Lisa Madigan says $70 million will help ease foreclosure woes - Rockford, IL - Rockford Register Star

 

The geographic scope of this award includes Winnebago County, Boone County, Ogle County, Stephenson County, Whiteside County, LaSalle County, Lee County, Jo Daviess County, Carroll County and DeKalb County.

Purpose: Homestart and its partners will redevelop properties in three neighborhoods within Rockford, Freeport and Belvidere. Additionally, the money will support a pilot foreclosure mediation court program and a resource center providing counseling, financial literacy and other housing-related education.

Read the entire article by clicking on the following:  Lisa Madigan says $70 million will help ease foreclosure woes - Rockford, IL - Rockford Register Star

FREE Illinois Foreclosure Prevention Workshop

Capron/Poplar Grove Landlord Under Fire for Fake Eviction Notice to Tenants & Leaving them in a Smelly Situation

Click on the following for the video clip and script: Landlord Under Fire for Fake Eviction Notice to Tenants & Leaving them in a Smelly Situation

America's Most Miserable Cities, 2012 - Yahoo! Real Estate

Scoreboard:  3 Michigan cities; 3 Florida cities; 2 Illinois cities; 1 each for California and Ohio

We looked at 10 factors for the 200 largest metro areas and divisions in the U.S. Some are serious, like violent crime, unemployment rates, foreclosures, taxes (income and property), home prices and political corruption. Other factors we included are less weighty, like commute times, weather and how the area’s pro sports teams did

10. Warren, MI The housing market collapsed in the Warren metro area, which includes Troy and Farmington Hills. The median home price is down 50% over the past three years, the second biggest drop in the U.S. after Detroit.

#9. Rockford, IL  Property tax rates were fifth highest in the country in 2010. The median tax bill was $3,234 on home values of $136,000 for a rate of 2.4%.

8. Toledo, OH The city is ensnared in a scandal within its Department of Neighborhoods that involves alleged bid rigging and stolen funds. The FBI and U.S. Department of Housing and Urban Development are investigating the crimes. Toledo scores poorly when it comes to income and property tax rates.

7. Fort Lauderdale, FL The spring break mecca has been hit hard by the housing downturn. Median home prices in the metro division that includes Pompano Beach and Deerfield Beach are down 50% since 2006 to a recent $183,000.

6. Chicago, IL The Windy City is a cultural and financial center, but its residents must endure gridlock traffic, high property taxes and brutal winters. Commute times to work average 31 minutes, eighth worst in the U.S.

5. Sacramento, CA Sacramento’s lone pro sports team is flirting with a move to Anaheim unless the city delivers financing for a new arena. Sac-Town might not miss them. The team has lost 73% of its games since the start of the 2008-09 season. Foreclosures in California's capital were among the 10 highest last year.

4. West Palm Beach, FL South Florida has long been stained by corruption. One of the latest examples: Jose Rodriguez, the mayor of Boynton Beach (part of the West Palm metropolitan division) was suspended from his office last month by Gov. Rick Scott after he was arrested for allegedly using his position to obstruct a child abuse probe involving his wife's estranged daughter. Home prices in the West Palm area are off 50% since 2006.

3. Flint, MI Flint razed 775 abandoned homes in the year ending October 2011, to try and change the city landscape. The state of Michigan appointed an emergency manager last year to take over Flint's budget and operations. Crime remains a severe problem with the violent crime rate the third worst in the U.S.

2. Detroit, MI Detroit has closed schools and laid off police in an effort to avoid a bankruptcy filing this year. Home prices are down 54% the past three years, worst in the U.S. The median price was $38,000 last year in the Detroit-Livonia-Dearborn metro division.

1. Miami, FL  The housing crisis has devastated Miami with 47% of homeowners sitting on underwater mortgages. Foreclosures have been rampant with 364,000 properties in the Miami area entering the foreclosure process since 2008 according to RealtyTrac.

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Click on following for the details:   America's Most Miserable Cities, 2012 - Yahoo! Real Estate

Foreclosures still coming

rate of homes that have reached the point of foreclosure has dipped. That is factually correct. However, the percentages of homeowners who ultimately have defaulted or will default to the lender are not reflected in the current local and national statistics.

There is a backlog of foreclosed properties that has not yet been released by the banks to the resale market. Banks learned plenty about what a deluge of previously foreclosed properties can do to prices through the first few years of this housing crisis. An open spigot with regard to foreclosure inventory pushes down the price of every home on the market. It hurts everyone.

