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$200K jolt awaits buyer of Rezko home (bank auction Aug.)
Chicago SunTimes ^ | 7-18-09 | Tim Novak

Posted on 07/22/2009 11:13:55 AM PDT by STARWISE

WILMETTE | Home on auction block carries hefty back-tax burden

A property tax bill of more than $200,000.

That's the added cost that awaits whoever comes out on top in next month's auction of the foreclosed Wilmette mansion of convicted influence-peddler Tony Rezko.

Records show Rezko stopped paying real estate taxes on the 8,400-square-foot mansion more than four years ago.

He owes a total of $140,409.86 in back property taxes, plus $69,402.24 in interest.

The new owner will have to pay that, says Cook County Treasurer Maria Pappas.

Rezko stopped paying the taxes around the same time he stopped paying the mortgage on the $5.9 million home, which led Bank of America to foreclose on the property. It goes on the auction block Aug. 10.

Rezko is the onetime top campaign fund-raiser for then-Sen. Barack Obama and former Gov. Rod Blagojevich. Rezko was convicted last summer of wide-ranging corruption linked to his influence in the Blagojevich administration. He is now in prison, awaiting sentencing.


TOPICS: Business/Economy; Crime/Corruption; Extended News; Politics/Elections
KEYWORDS: auction; bankofamerica; chicagoswamp; chicagoway; foreclosed; nonpayment; obama; obamatruthfile; paytoplay; rezko; rezkoinjail; wilmette

1 posted on 07/22/2009 11:13:55 AM PDT by STARWISE
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To: penelopesire; seekthetruth; television is just wrong; jcsjcm; BP2; Pablo Mac; April Lexington; ...

~~DING!


2 posted on 07/22/2009 11:15:25 AM PDT by STARWISE (The Art & Science Institute of Chicago Politics NE Div: now open at the White House)
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To: STARWISE

Wow.


3 posted on 07/22/2009 11:19:27 AM PDT by allmost
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To: STARWISE

Why would the new owner have to pay taxes owed by the previous owner? The person (Rezko) owes the tax, not the house.


4 posted on 07/22/2009 11:20:37 AM PDT by bk1000 (A clear conscience is a sure sign of a poor memory)
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To: bk1000

It’s the Chicago Way.


5 posted on 07/22/2009 11:22:22 AM PDT by Republic of Texas (Socialism Always Fails)
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To: bk1000

The title can’t transfer in most areas until back taxes are paid. In order to take ownership these ‘obligations’ must generally be met.


6 posted on 07/22/2009 11:22:49 AM PDT by allmost
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To: bk1000

The city has a lien on the property. If you want it, you have to pay off the lien.


7 posted on 07/22/2009 11:24:01 AM PDT by AppyPappy (If you aren't part of the solution, there is good money to be made prolonging the problem.)
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To: bk1000
Why would the new owner have to pay taxes owed by the previous owner? The person (Rezko) owes the tax, not the house.

Exactly.
8 posted on 07/22/2009 11:24:16 AM PDT by aruanan
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To: bk1000

It’s that way everywhere. A property cannot be transferred to a new owner unless it is unencumbered by liens. I faced that about 17 years ago. The house I was buying had two tax liens against it and the seller had to pay up or I could have walked away from the sale. I’m certain the selling price will reflect the liens.


9 posted on 07/22/2009 11:28:07 AM PDT by CholeraJoe (This is the worst economic crisis since Brittney Spears shaved both ends!)
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To: bk1000
I believe real estate taxes accrue to the property and the ultimate auction amount.

Rezko’s Mansion up for Auction (Sun Times:)

Once the site of fund-raisers for politicians including soon-to-be president Barack Obama and then-Gov. Rod Blagojevich, the Wilmette mansion of convicted businessman Tony Rezko is on the auction block.

Bank of America, the mortgage holder that won a foreclosure judgment on Rezko's defaulted $5.9 million note in May, will auction the opulent, two-story, 8,400-square-foot home next month.

A blight on the neighborhood removed.

