Okay, foreclosures are up 95% this year in Palatine, the town where I live. The high foreclosure rate in Palatine is because there are a lot of condos here. Many condos were purchased around or after the peak in June 2006. I would bet that more than half of those condo foreclosures were “strategic defaults” [...]
Estate planning and real estate in the Land of Lincoln
Category Archives: Strategic Default
Strategic Default in Illinois: Q&A
One client had no problem deciding to strategically default on his Chicago condo due to a triple-witching hour of crime, an abandoned condo complex and a declining market that left the unit worth one-third what he originally paid. For most people, though, the decision to walk away from a property is not easy. Here are [...]
Strategic Default in Illinois – Last man out of a dead condo complex
I get many calls and emails from my blog, mostly from people near or in foreclosure. This week, I spoke with a guy who bought a condo in the city in 2006 (generally considered the market peak). Then, and now, he had a good job, but the Chicago neighborhood where he lives is overrun with [...]