Institutions holding foreclosed homes almost certainly will monitor the release of properties more closely in the months – and perhaps years – to come. Although lenders are holding foreclosed properties longer, they cannot keep them forever.

The housing crisis hasn’t ended, and doesn’t appear destined to end anytime soon. Some analysts suggest that Americans may not be on the other side of the foreclosure tidal wave until 2014.

Click on the following for more details:  http://www.nwherald.com/2011/08/01/foreclosures-still-coming/ag2ujb3/

Bank Issues which received little news coverage

 

Thanks to a recent posting by City Barbs [http://www.citybarbs.com/?p=6007] this business news regarding Castle Bank has just come to light.  Much of this has not been covered by the local news media.

In June 2009 the Comptroller of the Currency [OCC] determined  that the “Bank has engaged in unsafe and unsound banking practices relating to its credit underwriting and administration, commercial real estate risk management, problem loan management, credit risk ratings, allowance for loans and lease losses, and Bank Secrecy Act program.”   OCC’s formal  “written agreement”  with Castle Bank is available at :  .http://www.occ.gov/static/enforcement-actions/ea2009-107.pdf  The various loan review and administration procedures that were required by that agreement are listed in that document.

The written agreement was signed by the Directors of the then Castle Bank, NA, DeKalb, Illinois and included the following notables:  John W. Castle (DeKalb), Jack D. Franks (Woodstock, State Representative of the 63rd District) and Herbert H. Franks (Marengo, attorney, father of Jack D.).  Mr. Castle is a long time Director of First National Bank of Omaha and First National of Nebraska, however currently (2010) he does not serve on either of those boards. The Franks  have been directors at Castle Bank since their family owned bank, First National Bank of Marengo merged with Castle Bank.  Castle Bank was founded in 1856 in Sandwich, Illinois and was owned by the Castle family for generations.

This enforcement action (EA#2009-107) was terminated on 11-1-2010; see:   http://www.occ.gov/news-issuances/news-releases/2010/nr-occ-2010-144.html .  This termination occurred after the merger of Castle Bank into First National Bank of Omaha.

Castle Bank of Illinois (current division name for the bank) has its main office in DeKalb with branches in Belvidere, DeKalb, Harvard, Huntley, Lake in the Hills, Marengo, Oswego, Plano, Sandwich, Sugar Grove, Sycamore, and Yorkville. 

Castle Bank is a division of First National Bank of Omaha, a subsidiary of First National of Nebraska. First National Bank of Omaha has 87 locations in Nebraska, Colorado, Illinois, Iowa, Kansas, South Dakota and Texas (see map), 251 ATMs, 3,500 employees and $13.7 billion in assets.

The largest privately owned banking company in the United States, Lauritzen Corporation, has controlled First National Bank of Omaha and First National of Nebraska for the past decade.   National City Corporation  and Lauritzen Corporation were the  two largest banking organizations denied TARP [Troubled Asset Recovery Program] funds in 2008 from the U.S. Treasury Department.

 

 

 

 

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Foreclosures; shadow inventory in Chicago - chicagotribune.com

Given the current sales volume, it would take the Chicago area 16 months to sell the traditional and distressed inventory on the market. That doesn't include the so-called shadow inventory of homes with delinquent mortgages, those in foreclosure and homes that have been repossessed by banks but have not been listed for sale

information provider CoreLogic said it would take more than 30 months for the Chicago area to work through its supply of distressed housing, including those homes in shadow inventory.

Click on the following for more details:  Foreclosures; shadow inventory in Chicago - chicagotribune.com

Economic Stress Test

The Associated Press and the St Louis Today.com has an interesting interactive map which uses unemployment, bankruptcy and foreclosure rates to come up with a  “stress rating”.  Needless to say Winnebago and Boone County is the worse in Illinois.  This computer program also allows the reader to view the situation over time.  Going back to 2007 and as recent as August 2010.  All of the counties of all of the state appear available on this program.

Try it, you may find it interesting.

Click on the following:  STLtoday - Associated Press - News

Foreclosure in Spain Can Mean Lifetime Debt to Bank - NYTimes.com

 

Not only are Spanish mortgage holders personally liable for the full amount of the loan, but throw in penalty interest charges and tens of thousands of dollars in court fees, and people can end up, like Mr. Marbán, facing a mountain of debt. Bankruptcy is not the answer, either. Mortgage debt is specifically excluded here.

