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At the end of your mortgage term- your mortgage can be called for payment in full!

When your term is up- is your mortgage balance up?

In a hot ultra-luxury market, Gold Coast mansion lists for $8M after gut-rehab

A completely renovated Gold Coast mansion hit the market this week at $8 million, looking to cash in on a strong ultra-luxury housing market Downtown.

Anita Lisek and Bart Przyjemski of Chicago-based developer Noah Properties bought the 19th century stone mansion at 1246 North Astor Street from a trust in January 2018 for $3.2 million, according to Cook County property records.

They financed the purchase with a $1.9 million mortgage from Park Ridge Community Bank, records show.

They then launched a gut-rehab of the property designed by Axios Architects and Lisek Interiors, according to the listing from Beata Gaska of Sergio & Banks Real Estate.

County records show they took out a new, $15.1 million mortgage from First Eagle Bank three months after buying the property.

The home now has five bedrooms plus a den, six bathrooms, two powder rooms, an elevator, rooftop deck and four-car attached garage.

The listing is hitting during a strong run for the ultra-luxury market, starting in 2018, a record year for the sector — despite the struggling overall Chicago-area luxury housing market. Sales of homes priced at $4 million or more were up 16 percent in the second quarter, according to Re/Max Premier.

More of that noble private sector that stays moral due to the profit motive for ya?

Wells Fargo in hot water now. Oh how the hits keep on coming! :)
http://news.yahoo.com/u-files-mortgage-f raud-lawsuit-against-wells-fargo-2029478 91--finance.

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