GROUNDFLOOR – 10/28/2020
Our attorney has advised that the borrower has requested additional time to close. Closing is now scheduled for November 27, 2020. Please keep in mind closing dates are subject to change.
GROUNDFLOOR – 9/22/2020
The borrower must pay delinquent property taxes prior to closing. The redemption of taxes is taking longer than anticipated because the County is not working with a full staff. Our attorney has provided the borrower a 2-week extension in order to pay these property taxes, which must be done before the closing can proceed.
GROUNDFLOOR – 9/10/2020
The borrower’s attorney has presented GROUNDFLOOR with an offer and we have agreed to a short sale of this property, provided there is no financing contingency. The closing is scheduled to place on or before September 15, 2020.
GROUNDFLOOR – 6/26/2020
GROUNDFLOOR’s attorney has advised they have not heard back from the borrower’s counsel regarding the settlement. Settlement Proceedings have been delayed due to COVID-19
GROUNDFLOOR – 5/3/2020
GROUNDFLOOR’s attorney has advised they have not heard back from the borrower’s counsel regarding the settlement. They plan to follow up this week.
GROUNDFLOOR – 3/29/2020
GROUNDFLOOR’s Asset Management Team is still in the process of negotiating a settlement with the borrower.
GROUNDFLOOR – 2/27/2020
GROUNDFLOOR’s Asset Management team is in the process of negotiating a settlement with the borrower.
GROUNDFLOOR – 1/18/2020
Our attorney has advised that the hearing has been rescheduled for February 26, 2020.
GROUNDFLOOR – 1/5/2020
There are no additional updates at this time in terms of the pending foreclosure proceedings; however, our Director of Asset Management is working on alternative settlement options. We will provide an additional update within the next couple of weeks.
GROUNDFLOOR – 12/20/2019
Our Director of Asset Management will be meeting with our attorney on January 3, 2020.
GROUNDFLOOR – 12/3/2019
Our attorney spoke with opposing counsel today in Court and the borrower is open to negotiating with GROUNDFLOOR. Our Director of Asset Management will be discussing the file with our attorney later this week.
GROUNDFLOOR – 11/13/2019
Unfortunately, the Judge granted the borrower additional time to respond. The next hearing has been continued to January 14, 2020.
GROUNDFLOOR – 10/23/2019
Our attorney has advised that the next hearing has been rescheduled for November 12th.
GROUNDFLOOR – 10/3/2019
There are no additional updates as the next hearing is scheduled for November 7th.
GROUNDFLOOR – 9/6/2019
Our attorney has advised that opposing counsel asked for and was granted time to respond to the Motion of Summary Judgment. Opposing counsel has until October 3rd to respond, and GROUNDFLOOR has until October 24th to respond. The hearing was continued to November 7th.
GROUNDFLOOR – 8/20/2019
Our attorney has advised that the next hearing has been scheduled for September 5th.
GROUNDFLOOR – 8/16/2019
Our attorney has advised that the Discovery responses have been sent to opposing counsel. The Judgment Department is in the process of re-noticing our existing Motion. We will provide additional updates as they are received.
GROUNDFLOOR – 7/29/2019
GROUNDFLOOR has executed the Discovery responses and returned to our attorney.
GROUNDFLOOR – 7/26/2019
Our attorney has advised that our Motion was entered and continued by the court. Due to the Defendant having propounded Discovery requests, our Motion was entered into the court record and continued to a date to be set after our Discovery has been responded to. Our attorney is in the process of preparing the Discovery responses and will send them to GROUNDFLOOR early next week for review and execution. The Discovery responses will then be provided to opposing counsel, and we will re-notice our Motion for the first available court date.
GROUNDFLOOR – 7/10/2019
Our attorney has advised that as of today, the defendant did not file an Answer; however, it can take up to a week after July 9th if the defendant sent the Answer via US mail. The Judgment Hearing has been scheduled for July 25, 2019.
GROUNDFLOOR – 7/9/2019
GROUNDFLOOR has reached out to our counsel for an update. We will provide an update as soon as we have more information on the next steps.