“Effectively, you can never get rid of this debt,

estimated 1.4 million Spaniards are facing potential foreclosure proceedings, according to Spain’s consumer protection association, known as the Adicae. Recent figures from the courts show that the numbers are rising fast. In 2007, there were just 26,000 foreclosures. Last year, there were more than 93,000. Early indications suggest that they will be higher again in 2010.

Click on the following for more details:  Foreclosure in Spain Can Mean Lifetime Debt to Bank - NYTimes.com

Foreclosures in Chicagoland

Search foreclosures in IL 61008 | RealtyTrac.com

397 foreclosed homes in zip code 61008 are listed on this commercial site.

Search foreclosures in IL 61008 | RealtyTrac.com

JPMorgan suspends certain foreclosures

JPMorgan Chase is suspending more than 50,000 foreclosures as it reviews the legitimacy of legal documents in those cases, the bank said Wednesday.

growing legal problem. The issue could stall an already overloaded foreclosure process and may mean some homeowners lost their homes illegally.

Analysts don't expect the delays to reduce the number of foreclosures in the long run.

CLICK ON THE FOLLOWING FOR MORE DETAILS:  JPMorgan suspends certain foreclosures - Yahoo! Finance

Ally [formerly GMAC] Financial legal issue with foreclosures may affect other mortgage companies

Some of the nation's largest mortgage companies used a single document processor who said he signed off on foreclosures without having read the paperwork - an admission that may open the door for homeowners across the country to challenge foreclosure proceedings.

The legal predicament compelled Ally Financial, the nation's fourth-largest home lender, to halt evictions of homeowners in 23 states this week. Now Ally officials say hundreds of other companies, including mortgage giants Fannie Mae and Freddie Mac, may also be affected because they use Ally to service their loans.

As head of Ally's foreclosure document processing team, 41-year-old Jeffrey Stephan was legally required to review cases to make sure the proceedings were justified and the information was accurate. He was also required to sign in the presence of a notary.

In a sworn deposition, he testified that he did neither.

The reason may be the sheer volume of the documents he had to hand-sign: 10,000 a month. Stephan had been at that job for five years.

attorneys working on behalf of homeowners said the setup at Ally was not unusual.

 

Click on the following for more details:

Ally Financial legal issue with foreclosures may affect other mortgage companies

Foreclosures surge in Cook County :

Foreclosure filings catapulted 66.4 percent in Cook County in August from a year earlier, according to RealtyTrac's latest report, but the spike is linked to a 2009 law that delayed foreclosure filings last year.

clogged foreclosure pipeline is being carefully managed on both ends by lenders and servicers," said James Saccacio, chief executive officer of RealtyTrac. "On the front end, seriously delinquent loans are rolling into foreclosure at an unusually slow rate, while on the back end, the dammed-up inventory of properties already in foreclosure is moving to [bank repossessions in a] steady stream rather than a flood, presumably to prevent further erosion of home prices."

Foreclosures surge in Cook County :: The Courier News :: Business

Foreclosure numbers stun Kane County committee

3,880.

That is the number of home foreclosures filed so far this year in the county.

Scholes told the panel that last year, the recorder's office had registered 2,976 foreclosures from Jan. 1 through Aug. 15. In the same time frame this year, he said, it has recorded 3,880 foreclosures.

Foreclosure numbers stun Kane committee :: The Courier News :: Local News

Foreclosure filings keep piling up

 

Filings in McHenry County grew 11.5 percent in the first quarter of 2010 over the same period a year ago. The two months with the most foreclosure filings in the past 10 years were March (366) and July (316) of this year, and 3,600 new filings are expected locally through 2010.

Click on the following for more details:  Northwest Herald | Foreclosure filings keep piling up

Local Politicians Facing Home Foreclosure

Anthony Dini [R]                          Patrick J. Murphy [R]

District 2                                     Township Supervisor

Boone County Board                      Belvidere Township                        

 

The following legal notices are taken from the July 30, 2010 Boone C0unty Journey [http://boonecountyjournal.com/news/2010/Boone-County-News-07-30-10.pdf#page=11 and http://boonecountyjournal.com/news/2010/Boone-County-News-07-30-10.pdf#page=10]

IN THE CIRCUIT COURT FOR THE 17TH JUDICIAL CIRCUIT
BOONE COUNTY-BELVIDERE, ILLINOIS
DB50 2007-1 TRUST
PLAINTIFF 10CH 00335 VS
KATHARINE T. DINI; ANTHONY J. DINI

