Efforts in other states offer road maps for improving outcomes for homeowners and addressing the harms of tax foreclosure.
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Real estate investor Greg Bingham made a fortune taking Cook County homes through tax foreclosure. Along the way, he has been dogged by allegations of fraud, according to court records and a previously undisclosed probe by the Treasurer’s office.
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Officials were able to use the county’s revitalization program for personal and political gain, neglected seized properties, and stripped homeowners of equity they had built up in their properties.
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Lawmakers said they again will consider the issue later this year. Meanwhile, Cook County will postpone its 2025 tax sale because of concerns over homeowners who fall behind on property taxes losing their homes and equity.
A decades-old state law allows private investors to take people’s homes — and all of their home equity — over unpaid property taxes. Critics say it’s a racist policy most impacting Black communities. The nation’s highest court recently ruled homeowners are entitled to their fair share, but Illinois lawmakers have failed to act.