GROUNDFLOOR – 6/12/2019
Our attorney has advised that the case was continued since the defendant’s counsel appeared. The Court granted 28 days to file an Answer. Unfortunately, we need to wait until July 9, 2019, to confirm if the defendant’s counsel filed an Answer. If not, we can re-notice immediately after July 9th and once again present our Judgment packet to the Judge.
GROUNDFLOOR – 6/12/2019
We are awaiting an update from our attorney regarding the June 11th Judgment hearing. We will advise as soon as possible.
GROUNDFLOOR – 6/2/2019
There are no additional updates at this time as the Judgment hearing is scheduled for June 11, 2019.
GROUNDFLOOR – 5/8/2019
Our attorney has advised that the Judgment hearing is scheduled for June 11, 2019.
GROUNDFLOOR – 4/30/2019
The Case Management hearing was stricken by the Court and we can proceed with judgment. Our attorney’s judgments department will be scheduling hearing dates this week for our motion for entry of Judgment.
GROUNDFLOOR – 4/17/2019
Our attorney has advised that the Case Mangement date is still scheduled for April 29, 2019.
GROUNDFLOOR – 3/19/2019
Our legal counsel has advised that the case has been reassigned to a new judge. The Case Management date is scheduled for April 29, 2019.
GROUNDFLOOR – 2/22/2019
Our legal counsel has advised that defense counsel filed an appearance this morning and appeared in court this afternoon. Defense counsel made an oral Motion for Substitution of Judge as a matter of right on behalf of the borrower. The motion was granted. The order entered will be sent to the Presiding Judge for reassignment to a new judge. This could take a month or more. Our attorney is following up weekly for reassignment to a new court calendar and judge.
GROUNDFLOOR – 2/13/2019
There are no additional updates at this time as the Judgment hearing is scheduled for February 22nd.
GROUNDFLOOR – 1/15/2019
Our legal counsel has advised that a Judgment hearing has been scheduled for February 22, 2019.
GROUNDFLOOR – 12/18/2018
Our attorney is preparing the Affidavit of Information to proceed with judgment.
GROUNDFLOOR – 11/29/2018
Groundfloor has provided our legal counsel with the judgment figues. As previously mentioned, we cannot move forward until after December 17th. We will provide an additional update at that time.
GROUNDFLOOR – 10/31/2018
Groundfloor is working with our legal counsel to prepare judgment figures. As previously mentioned, we cannot proceed until after December 17, 2018.
GROUNDFLOOR – 10/1/2018
Our legal counsel has advised that service has been completed for the LLC through the Secretary of State. At this time, our legal counsel is proceeding with the publication for service on the borrower, which is a requirement in Illinois since we have been unable to serve the borrower. The Notice has been submitted to the newspaper and will run on 10/3, 10/10 and 10/17. Once the publication has run and the answer period has expired our attorney will be able to proceed with judgment. The answer period is set to expire 30 days from the completion of publication. However, in Cook County judgment cannot be filed for an additional 30 days from that date. In this case, we may proceed with judgment after December 17, 2018.
GROUNDFLOOR – 9/13/2018
Our legal counsel has advised that on September 10, 2018, this matter was stricken from the Case Management call in Cook County as no one appeared in court. The period for the borrower to appear and answer has been scheduled for September 24, 2018. Our counsel is still proceeding to serve the borrower through the Illinois Secretary of State. We will have an additional update within the next two weeks.
GROUNDFLOOR – 9/11/2018
Groundfloor has a call with our legal counsel this afternoon to discuss the status of the foreclosure proceedings. We will provide an additional update as soon as possible.
GROUNDFLOOR – 8/13/2018
Our legal counsel has advised that we are still in the service stage. Counsel is proceeding to alternate means of service (i.e., publication or service upon the Secretary of State).
GROUNDFLOOR – 7/14/2018
Our legal counsel has advised that the Complaint was filed on July 12, 2018.
GROUNDFLOOR – 7/9/2018
Our legal counsel has advised that the Foreclosure Complaint will be filed within the next 48 hours.