A/K/A ANTHONY DINI; AMERICAN GENERAL
FINANCIAL SERVICES OF ILLINOIS, INC;
MORTON SALT; RIVERBEND NORTH
HOMEOWNER’S ASSOCIATION ; UNKNOWN
OWNERS AND NON RECORD CLAIMANTS ;
DEFENDANTS
NOTICE BY PUBLICATION
NOTICE IS GIVEN YOU,
KATHARINE T. DINI; ANTHONY J. DINI A/K/A ANTHONY DINI;
UNKNOWN OWNERS AND NON RECORD CLAIMANTS ;
defendants, that this case has been commenced in this Court against you and other defendants, asking for the foreclosure of a certain Mortgage conveying the premises described as follows, to wit:
LOT 217 AS DESIGNATED UPON THE PLAT NO. 5 OF RIVERBEND
NORTH, BEING A SUBDIVISION OF PART OF THE NORTHEAST
QUARTEROF SECTION 25, TOWNSHIP 44 NORTH, RANGE 3 EAST
OF THE THIRD PRINCIPAL MERIDIAN, BOONE COUNTY, ILLINOIS, ACCORDING TO THE PLAT THEREOF RECORDED FEBRUARY 10, 2003 AS DOCUMENT NO. 2003R02252 IN ENVELOPE 275-B IN THE RECORDER’S OFFICE
OF BOONE COUNTY, ILLINOIS; SITUATED IN THE COUNTY
OF BOONE AND THE STATE OF ILLINOIS.
Commonly known as: 212 BEAR DUSK WAY
BELVIDERE, IL 61008 and which said Mortgage was made by,
KATHARINE T. DINI; ANTHONY J. DINI A/K/A ANTHONY DINI;
Mortgagor (s), to M.E.R.S., INC. AS NOMINEE FOR RESMAE MORTGAGE CORPORATION Mortgagee, and recorded in the Office of the Recorder of Deeds of BOONE County, Illinois, as Document No. 2006R10652; and for other relief. UNLESS YOU file your answer or otherwise file your appearance in this case in the Office of the Clerk of this County,
Nora L. Ohlsen
Clerk of the Circuit Crt.
601 North Main St., #303
Belvidere, Illinois 61008
on or before August 23, 2010, A JUDGMENT OR DECREE BY DEFAULT MAY BE TAKEN AGAINST YOU FOR THE RELIEF ASKED IN THE COMPLAINT.
PIERCE & ASSOCIATES Attorneys for Plaintiff Thirteenth Floor 1 North Dearborn Chicago, Illinois 60602
Tel. (312) 346-9088
Fax (312) 346-1557
PA 1017298
I290331
PUBLISHED IN THE BOONE COUNTY JOURNAL 7/23/30/8-6

 

IN THE CIRCUIT COURT OF THE SEVENTEENTH JUDICIAL CIRCUIT BOONE COUNTY, ILLINOIS WELLS FARGO BANK, N.A., AS TRUSTEE FOR FIRST FRANKLIN MORTGAGE LOAN TRUST 2004-FFH3, ASSIGNEE OF FIRST FRANKLIN FINANCIAL CORPORATION Plaintiff, -v.- PATRICK MURPHY A/K/A PATRICK J. MURPHY, NATIONAL CITY, UNDER MORTGAGE RECORDED AS DOCUMENT NUMBER 2005R10759 Defendants 2010 CH 19 NOTICE OF SALE PUBLIC NOTICE IS HEREBY GIVEN that pursuant to a Judgment of Foreclosure and Sale entered in the above cause on March 30, 2010, an agent of The Judicial Sales Corporation will at 1:00 PM on August 17, 2010, at the Boone County Courthouse, 601 North Main (West door) BELVIDERE, IL, 61008, sell at public auction to the highest bidder, as set forth below, the following described real estate: LOTS THREE (3), FOUR (4), FIVE (5) AND THE SOUTHERLY THIRTY SIX (36) FEET OF LOT TWO (2) ALL IN BLOCK 2 OF OGDEN’S  ADDITION TO THE TOWN OF BELVIDERE, AS PLATTED AND RECORDED IN THE RECORDER’S OFFICE OF BOONE COUNTY, ILLINOIS IN BOOK ‘’E’’ OF DEEDS ON PAGES 446 AND 447; EXCEPTING THEREFROM THE FOLLOWING: BEGINNING AT THE NORTHWESTERLY CORNER OF LOT TWO (2) IN BLOCK TWO (2) OF SAID OGDEN’S ADDITION; THENCE RUNNING NORTHEASTERLYALONG THE NORTHERLY LINE THEREOF THIRTY (30) FEET TO A POINT FOR A PLACE OF BEGINNING FOR THE FOLLOWING DESCRIBED TRACT: THENCE CONTINUING NORTHEASTERLYALONG THE NORTHERLY LOT LINES OF LOTS TWO (2) AND THREE (3) IN BLOCK TWO (2) IN SAID ADDITION A DISTANCE OF FIFTY-SEVEN (57) FEET TO A POINT; THENCE IN A SOUTHWESTERLY DIRECTION TO A POINT ON THE SOUTHERLY LINE OF LOT THREE (3) IN BLOCK TWO (2) IN SAID ADDITION WHICH POINT IS NINE (9) FEET (MEASURED ON THE SOUTHERLY LOT  LINE) DISTANT FROM THE SOUTHEASTERLY CORNER OF LOT  TWO (2) IN BLOCK TWO (2) IN SAID ADDITION; THENCE NORTH  36 DEGREES 00’ 00’’ WEST AND ON THE SOUTHERLY LOT LINES OF SAID LOTS THREE (3) AND TWO (2) IN BLOCK TWO (2) A DISTANCE OF FORTY-FIVE (45) FEET TO A POINT; THENCE NORTHERLY 54 DEGREES 00’ 00’’ EAST ONE HUNDRED FIFTY-FIVE (155)  FEET TO THE PLACE OF BEGINNING; SITUATED IN THE COUNTY OF BOONE AND STATE OF ILLINOIS.

