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Feb
07
One in 392 Illinois Homes in Foreclosure; Homeowners Getting Help

One in 392 Illinois Homes in Foreclosure; Homeowners Getting Help

The recent recession was accompanied by the bursting of the U.S. housing bubble. The sharp drop in housing prices and rise in unemployment and underemployment led many Americans to wonder how they could continue to afford their mortgage payments.

For many people in Chicago and across Illinois, paying their mortgage – which was often larger than the value of their home – became an impossibility. Consequently, the number of foreclosures rose swiftly.

Unfortunately, while much of the country has seen improvements in the foreclosure rate over the last year, statistics show people in Illinois are still struggling. According to RealtyTrac, toward the end of 2012, Illinois’ foreclosure rate was the third highest in the country. In November 2012, the rate of foreclosures in Illinois was higher than the same time the year prior. In fact, November was the 11th month in a row in which Illinois saw a higher home foreclosure rate than during the same time in 2011.

In November 2012, 13,520 residences in Illinois started the foreclosure process, a 9 percent increase from November 2011. In total, one out of every 392 residences is involved in the foreclosure process in Illinois. In addition, among cities nationwide, Chicago had the 13th highest foreclosure rate.

When contrasted with the rest of the country, these statistics are a cause for concern. Across the U.S., the foreclosure rate dropped 19 percent in November 2012 from November 2011. Consequently, many in Illinois have recognized the need for assistance for struggling homeowners.

Help is available for struggling homeowners in Illinois

Resulting from the widespread distress among homeowners across the nation, a number of programs were created to help people stay in their homes.

The federal government created a variety of programs to help homeowners with difficult financial situations. For instance, the Hardest Hit fund provides assistance to people who have become unemployed or are underemployed. Illinois alone has given $57 million to struggling homeowners since 2011.

Programs have also been initiated in Illinois to prevent foreclosures. For example, the Illinois Foreclosure Prevention Network provides workshops for those at risk of losing their homes. In addition, the Illinois Homeowner Protection Act has helped many Illinois homeowners, as it mandates a 90-day period before mortgage brokers may begin foreclosure proceedings.

Filing for bankruptcy can prevent home foreclosure

Of course, these programs will not prevent every foreclosure in Illinois. When a homeowner is at risk of losing his or her home, filing for bankruptcy is sometimes the best solution to protect a residence. If you are struggling to make your mortgage payments, consulting with an experienced Chicago bankruptcy attorney will ensure your rights are protected.


Convenient Locations

In order to provide convenience for clients throughout Chicago and Northern Illinois, we have offices in the following locations: 

Chicago • Schaumburg  • Oakbrook • St. Charles • Naperville • And More

Locations

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

Locations

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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