P.S. Maybe ACORN could help him out and stop the foreclosure. For old time's sake, you know, the FOBarack love connection. Just a thought. Rezko's trial is next June. Should provide some nice Dem culture of corruption coverage before the midterm elections.

~~~~

Rezko's home in Wilmette to be auctioned

Bank of America will auction off Antoin “Tony” Rezko’s north suburban mansion early next month to try to recoup part of the imprisoned developer’s past-due $5.15-million mortgage.

Mr. Rezko took out the loan on his more than 8,400-square-foot home at 1250 Chestnut Ave. in Wilmette in September 2003, roughly three years before he was indicted on federal fraud and money-laundering charges.

The original lender, Chicago-based LaSalle Bank N.A., filed a foreclosure lawsuit in October 2006, after Mr. Rezko, a key fundraiser for politicians including former Gov. Rod Blagojevich, allegedly missed his August 2006 payment, according to a copy of the complaint filed in Cook County.

Now, the home where Mr. Rezko once held a lavish fundraiser for President Barack Obama will be auctioned off Aug. 10. Bank of America, which acquired LaSalle Bank in fall 2007, is expected to set a minimum sales price for the property, though the amount was not yet known, says Scott Jensen, a partner at Murray Jensen & Wilson Ltd., a Chicago-based law firm that’s representing the bank.

Even if a buyer steps forward, it’s unlikely that Bank of America will recoup the $5.2 million in principal, interest and late fees that Mr. Rezko allegedly owed as of October 2006, according to the foreclosure complaint. Several Wilmette residential brokers estimated that the property would sell for between $3 million and $4 million.

“It’s a small market for homes that are in that upper bracket,” says Sharon Freidman, a sales associate in the Winnetka South office of Coldwell Banker Residential Real Estate LLC. “There aren’t that many people out there with a lot of money. The dot-commers have come and gone.”

Mr. Rezko, a developer and fast-food entrepreneur who opened more than 25 Papa John’s pizza franchises, remains in federal custody awaiting sentencing. A jury found him guilty in June 2008 of crimes including pocketing kickbacks from money management firms that sought state business.

The federal government has requested that Mr. Rezko forfeit his interest in the residence in the unlikely event that the home’s value is greater than the debt Mr. Rezko owes.

Mr. Rezko acquired the two-story Wilmette home, which has five full bathrooms and a three-car garage, for $1.9 million in January 1999, according to property records.

A message left for one of Mr. Rezko’s lawyers, Howard Adelman, was not returned. The auction will be held at 11 a.m. Aug. 10 in the office of Intercounty Judicial Sales Corp., 120 W. Madison St. in Chicago.

10 posted on 07/22/2009 11:30:10 AM PDT by STARWISE (The Art & Science Institute of Chicago Politics NE Div: now open at the White House)
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To: bk1000
Why would the new owner have to pay taxes owed by the previous owner?

That's the normal practice in such deals. The buyer has to settle any outstanding liens. Of course, that hammers down the price the buyer is willing to pay, so BAC ends up effectively paying part of the tax.

The cool outcome in this case would be for the tax lien to grow to the point where nobody will buy the property. May the weeds grow! Couldn't happen to a nicer county.

11 posted on 07/22/2009 11:33:50 AM PDT by cynwoody
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To: cynwoody
“That's the normal practice in such deals. The buyer has to settle any outstanding liens.”

Every one that i’ve bought the bank had to pay off outstanding liens and give me clear title.

12 posted on 07/22/2009 11:43:36 AM PDT by dalereed
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To: bk1000

The taxes are attached to the house as are any other lien.


13 posted on 07/22/2009 11:49:46 AM PDT by ImJustAnotherOkie
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To: STARWISE
Records show Rezko stopped paying real estate taxes on the 8,400-square-foot mansion more than four years ago.

Rezko stopped paying the taxes around the same time he stopped paying the mortgage on the $5.9 million home, which led Bank of America to foreclose on the property.

It's good to part of the corrupt Daley Democrat machine and friend of Obama.

You try not paying your mortgage and taxes, I'll bet you're out on the street and your home sold in far less than four years.

14 posted on 07/22/2009 11:57:36 AM PDT by RJL
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To: dalereed

Maybe because you or attorney/rep negotiated that issue.

Everything’s negotiable.


15 posted on 07/22/2009 11:59:38 AM PDT by STARWISE (The Art & Science Institute of Chicago Politics NE Div: now open at the White House)
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To: STARWISE

“Maybe because you or attorney/rep negotiated that issue.”

I don’t use those leaches, I do my own dealing.


16 posted on 07/22/2009 12:03:11 PM PDT by dalereed
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To: dalereed

Didn’t I say you or .. ?


17 posted on 07/22/2009 12:05:42 PM PDT by STARWISE (The Art & Science Institute of Chicago Politics NE Div: now open at the White House)
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To: CholeraJoe

Land contracts complicate things in states that allow them.


18 posted on 07/22/2009 12:05:46 PM PDT by allmost
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To: hoosiermama; Velveeta; maggief; April Lexington

Intercounty Sales Corporation is a private firm that specializes in conducting foreclosure auctions. Judges from each county decide if they will allow entities other than the Sheriffs Department to conduct sales on behalf of the plaintiff. Intercounty Sales Corporation can be reached at 312-444-1122

