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Nov
15
Chicago Facing Crisis Over Foreclosures

Chicago Facing Crisis Over Foreclosures

On behalf of Law Offices of Chad M. Hayward, P.C. posted in Home Foreclosure Defense on Friday, November 15, 2013.

Your home is where you live, work and play. If you’re at risk of losing it, a Chicago mortgage services lawyer might be able to help you stave off debt collectors or help you reduce your payments, so you can get back on your feet. Everyone is aware that the U.S. went through a recession, and Chicago has felt that harder than most. According to a report from Nov. 11, approximately 33,902 vacant homes were in the city in the middle of the year, which is up 22 percent from 2010.

If you’ve lived close to Englewood or Black of the Yards, you have probably noticed a lot more homes boarded up. That is partially due to the fact that nearly one in six homes has been made vacant through foreclosures; truly, that is an unacceptable number. The article alleges that while foreclosure is taking place, some of the vacancies are due to a depopulation trend in that part of the city.

In the area, there are also problems for those looking to sell a home to prevent foreclosure on the property. In some parts, homes are surrounded by foreclosures and vacant lots, and this brings down the value of the home. In some cases, the property prices have fallen to all-time lows, according to the news, and many of the homes that were foreclosed on are simply sitting empty and not being used at all.

If you’re in one of these areas and a foreclosure might take place, you have a right to look into your options. Why should your home sit empty, adding to the devaluation of the area, especially when you’ve been building a life there? You might have options you haven’t thought of before, or there may be steps you can take to get out of foreclosure.

Source: Chicago Business, “Will the foreclosure crisis kill Chicago?” Alby Gallun and Micah Maidenberg, Nov. 11, 2013


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We have office locations throughout the Chicago Area:

Chicago (Downtown)

Schaumburg

Oak Brook

Naperville


All calls are routed through our Downtown office for your convenience.

Phone: 312-967-3159

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