Chicago Bank Foreclosures

Chicago is the biggest city in Illinois State – the third most populous in USA. It was rebuilt after a great fire broke out in 1871. Chicago bank foreclosures are fanning another sort of fire that is engulfing life and livelihood. Chicago is next to Lake Michigan and is one of the world’s largest urban sprawls. Today the city is drawing attention for dubitable reasons – innumerable Chicago bank foreclosures. This alpha city of the world is now reeling under the blight of Chicago bank foreclosures.

Foreclosures are nothing new in the world of mortgage banking. What is special is the staggering numbers of Chicago bank foreclosures. It is part of the foreclosure crisis that is sweeping over America. Lenders foreclose on the borrowers and take back the property that has been kept as security when the borrower fails to repay loans. But in recent years certain types of loans were intentionally peddled to the gullible borrowers that were sure to fall into foreclosure. The income levels of the borrowers did not permit such steep loans. The lenders took over one property after another. But too many Chicago bank foreclosures have caused indigestion for the lenders. They are in a quandary and do not know what to do with so many Chicago bank foreclosures.

In 2008 the area stretching from Lake to Will County has been dotted with Chicago bank foreclosures. The neighbours are upset with the overgrown lawns encroaching on their premises. The broken windows speak of raucous parties as wild groups vandalize the empty units. The suburbs have been the worst affected although the city proper has not been spared.

The law has been changed so that the lenders immediately notify the city authorities as soon as the take possession of a home. This is something they have been avoiding because of maintenance and other costs. The law would also give the municipality the right to recoup the money spent by the civic authorities in looking after the vacant units.

Grants have been sanctioned for Chicago to tackle the blight but the funds are not adequate considering the jumbo size of the problem. The problem is further complicated with the state facing budget deficits. There is a revenue shortfall because of stagnation in the real estate market. Yet work has gone up attending to increased crime and break out of fires in these Chicago bank foreclosures.

The overall foreclosure situation has led to population dwindling with many exiting from Chicago.

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