Kane courts eye foreclosure alternative

Those discussions could lead to a program similar to the mediation efforts recently announced in Will County….

program is scheduled to begin Aug. 1, said Will County Chief Judge Gerald Kinney, who will run the program with retired judges serving as mediators.

Here's how it would work: Under certain circumstances, a bank representative would be required to sit down with a homeowner and a mediator. With everyone in the same room, perhaps the terms of the loan could be changed. Or the lender might be willing to agree to lower the interest rate or reduce the amount of money owed on the mortgage….homeowners would have to meet certain requirements, such as being employed and still living in the home.

In Will County, the court will increase the current fee to file a foreclosure, $276, to $426. The extra $150 banks pay will be used to fund the program

Click on the following for more details:  Kane courts eye foreclosure alternative :: The Courier News :: Local News

Winnebago County foreclosure filings on pace to shatter 2009 records

filings will shatter last year’s record of 2,199 filings. Foreclosure filings in Winnebago County have increased every year since 2000.

Click on the following for more details:  County foreclosure filings on pace to shatter 2009 records - Rockford, IL - Rockford Register Star

Quinn wants to sell property to help make ends meet

under state law, Nayyar [spokeswoman for the Illinois Department of Central Management Services, which oversees state property sales] noted, surplus property is required to be offered up by other state agencies or local governments before it is offered to the general public.

Quinn wants to sell property to help make ends meet

Rock Valley College’s Downtown Campus: The Financial Details

Several weeks ago the college announced its decision to place a satellite facility in downtown Rockford—in the Stewart Building.

This will be known as the  Learning and Opportunities Center.  It will  begin this year to address the needs of students who live west of downtown and find it challenging to get to the college’s east-side campus to continue their education.  See more of the story at:  http://www.rrstar.com/carousel/x1353756358/Stewart-Square-to-become-Rock-Valley-College-site

The press releases, newspaper coverage gave no financial details.  The Board of Trustee packet that is posted on the college’s website referenced a lease agreement but did not provide the lease terms.  Based upon a Freedom of Information Act request the following details were obtained:

Almost 11,000 square feet of space is being rented:

The monthly rent is $1.00 per square foot, $12.00 per year.  There is an annual increase in the cost based upon the Consumer Price Index.

It is left to the reader to obtain the other details concerning the lease terms.

Click on the photocopy to enlarge: