Foreclosed land investors exploit technicality to demand $3.5 million 'procedural windfall' from bank

By Dan Churney | Feb 22, 2016

Trying to take advantage of a “procedural windfall,” a Chicago-area investment firm is alleging West Suburban Bank owes it almost $3.5 million from the sales of foreclosed properties held as collateral for a $10 million loan the firm defaulted on, because the firm was not legally served with notice of the foreclosures, as the process servers did not work for a state-licensed private detective agency as required by law.

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