Comments:


You might be asking yourself “what in the world” is all this legal mumbo-jumbo, and why would it be relevant? – Fair question(s).


WHAT: This is a copy of the Loan Modification that I obtained from the Cook County, IL Recorder of Deeds office website (http://CookRecorder.com) regarding a loan given to one Atty. Joseph Younes, Esq., for 1720 N. Sedgwick St., Old Town district, Chicago, IL 60614 (Parcel/ Tax ID # : 14-33-324-044-0000).


WHY: Yes, it claims that this is an “unofficial” copy, but it not only came from their “official” website (http://CookRecorder.com) for the address listed above, but, moreover, even if it is not “official” in and of itself to conclusively prove the existence of said loan mod, “beyond a reasonable doubt” (the highest of the 4 standards in common Anglo-American jurisprudence), nonetheless, it certainly meets the lowest standard (e.g., reasonable suspicion), to initiate an investigation. Observe:


That is one of the four (4) 'main' standards for a 'Burden of Proof':


  1. Reasonable suspicion (A low standard of proof to determine whether a investigation by some government agent –such as a state or Federal regulatory agency –is warranted –or a search by a police officer in a similar setting.)

  2. Preponderance of the evidence (Aka: “balance of probabilities,” often times “50% plus one” likelihood.)

  3. Clear and convincing evidence (The intermediate standard, e.g., between #2 above and #4 below, used by many state agencies)

  4. Beyond reasonable doubt (Not quite the impossible standard of “Beyond the shadow of a doubt,” but certainly the highest standard in Anglo-American jurisprudence & typically only in criminal proceedings, where there's no plausible reason to believe otherwise.)



The initial loan (principal) was for $583,100.oo, but the new loan principal balance was “modified” & lowered to $210,000.oo. The loan mod claims that this “constitutes a discount of $723,179.74.” If that was the discount, then there, apparently, was a “total” loan principal of $933,179.74 (e.g., the final amount of 210 grand + plus the 'discount' stated in the loan mod). – If there was a “total” loan principal of $933,179.74 at some point, but the initial loan (principal) was for $583,100.oo, that suggests that either the difference was due to interest, or perhaps some of the loan was paid off. (Or both?) Whatever the case, the difference between the two totals [$933,179.74 – minus $583,100.oo] is $350,079.74. *** That much, I admit, is unclear to me at this point, but ONE thing is CRYSTAL CLEAR: Mr. Younes' loan mod was a “real sweet deal,” insofar as he got the new loan balance principal got lowered by 63.99% percent, or so (e.g., $373,100.oo / divided by $583,100.oo).


Also, the interest rate was set to 2% (two percent) for the first 60 months (5 years), after which it jumps up modestly to 4.39% “for the remainder of the loan.” *** THEREFORE, while I admit that I don't know, offhand, the initial interest rate, I'm guessing it was probably somewhat (if not much) larger. In any event, the 5-year interest rate is VERY CLOSE (if not less – depending on economic conditions) to the rate of inflation. So, ANOTHER thing is CRYSTAL CLEAR: Mr. Younes' loan mod was a “real sweet deal,” insofar as he also got the new interest rate set to almost ZERO.