Foreclosures Affect Wealthy Families Too.
June 19th, 2009 categories: National News/Local News
According to Chicago Crains the most expensive home sold in 2006 is pending foreclosure from its lender Amcore Bank in the amount of $16 million
The property is a 400 acre estate horse farm that includes a 10,000 SF home built in 1992 with guest and staff quarters, numerous barns and 1/2 mile race track. The property has a conservation easement that restricts any future development on the property to 8 additional homes.
The property was sold to the current owner in 2006 in a sealed bid for $19 million dollars. This sale was the most expensive home sold in Illinois at that time.
According to Crains the foreclosure suit was filed by Amcore Bank when the homeowners failed to payoff their $14.5 million mortgage when it became due in May 2009. The owners have a counter suit against the bank.
Home Refinance Loan…
It is being reported that American Home Mortgage will cease business today and is declaring bankruptcy. In the very near future Accredited Home Lenders will also probably file. Both cite recent losses and their inventories of less than high quality mor…