The Illinois Mortgage Bankers Association says the plan, set for a City Council hearing on Wednesday, would clog courts already struggling with a huge backlog of foreclosure cases.
Tenants are pushing the mayor's office to act on “Keep Chicago Renting,” a measure proposed last summer by Ald. Richard Mell (33rd) that would have banned post-foreclosure evictions except under narrow circumstances such as the tenant’s failure to pay rent.
A jump in the number of January foreclosure auctions moved Illinois up one place to rank as having the third highest foreclosures activity in the country.
Distressed homes have pushed down housing prices in the Chicago area, according to a report released Tuesday by the real estate data and analytics firm CoreLogic.
What is eminent domain anyway? An idea that the Chicago City Council is considering to fight foreclosures but that probably won't get far, given Mayor Rahm Emanuel's disinterest.
In January, short sales outpaced foreclosures for the first time. If you’re one of the 11 million homeowners with underwater mortgages, you have two main options: Go into foreclosure or ask your lender to agree to a short sale.
