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Rightful Owner Was In No Condition To Sell

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“The new buyers of a rundown graystone on the South Side showed up Jan. 9 to look at the house they won at a foreclosure auction. They took the plywood off the front door and went inside to make sure the utilities had been shut off. Then they called the police.”

“Sitting upright in the corner of a bedroom off the kitchen was a human skeleton in a red tracksuit. Neighbors told police the corpse was almost certainly Randy Johnson, a middle-age man who lived alone in the North Kenwood house.”

“The cause of Johnson’s death has not yet been determined, but it is just one of the mysteries about 4578 S. Oakenwald Ave. Somehow, Johnson’s house was transferred three times to new owners without anyone noticing he was inside.”

“Left holding the bag is Countrywide Home Loans, the nation’s largest mortgage lender. Now it is likely to lose it all because it financed the sale of a home whose rightful owner was in no condition to sell.”

“The intrigue surrounding the Oakenwald house offers a glimpse into the strange and murky world of mortgage fraud. Lenders duped into making loans have every incentive to unload the properties, and almost none to blow the whistle on wrongdoers.”

“‘They foreclose. They don’t care. They just foreclose,’ said Daniel Lindsey, a supervisory attorney with the Legal Assistance Foundation of Metropolitan Chicago.”

“Last week, Countrywide vacated the recent sale of 4578 S. Oakenwald and returned the buyer’s money. That happened only after Cook County officials announced they would fight to put the house back in the Johnson family’s name.”

I have heard of classic British understatement but the Yanks do it even better then us!!

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  • 293 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?

      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%

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