 26, 2012), provides insight on how courts interpret the portion of Section 22 of the Illinois Condominium Property Act (the “Condo Act”) requiring that developers present a copy of the condominium declaration to buyers purchasing new condominiums. In 2006 and 2007, the plaintiffs in Seth signed contracts to purchase units in a new development, Aqua at Lakeshore East. The condominiums were scheduled to be delivered in December of 2010. When they signed their contracts, plaintiffs received a Property Report with the proposed condominium declaration as an exhibit. The Property Report stated that the developer had a right to modify the condominum documents in certain respects. In September of 2009, the developer recorded the condominum declaration. It was not identical to the condominum declaration that had been previously presented to the plaintiffs. There were seven additional units, and the units had different percentage… read more →