• Chicago Developer Facing Another Foreclosure Suit

    First Midwest Bank N.A. filed a $6.4 million lawsuit against developer William Senne over a business loan backed by 11 of his properties, Crain’s Chicago Business reported on August 11, 2011. The foreclosure lawsuit filed last month alleges a venture managed by Senne failed to pay off the business loan when it came due in August 2010.

    According to the complaint, the First Midwest suit is in regards to a loan obtained by retail stores in West Loop Promenade, a 78-unit condominium building built at 1201 W. Adams St. by Senne’s Senco Properties, in addition to 10 smaller residential and retail properties. The loan was originally taken out from Westmont-based First DuPage Bank in August 2005 before First Midwest took over following regulators shutting down First DuPage in October 2009, according to Crain’s.

    Crain’s reported that Senne, CEO of Chicago-based Senco, is also facing foreclosure on a 94-unit Bucktown condo project that has yet to be constructed and is still waiting to sell out a 212-unit West Loop development. The complaint, filed on July 8 in Cook County Circuit Court, says First Midwest is seeking to collect the unpaid debt, plus interest, fees and other costs.

    If you are dealing with your own threat of foreclosure , our Chicago bankruptcy lawyers can help.

    Benjamin Brand Services – Chicago bankruptcy attorneys

  • Austin Seeks Inclusion In Emanuel Foreclosure Program

    The chairman of the Westside Ministers Coalition and spokesman for the Community Reinvestment Organizing Project (COP) has demanded that Chicago’s Austin community be included as a targeted area to benefit from the $15 million Foreclosure Recovery Program announced by Mayor Rahm Emanuel on August 17, 2011.

    According to ChicagoNow.com, Rev. Dr. Lewis Flowers and other Westside Ministers Coalition leaders and clergy immediately began to contact local aldermen to find out why the Austin community is being “left-out.” The Woodstock Institute, a nonprofit research and policy organization, reported that 887 Austin properties went into foreclosure in 2010, second-most in Chicago. The organization also reported in January 2011 that Austin had the fourth-most number of “red flag” properties of Chicago communities, which are “troubled vacant properties where a foreclosure has been filed, but no outcome has been reached.”

    The Institute’s report showed that foreclosure problems were largely concentrated on the South and West Sides of Chicago, and foreclosures were much more common in predominantly African-American communities.

    If a bank is trying to foreclose on your home , our attorneys will make that bank prove that they actually have the right to do so. Again, we can make it difficult for the banks to prove that they are the right party to be foreclosing on your property, thus helping you and your family stay in your home.

    Benjamin Brand Services – Chicago bankruptcy attorneys

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