[Fred Nerks]

FReeper Nonperson provided this link:

http://real-estate.nextag.com/propID_25495251/5046-S-Greenwood-Ave/Chicago/Illinois/homes-html#large_graph_div

5046 S Greenwood Ave, Chicago, IL 60615 NexTag Estimate: $424,318 (as of 11/10/2008) [What’s this?] Appreciation Since Last Sale: -$1,225,682 (-74.28%) A huge 7 bathroom home in Chicago, Illinois. This 2 story home measures 6,199 sq ft on a 10,500 sq ft (0.24 acre) lot. Amenities include central cooling and fireplace. Nextag estimates this Cook county home’s value to be $424,318.

Explain it to me, Polarik...I smell a scam but I’m a simple person, it’s way over my head. How could I get a mortgage for a million dollars if the house is only worth half of that?

[penelopesire]

If this is a Cook County assessor value, you can get wide margins of value..(especially if you have friends in the assessors office...lol). Is Nextag the county valuation or some other?

[TenthAmendmentChampion]

I read the link in post 76 and it seems Northern Trust is both the borrower and the lender for this house. That means they could be making the mortgage payments to themselves and let 0 live there rent free. Shades of Chappaqua! I wonder what they expect in return for being so “nice”?

[Polarik]

Explain it to me, Polarik...I smell a scam but I’m a simple person, it’s way over my head. How could I get a mortgage for a million dollars if the house is only worth half of that? Easy. It's called "Rezko's Home Improvement." You take part of the money that you would have spent on a higher appraised value and you buy yourself an appraiser to change the appraisal and a broker to issue the mortgage.