Chicago Apartment Building Converted To Condominiums Without Notice To Tenants At Center Of Straw Buyer Mortgage Fraud Probe

In Chicago, Illinois, the Chi-Town Daily News reports:

• A state agency today revoked the Illinois licenses of two mortgage companies and filed complaints against an appraiser and a real estate company in connection with a mortgage fraud investigation at a West Side residential building.

• The Daily News reported last week that tenants at 2754 W. Washington Blvd. suspect their apartments were sold to straw buyers by the building's former owner. The tenants say they remain unclear as to who actually owns the building, have stopped paying rent, and have banded together to take care of the building's utilities and maintenance.

For more, see State moves against mortgage companies at W. Side building.

See also:

• Chi-Town Daily News: In wake of bribery scandal, tenants question landlord's dealings (Residents of a building linked to a federal bribery probe earlier this year say their apartments were transformed into condominiums and sold without their knowledge, and their suspicions have prompted a state agency to investigate),
• Illinois Department of Financial and Professional Regulation press release,
• State of Illinois orders & complaints filed against Envision Lending Group, Gateway Mortgage Group, Arthur Pascu, Pawel Janowicz, Peter Petrovich, LMB Properties, LLC.