An Upscale Mobile Home Park Faces Foreclosure in Chicago. What Will Residents Do?

Sunset Village in Glenview is not your ordinary mobile home park. The houses in Sunset Village are 3 bedrooms and some have two stories with an attic. These upscale mobile homes give people an opportunity to live in the Glenview area for less.

Unfortunately the owner of Sunset Village has filed for bankruptcy and the park itself needs significant work to make it livable. According to an article in the Chicago Tribune, residents can't even drink the water due to a well that has a radioactive element that is naturally occurring. It would cost over $1 million to connect the park to the city water system of Glenview.

Besides the very serious water issue the streets need major repairs and really needs a few millions of dollars in work done to make it a nice place to live again.

The issue for residents is that they are settled in the Glenview area. There are a lot of families living in the Sunset Village park. Children are established in schools and parents have jobs in the area. When Sunset Village forecloses the park may be auctioned off and it is unclear what the fate will be for the residents. The Chicago Tribune reported a statistic from the Illinois Association of Realtors that a house in the Glenview area costs $441,000. This is drastically higher than the $60,000 that you can buy a home for in Sunset Village. So even though residents of the park pay almost $1,000 each month to rent the land that their house is sitting on they do not have to pay taxes on their homes and they can afford more house for much less money. Some residents of the park rent, some own and some rent-to-own. It would cost approximately $10,000 to move one of these mobile homes which makes that option too costly for some residents.

The current situation at Sunset Village is totally up in the air. Some residents are working very hard to try and get a buyer to take over the park, fix it and keep it a mobile home park. The use of the park for residences could potentially be very lucrative because only 240 houses are currently there but the park can hold around 400. This would mean a big difference in rental space income.

However if the park is sold to someone who wants to tear it down and use the land for something else all the current residents will have to move their homes which they may not be able to afford. And since nothing else like this exists in the Glenview area that means that if they want to stay in the area they have to find somewhere else to live. For some residents they would have to continue to pay for a mobile home that they cannot live in while also paying for the new place where they do live. This is a great way for an individual to find themselves in need of a foreclosure attorney in Chicago or chapter 7 or chapter 13 bankruptcy Chicago.

It would be wise for the residents of Glenview to discuss their situation with a bankruptcy and foreclosure attorney in Chicago or a foreclosure attorney in Schaumburg, Illinois. It is best to be prepared for whatever the outcome may be.

Chang and Carlin
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