Recorder of Deeds Eugene 'Gene' Moore Faces Foreclosure, IRS Debt
Chicago Deeds Recorder Owed Back Taxes
In this Great Recession, foreclosure has affected almost every group within our society.
Unfortunately for much of the American public, losing one's home has happened to anyone, regardless of class, and if you are Eugene "Gene" Moore (pictured), who maintains federal income tax liens and mortgage foreclosure notifications as a deeds recorder for Cooks County, Ill., you now have to open up a file on yourself.
Moore has been slapped with not only a debt of nearly $78,000 in unpaid income taxes, but his banking institution is waiting to foreclose on his home due to delinquent mortgage payments.
The once-successful public official could join the unfortunate ranks of the more than 1-million homes that are expected to be repossessed this year. Foreclosures are at an all time high, with 1 in 8 Americans behind on their mortgage payments, and economists are predicting that the housing crisis is far from over.
A lawsuit filed in Cook County Circuit Court states that Moore took out a loan back in fall of 2007 to the tune of a $620,000 mortgage for his two-story home located in the historic and high-priced district of Maywood. The mortgage was paid through May of last year, but there was a remaining debt of $603,586 in principal when theHudson City Savings Bank sued Moore last October.
Although the 68-year-old makes a substantial yearly salary as a recorder, $105,000, he attributed his recent cash flow problems to rental property problems and a now-unsuccessful side business that once fetched him as much as $150,000 a year in profits. Moore is to meet with the IRS to possibly work out a mutually satisfying payment plan that will enable him to keep his home.
Moore was a shining star in the '90s, serving six years in the Illinois House and securing the political post of Proviso Township Democratic Committeeman. In January 1999, Moore managed to win an appointment to succeed Jesse White as county recorder.
As the county recorder, Moore manages an annual budget of nearly $8.9 million and administers records for Cook County properties, including notices of mortgages, sales and foreclosures. Now that the recorder's office is on the ballot again for next year, Moore is uncertain whether he will seek another term. If he does, an opponent could besmirch him by dragging up his current financial situation.
There doesn't seem to be much light at the end of Moore's tunnel. He is unable to sell either of his rental properties to recoup monies to get him out of his financial debts because current property taxes outstrip the rents tenants can afford:
"It's akin to the struggles many people are suffering through due to the difficulties with the economy," Moore told the Chicago Tribune.
Now here's a man who was a part of the machine that ruined people's lives by taking their homes away.
Do you feel sorry for Moore?