the wasserblawg

This just in from the Wasserlaw Department of Unconfirmed Facts and Useless Speculation ( DUFUS ): 2007 Cook County 2 nd Installment Property Tax Bills might possibly be mailed out October 3, 2008. That would make them payable on or before November 3, 2008. This is sourced to a title company closing officer I worked with yesterday and is attributed to a conference call with one of the "higher ups" at the Treasurer's office. The treasurer's web site seems to substantiate the rumor. I anticipate a rash of louder, more shrill complaints from City of Chicago property owners and from "tax reformer" types when those bills hit peoples mail boxes. More than the usual moans and groans we hear this time of year. We are confronted with a confluence of troubling factors: For starters, the property tax system is based in part on triennial re-assessments of property values. Chicago properties were last re-assessed for the 2006 tax year, back when property values w...

As of July, one in every 583 Illinois households was in foreclosure. According to RealtyTrac , there were 8,915 foreclosure pending statewide, 5,378 in Cook County, alone. The July numbers represent a 9% increase over June and is 61% higher than in July, 2007. By now, just about every real estate lawyer in the area has faced a transaction that has involved a bank selling a property already lost to foreclosure, a seller with a pending foreclosure, or a pre-foreclosure "short sale." Sadly, I've seen them all. Most of the time, these properties are (or were) the seller's principal residence. Others however have been investment properties. A couple of those investment deals have been complicated by the fact that a tenant is/was living in the distressed property. There is much uncertainty about tenant rights in a foreclosure action. Most often, the lender does not know that a tenant is living in the building and the tenant does not know that the landlord is losing the bui...