~~~~

Interesting company .. many websites

INTERCOUNTY JUDICIAL SALES CORP. 120 W Madison St. Suite 718A, Chicago IL 60602 Tel: 312 444 1122. Sales are conducted Monday through Friday at 11 AM at their offices.

~~

Wonder what Chicago insider owns them.

19 posted on 07/22/2009 12:22:03 PM PDT by STARWISE (The Art & Science Institute of Chicago Politics NE Div: now open at the White House)
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To: STARWISE

All I get is this again and again.

Would they be registered with the state AG office?

“Company Information: The Intercounty Sales Corporation is a private company providing services to foreclosing plaintiffs and their attorneys when a judicial sale is ordered in the course of a mortgage foreclosure action”


20 posted on 07/22/2009 12:36:50 PM PDT by hoosiermama (ONLY DEAD FISH GO WITH THE FLOW.......I am swimming with Sarahcudah! Sarah has read the tealeaves.)
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To: hoosiermama

I know ... NO information other than that.
They’re behind some kind of info shield.

Searched the Sec. of State database. TONS
of companies, all with Intercounty

http://www.ilsos.gov/corporatellc/CorporateLlcController

They all seem to be headed by:

ANDREW D SCHUSTEFF Agent Change Date 03/20/2003
Agent Street Address 120 W MADISON ST STE 718

President Name & Address
ANDREW D SCHUSTEFF
120 W MADISON CHICAGO 60602

Agent City CHICAGO
Secretary Name & Address
ANDREW D SCHUSTEFF
120 W MADISON CHICAGO 60602

~~~~
Attorney

http://www.avvo.com/attorneys/60602-il-andrew-schusteff-1108453.html

~~~~

http://pipl.com/search/?FirstName=Andrew&LastName=Schusteff&City=Chicago&State=IL&Country=US&CategoryID=2&Interface=46

~~~~

Skeet shooter

The Dragon Lady Open held the weekend of
June 6-8 hosted 49 shooters. Saturday
morning started with 20 ga. won by Steve
Schneider with the only 100 straight. Next
was 28 ga. with Andrew Schusteff taking
champ.

http://www.wiskeet.com/docs/August%2008%20Skeeter.pdf

NATHAN H LICHTENSTEIN is the agent of record for some of
the corps.

~~~

Very ‘quiet’ public guy .... almost no info online.


21 posted on 07/22/2009 3:22:35 PM PDT by STARWISE (The Art & Science Institute of Chicago Politics NE Div: now open at the White House)
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To: hoosiermama
Chicago Fly Fishing Outfitters

http://www.chicagoflyfishingoutfitters.com/album.php?st=15

Andy Schusteff got it done in a major way this spring down in the Keys. That is a nice fish!!!

22 posted on 07/22/2009 3:28:12 PM PDT by STARWISE (The Art & Science Institute of Chicago Politics NE Div: now open at the White House)
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