Is Anyone in Chicago Paying Their Mortgage?
So, interesting story...
My friend was in foreclosure court in Chicago... for the usual reason. He said there was a whole hallway of courtrooms dedicated to foreclosure proceedings. He sat for an hour-and-a-half before his name was called. In that time, there were 10 other defendants/homeowners who answered the court, and perhaps a hundred cases in which the defendants/homeowners were no-shows!
Let's say this courtroom has some action on 100 foreclosure cases per hour. There are what, six, courtrooms dedicated to foreclosures? That's 600 foreclosure cases per hour just in Chicago! Now, not all of these court cases will result in foreclosures, but it still seems like a wicked-high amount of foreclosure activity.
I asked my friend what he thought of all this.
He said, "I think no one in Chicago is paying their mortgage."
My friend was in foreclosure court in Chicago... for the usual reason. He said there was a whole hallway of courtrooms dedicated to foreclosure proceedings. He sat for an hour-and-a-half before his name was called. In that time, there were 10 other defendants/homeowners who answered the court, and perhaps a hundred cases in which the defendants/homeowners were no-shows!
Let's say this courtroom has some action on 100 foreclosure cases per hour. There are what, six, courtrooms dedicated to foreclosures? That's 600 foreclosure cases per hour just in Chicago! Now, not all of these court cases will result in foreclosures, but it still seems like a wicked-high amount of foreclosure activity.
I asked my friend what he thought of all this.
He said, "I think no one in Chicago is paying their mortgage."
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