Commonly known as 112 KISHWAUKEE STREET, Belvidere, IL 61008

Property Index No. 05-26-432-020

The real estate is improved with a single family residence. The judgment amount was $183,839.30. Sale terms: 25% down of the highest bid by certified funds at the close of the auction;. The balance, in certified funds, is due within twenty-four (24) hours. The subject property is subject to general real estate taxes, special assessments, or special taxes levied against said real estate and is offered for sale without any representation as to quality or quantity of title and without recourse to Plaintiff and in “AS IS” condition.

The sale is further subject to confirmation by the court. Upon payment in full of the amount bid, the purchaser will receive a Certificate of Sale that will entitle the purchaser to a deed to the real estate after confirmation of the sale The property will NOT be open for inspection and plaintiff  makes no representation as to the condition of the property. Prospective bidders are admonished to check the court file to verify all information. If this property is a condominium unit, the purchaser of the unit at the foreclosure sale, other than a mortgagee shall pay the assessments and the legal fees required by The Condominium Property Act, 765 ILCS 605/9(g)(1)  and (g)(4). IF YOU ARE THE MORTGAGOR (HOMEOWNER), YOU HAVE THE RIGHT TO REMAIN IN POSSESSION FOR 30 DAYS AFTER ENTRY OF AN ORDER OF POSSESSION, IN ACCORDANCE  WITH SECTION 15-1701(C) OF THE ILLINOIS MORTGAGE FORECLOSURE  LAW. For information, contact Plaintiff’s attorney: LAW OFFICES OF IRA T. NEVEL , 175 N. Franklin Street, Suite 201, CHICAGO, IL 60606, (312) 357-1125 Please refer calls to the sales department. THE JUDICIAL SALES CORPORATION One South Wacker Drive, 24th Floor, Chicago, IL 60606-4650 (312) 236-SALE You can also visit The Judicial Sales Corporation at www.tjsc.com for a 7 day status report of pending sales. LAW OFFICES OF IRA T. NEVEL 175 N. Franklin Street, Suite 201 CHICAGO, IL 60606 (312) 357-1125 Case # 2010 CH 19 NOTE: Pursuant to the Fair Debt Collection Practices Act, you are advised that Plaintiff’s attorney is deemed to be a debt collector attempting to collect a debt and any information obtained will be used for that purpose.I286547

Published in the Boone County Journal 7/9/16/23

 

 

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

Foreclosures down in January, but surge on way?

The number of U.S. households facing foreclosure in January increased 15 percent from the same month last year, and a surge in cash-strapped homeowners who've fallen behind on mortgages could be on the way….one in 409 homes were sent a filing…."There's a lot of foreclosures in the pipeline, and the number is going to continue to get bigger," said Patrick Newport, an economist with IHS Global Insight.

, Nevada posted the nation's highest foreclosure rate, followed by Arizona, California, Florida and Utah. Rounding out the top 10 were Idaho, Michigan, Illinois, Oregon and Georgia.

Click on the following for more details:  Foreclosures down in January, but surge on way? - Yahoo! News