GROUNDFLOOR – 6/20/2018
Our legal counsel has advised that they are awaiting for title. The Complaint will be filed once title is received.
GROUNDFLOOR – 6/14/2018
Our legal counsel has advised that the file is currently under attorney review. We will provide an additional update as soon as possible.
GROUNDFLOOR – 5/31/2018
The loan was not repaid by the revised maturity date. Groundfloor will be engaging counsel today to proceed with foreclosure.
GROUNDFLOOR – 5/14/2018
The borrower has advised that the drywall will be completed by the last week of May, which will give him the value to refinance the loan.
GROUNDFLOOR – 4/23/2018
The borrower has advised that he is ordering inspections to close the walls and proceed with drywall.
GROUNDFLOOR – 4/17/2018
The borrower has advised that the plumbing and electrical works are in process, and expected to be complete this week. The rough-in inspection will be scheduled this week, and drywall will start after the inspection.
GROUNDFLOOR – 3/20/2018
The borrower has returned the Executed Forbearance Agreement, and the foreclosure proceedings are on hold. The new maturity date is May 30, 2018.
GROUNDFLOOR – 3/13/2018
The borrower never returned the executed Forbearance Agreement; therefore, we have engaged legal counsel to proceed with foreclosure.
GROUNDFLOOR – 2/19/2018
Groundfloor is investigating a commercial resolution, which may provide an expedited resolution and repayment rather than proceeding with a judicial foreclosure. Additional updates will be provided in the next few weeks.
GROUNDFLOOR – 1/16/2018
Groundfloor will be issuing a Notice of Default to the borrower on January 17, 2018, which will provide the borrower with 30 days to repay the loan before proceeding with foreclosure.
GROUNDFLOOR – 1/8/2018
Groundfloor has reached out to the borrower for an update on the refinance closing. We have given the borrower seven days to provide a copy of the refinance commitment letter from the lender refinancing the loan. If the commitment letter if not received within seven days, Groundfloor will engage legal counsel to proceed with foreclosure.
GROUNDFLOOR – 12/14/2017
The borrower has advised that there is a delay with the refinance, but the loan will be repaid by the end of the month.
GROUNDFLOOR – 11/29/2017
The borrower has advised that the loan is in the process of being refinanced, and should be repaid on or before December 13, 2017. Please note that closing dates are subject to change.
GROUNDFLOOR – 10/30/2017
The borrower has advised that he is working to refinance the loan and expects to repay before the maturity date.
GROUNDFLOOR – 10/4/2017
The borrower has advised that the corrections have been approved by the city of Chicago. The renovations will resume, and the borrower hopes to have the property under contract by Thanksgiving. Please note that the borrower will also have refinance options ready to ensure the loan is repaid by the December 01, 2017 maturity date.
GROUNDFLOOR – 9/8/2017
The borrower has advised that they are awaiting corrections from the architect on plans that were submitted to the city of Chicago to proceed with renovations. The borrower is hoping to have the corrections approved next week.
GROUNDFLOOR – 8/10/2017
The borrower has advised that they are still waiting on city inspection approvals. The exterior work that was not budgeted is underway. Please note that the borrower also advised that the brick on all three floors is currently being replaced.
GROUNDFLOOR – 8/9/2017
The borrower has advised that they ran into some issues with the drywall and wiring. They are currently waiting on an inspection from the city of Chicago and intend to have the property on the market by the end of September/beginning of October.
GROUNDFLOOR – 6/30/2017
The borrower has advised that the project has been delayed due to plumbing issues. The borrower has completed the rear decking, plumbing and electrical rough and are awaiting all rough inspection. It is anticipated that in the coming few weeks they will have drywall completed and windows installed.
GROUNDFLOOR – 4/20/2017
The borrower has advised that HVAC works have been completed.
GROUNDFLOOR – 4/3/2017
The borrower has advised that insulation works have been completed.
GROUNDFLOOR – 2/21/2017
The borrower has advised that framing works have been completed.
GROUNDFLOOR – 1/24/2017
The borrower has advised that all architectural work has been completed.