Keystone Foreclosure Suit to be Dismissed
KEYSTONE FORECLOSURE SUIT TO BE DISMISSED
RIVER FOREST – November 25, 2019 – The foreclosure suit against Keystone Montessori School is in the process of being dismissed.
In June of 2018, ECaptial Management, a Texas-based company which buys underperforming loans from banks, assumed possession of the School’s mortgage bonds which were already in foreclosure.
But after ECapital was informed the years of real estate taxes Keystone had fallen behind on had been illegally imposed by the Village of River Forest and Keystone strongly contested the foreclosure in court, they agreed to discuss settlement and reached a compromise.
To effectuate the settlement, a supporter of the School stepped in to buy Keystone’s mortgage bonds. This new “lender” then agreed to drop the foreclosure lawsuit against Keystone.
“We are very grateful to this benefactor and hopeful these positive developments for our school and community will help in resolving the litigation that River Forest is still pressing against Keystone,” Vicki Shea, director of Keystone, said.
Cook County Circuit Court Judge Sanjay Tailor previously declared that the Village had been violating public policy by enforcing an agreement that prevented the School from ever claiming a property tax exemption. The Village, however, has appealed Judge Tailor’s decision and is also continuing to contest the real estate tax exemption approved by the Illinois Department of Revenue.
Keystone continues to work for the benefit of the River Forest community, contributing to the diversity of educational options for students and families, saving River Forest taxpayers hundreds of thousands of dollars by providing high quality education to students who would otherwise be educated at public expense.