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In “zombie foreclosures,” lenders begin foreclosure proceedings against homeowners but don’t follow through because they want to avoid the financial responsibility that comes with holding title to the property — costs that often exceed the value.
Summary and audio linked here.
Chicago’s political leadership is floating a pension buyout program as evidence it is seriously addressing the city’s thirty-six-billion-dollar unfunded pension liability, but Mark Glennon, founder of the Illinois policy research organization Wirepoints, said that the proposal moves debt from one column to another rather than reducing it, and that the broader fiscal picture facing the city continues to deteriorate across every measurable dimension. Audio here.
Expect no retraction or apology. This what they do.
The state’s existing buyout program for its own pensions is the precedent for Chicago, which should be a warning: Look out for similar exaggerated claims and shoddy analysis.
Full interview and summary linked here.
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They are victimized once, not twice. They weren’t victimized when they 1st lost their home. They should have know that the Democrats would destroy neighborhoods real estate value with high taxes and high crime.
There are so many zombie foreclosures from the GFE when people like this woman overpaid for trash properties with no money down. She destroyed her own neighborhood by allowing her property to go into disrepair – the one thing of value she ever owned, she trashed it and let the city tear it down. Now, the past due taxes on the land – which cannot be settled, waived or negotiated – exceed the value of the vacant land (or the rotten structure that used to lay there). They call this disinvestment as vacant properties fill up formerly occupied neighborhoods. But… Read more »
I wonder why the County and its Land Bank Authority haven’t taken title. That would wipe out the unpayable back taxes and, if there really is a nonzero price at which an “investor” would buy the lot, it could be sold. Or under the “large lot program,” a neighbor could take it in exchange for maintaining it.
The Land Bank Authority uses tax payer dollars to pay off the past liens on they property, I think they even do it through the Tax Lien laws, so they pay off the county’s lien, then file paperwork in court to take title. The LBA has limited money and they are totally corrupt too.
I’ll have to agree with that totally corrupt description. There have been reported instances where the land bank paid off liens and the original owner (politically connected) ended up with an indirect interest in the property or some other financial benefit. This woman’s property must not be very desirable. If it was the liens would be paid off and an insider would now own the property.
“Zombie City eats resident’s future” . . . there I fixed the headline