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View Full Version : "Eamus Catuli" in Foreclosure


Viva Medias B's
04-15-2010, 10:13 PM
The owner of the Wrigley Field rooftop building with the "EAMUS CATULI" sign that reads "AC0164101" is facing a foreclosure lawsuit from an Orland Park bank.

Link (http://www.chicagobreakingbusiness.com/2010/04/eamus-catuli-wrigley-rooftop-club-in-foreclosure.html)

jabrch
04-15-2010, 10:15 PM
How do you not short sell something like that before foreclosing? That's a VERY valuable piece of property.

DumpJerry
04-15-2010, 10:21 PM
How do you not short sell something like that before foreclosing? That's a VERY valuable piece of property.
Given the allegations of diversion, it's possible the bank would not approve a short sale. They will foreclose and then sue to recover the shortfall. Can't sue if there is a short sale because you're (the bank) is approving the loss.

ilsox7
04-15-2010, 10:23 PM
How do you not short sell something like that before foreclosing? That's a VERY valuable piece of property.

Short sales are also a mess that banks make very difficult to actually take place.

jabrch
04-15-2010, 11:20 PM
Given the allegations of diversion, it's possible the bank would not approve a short sale. They will foreclose and then sue to recover the shortfall. Can't sue if there is a short sale because you're (the bank) is approving the loss.

Short sales are also a mess that banks make very difficult to actually take place.

Understood - but the amount of time the bank has been not getting paid usually outweighs these...

Maybe in this case with the value of the property being so high, they may not have much a hard time finding an interested buyer, even in this market.

ilsox7
04-15-2010, 11:24 PM
Understood - but the amount of time the bank has been not getting paid usually outweighs these...



That's not how the banks are operating these days. I know of cases these days of offers on houses that would have paid off 98% of the outstanding mortgage and the banks would not deal at all. The big banks currently have a policy that they will not negotiate unless you go through the short sale process, which generally takes much longer than the "minimum 3 months" they tell people.

It makes absolutely no sense from a finance perspective, but then again, we're talking about banks here. Not the brightest bunch.