One borrower in spate of foreclosures (Chicago Journal)

By Micah Maidenberg

August 4, 2010

 

The four foreclosure suits that started hitting mortgaged properties clustered around Washington Boulevard between Damen and Oakley in late June share several common elements: Bridgeview Bank filed the suits, and each names Edward Gobbo among the defendants.

In all, the suits puts at least 15 mortgaged condominium units on the Near West Side into foreclosure. Bridgeview Bank claims millions in unpaid principal and interest on the loans — nearly $6.5 million at the time its attorneys filed the suits.

Like foreclosures rippling through some South Loop residential buildings, the new filings offer evidence that foreclosures are increasingly hitting condominium buildings hard.

Last month, the Woodstock Institute, a housing research and policy organization, reported that in the first six months of last year, condo foreclosures were up by 38 percent over the same period of 2009.

On the Near West Side, an area that runs roughly between the Dan Ryan Expressway, Rockwell, Kinzie and 16th Street, filings were up by 72 percent through June versus the first half of last year, according to Woodstock’s data. There were 227 foreclosure filings through June in the area.

A spokeswoman from Bridgeview Bank declined to comment on the cases. Calls made to Gobbo were not returned.

The suits hit circuit court in rapid succession.

On June 16, Bridgeview Bank filed a foreclosure suit against two separate mortgages taken out against two condo units in the building at 2005 W. Washington. The loans total more than $878,000.

The next day Bridgeview Bank filed to foreclose on loans it made on six units in the building at 2117-2119 W. Washington, a three-flat with a red-brick façade. One loan outstanding on that property, the suit says, is worth more than $1.3 million. Gobbo and a second partner also owe more than $317,000 on a second mortgage Bridgeview Bank made on the same six units, according to the filing.

The foreclosure action against two loans totaling $1,066,789 against the property at 2235 W. Washington was filed on June 21.

Nine days later the bank filed a fourth suit claiming nearly $3 million in unpaid loans for seven units in 115-125 S. Western, a new-construction, red-brick building that looms over busy Western Avenue just south of Monroe.

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