Representing a lender in a long drawn out battle with a borrower over a nonpayment on a balloon mortgage. The note was secured by a vacate 3 story industrial property. Foreclosure was strenuously contested. Twice the borrower filed for Chapter 11 protection on the eve of the sheriff’s sale. In Illinois a sheriff’s sale terminates…
In a recent decision, the US Court of Appeals for the 7th Circuit ruled that management companies that collect rent for an owner are not debt collectors under the Fair Debt Collection Act. For this opinion read: Carter v AMC LLC Normally an owner hires a mangement company to manage its property and collect the…
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