What Chicago's Wealthy Left Behind: Foreclosed Homes (SLIDESHOW)

Poor and middle class homeowners are not the only ones suffering from the foreclosure crisis. Affluent individuals are also leaving their expensive homes behind. A lot of this is mainly due to Wall Street's high powered, high money making millionaires losing their jobs, bonuses, and the fruits of their labor. When the opulent population can no longer afford their homes: the housing market has a long rough road ahead. With the help of foreclosure specialist TJ McKinney from the Illinois Foreclosures Listing Service we put together a slideshow of what Chicago's wealthy individuals have left behind.

Chicago Foreclosure

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A $750,000 home with 4,000 square feet in posh Lincoln Park.

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A $750,000 home with 4,000 square feet in posh Lincoln Park.

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Also in pricey Lincoln Park is this 2,000 sq ft condo for $500,000.

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Check out this 4,000 square foot home for $1,300,000 in Wicker Park.

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This 2,000 square foot condo, also in Wicker Park is half a million dollars.

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This 4,500 square foot home in Bucktown is for $2,350,000.

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This 2,200 sq ft condo is also east of Logan Square in Bucktown for $700,000.

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This 2,800 square foot condo is located in this South Loop high-rise for $1,150,000.

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This 3,000 square foot condo for $2,400,000 is located in the affluent Gold Coast neighborhood.

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This 6,700 square foot condo in River North is an extravagant $5,000,000 foreclosure price. Yes, that's the foreclosure price.

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For more tips on how the foreclosure process works TJ McKinney has the answers:

HuffPo: What is the difference between a short sale, foreclosure and an REO?

TJ: A Foreclosure is a legal proceeding by which a lien (mortgage) holder on a property seeks to recoup their interest in a property; this process may or may not lead to a 'foreclosure' sale.
A short sale is when the bank agrees to accept less than the balance due on a mortgage in order for the homeowner in foreclosure to be able to sell the property. Short sales tend to be popular in adverse real estate markets such as the one presently occurring.
Finally, REO's or bank owned properties occur when a property goes all the way through the foreclosure process (from 3-7 months depending on the state's laws) and then is NOT sold at the real estate auction, i.e. no one buys it when it is offered up at the foreclosure sale. At that point it becomes an REO.

HuffPo: What are three things buyers need to know when purchasing a foreclosure?

TJ: 1. Foreclosures are not necessarily properties for sale; although some homeowners do attempt to sell their properties, many do not, instead choosing to resolve the foreclosure in other ways. 2. Negotiations with foreclosures are with the homeowner not the bank. 3. Not all foreclosures are great deals; approx 82% of foreclosures have little or no equity.

For more information on the foreclosures shown above, please visit the Illinois Foreclosures Listing Service