Reported about 1 year ago
An iconic home in Chicago's Austin neighborhood, designed by architect Frank Lloyd Wright in 1903 for real estate developer Joseph Jacob (JJ) Walser Jr., is in need of extensive repairs estimated at around $500,000. However, a reverse mortgage taken out on the property in 1997 has complicated the ownership structure and repair process. The loan's accumulating interest, combined with the property's disrepair and market fluctuations, may have caused the loan balance to exceed the home's value, hindering necessary maintenance efforts. Legal challenges arising from a prior foreclosure further complicate the situation, leaving the property unoccupied since the death of the previous owners in 2019.
Source: YAHOO