The home of a third-generation business owner in Forest Park has fallen into foreclosure, according to Cook County court records, adding to the mountain of debt that has besieged the Trage family.
John Trage, a co-owner of the now closed Trage Bros. appliance store on Madison, defaulted on a $230,000 loan in May 2009, according to a complaint filed in late December by Private Bank and Trust. His home is located on the 200 block of Franklin in nearby River Forest. Trage still owes more than $184,000 on the mortgage he and his deceased wife, Catherine Trage, signed in 2006.
John Trage was also named in a separate foreclosure filed by U.S. Bank in late October. That complaint names Trage’s younger brother, Bill, as a codefendant. The property is a condo unit at 4131 W. Belmont in Chicago. A missed payment in June puts the brothers behind on a $149,500 mortgage signed for in 2007, according to the bank’s complaint.