Foreclosures Due to Development Disasters
More and more foreclosures are being faced by homeowners due to the falling behind in mortgage payments or investing on several homes more than what they could afford. But for some homeowners in Illinois, despite their strict compliance to their mortgages, they still end up facing foreclosures after being victimized by development disasters.
After investing on a place that is part of an ongoing construction, homeowners are filled with hope that soon, they will be living their dreams. However, that is not always the case, especially if you are one of the unlucky few investing in the wrong development.
In June 2007, Ashton Lofts located in Lincoln Park provided a promising home to newlywed couple, Dan and Kelly Savage. Excited with their new home, they moved in and soon found out that the contractors have ran away leaving the building unfinished. With flaking off façade, incomplete drainage system and unfinished roof seal and even units, the couple ended up living in an unfinished building. Soon, they found out the building is facing foreclosure.
Although the couple discovered a legal claim to their property after covering their mortgage monthly, the couple seemed to be investing in uncertainty. With the condition on of the building, they would definitely experience difficulties selling the place.
The same picture has been painted for a couple who invested $10,000 in Belden Place Development in northern Mundelein. A year has already passed since they invested, yet the site showed no development at all – not a pinch of dirt is seen on the still barren area.
These cases only prove that even responsible homeowners may still be caught in foreclosures with development disasters like these.
In order to prevent these situations, one must be a smart homebuyer by researching on a developer’s record on sales as well as other properties they have built. By taking such initiative, one can at least have an idea of the developer they are counting on making their dreams come true.