In 1995 my wife and I purchased a building in Chicago in the Old Town neighborhood. In 2002 my wife was diagnosed with Multiple Sclerosis also known as MS. We enjoyed our building for approximately twelve wonderful years, but clearly our focus had changed. We needed to make our building handicapped accessible, as my wife struggled to climb thirty-two stairs to the second floor. Eventually confined to a wheelchair, my son and I would have to carry her up and down the stairs.
On 09 August 2007, we decided to sell our building to IT2K Development LLC. We would retain a condo in the building for $630,000.00, which would also include two parking spaces. IT2K Development agreed to make the new building handicap accessible as well as the new anticipated condo home.
IT2K development used $630,000.00 of our money to help finance the new construction of the building, along with a construction loan from American Chartered Bank. After two years of construction, the building was left unfinished with six out of the eight residential units unsold, along with the commercial space. Therefore IT2K defaulted on the loan agreement that started in 09 August 2007 and ended on 09 August 2009.
The looming real estate crisis subsequently derailed the project causing the bank to reclaim their interest in the building. The bank demanded an extra $250,000.00 from my wife and I, or they would foreclose on our home. A judgment of foreclosure was received against us on the 19 June 2013. Now, we are being forced out of our home and we are asking for your help to keep what is rightfully ours.
Thank you for your support and helping us fight for our home.
Any donations to help with legal fees would help our family out tremendously.