Monday, September 7, 2020

Coming Foreclosure “Wave” Will be Different From 2008

If you own your home and have been struggling to make payments as a result of the coronavirus pandemic, you might have received some relief through the CARES Act or through other forbearance options for mortgages held by private lenders. Yet forbearance options are running out for many homeowners, and many more remain without work and the ability to make mortgage payments. As such, many homeowners could be at risk of foreclosure.

Based on the high rate of unemployment as a result of coronavirus shutdowns and the inability for many of those out-of-work homeowners to find meaningful employment, economic experts have predicted that we are likely to see a rise in foreclosure rates akin to that during the housing crisis and real estate burst that began in late 2007 and went into full force by 2008. By 2010, the foreclosure crisis largely had reached its peak—should we expect something similar a decade later?

Housing Analysts Say We Should Not Expect a Repeat of the Foreclosure Crisis

According to a recent article in DSNews.com, “industry professionals predict conditions won’t be nearly as bad as they were in 2008-2010” for a handful of specific reasons. We want to discuss some of those reasons with you. At the same time, we want to emphasize that foreclosure risks are real, and to underscore that you may have options to avoid foreclosure.

From loan modifications to Chapter 13 bankruptcy, an experienced foreclosure defense attorney in Oak Park can discuss the ways in which you may be able to prevent a foreclosure. However, it is important to seek help on the sooner side. If you wait too long, it may be more difficult or even impossible for you to keep your home.

Expectations for Forecloses and Losses Look “Mild” Compared to 2008-2010

Believe it or not, housing analysts say that the losses the federal government is expecting as a result of the coronavirus pandemic appear “mild compared to those in the Great Recession.” Specifically, the federal government is anticipating that Fannie Mae and Freddie Mac will experience “several billion dollars in loan losses.” Yet to put those numbers in perspective, those numbers are not “anywhere near the catastrophe” that occurred during the Great Recession.

One of the major reasons is that, prior to the coronavirus pandemic, there was not the same “frenzy of foolish lending, reckless borrowing, and rampant speculation [that] set the housing market up for a wrenching crash” more than a decade ago. Indeed, just before the pandemic led to the economic downturn, “credit standards remained tight, and the housing market was healthy.”

In addition, homeowners now have larger reserves of home equity, and the government “reacted relatively quickly and aggressively to the COVID recession,” according to the article.

Seek Advice From an Oak Park Foreclosure Defense Attorney

Are you struggling to make mortgage payments? Are you out of work as a result of the coronavirus pandemic? Do you have concerns about foreclosure and losing your home? You may have options to avoid foreclosure by discussing your options with one of the dedicated Oak Park foreclosure defense attorneys at our firm. Contact the Emerson Law Firm to learn more about how we can help you to keep your home when foreclosure is looming.


See Related Blog Posts:
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Long-Term Effects of Foreclosure

Tuesday, August 18, 2020

Foreclosure Surge: Question is Not When, But How Much?

The sharp economic declines brought about by the coronavirus pandemic do not show signs of improving significantly in the coming months. According to an article in Politico, the initial closures resulting from the spread of COVID-19 led to the “deepest recession in decades,” and recovery has slowed due to the recent spikes in coronavirus cases across the country. Indeed, as Fed Chair Jerome Powell explained, “the pace of the recovery looks like it has slowed,” and “the current economic downturn is the most severe in our lifetimes.” As the economy struggles to rebound—and indicators suggest that a full and quick rebound is unlikely—homeowners will struggle to make mortgage payments and will face foreclosure.


According to a recent report from DSNews, the question has become just how much of a foreclosure surge we are likely to see as opposed whether one will occur. In other words, more foreclosures are likely to happen, but the question is: how many?

Foreclosure “Surge” is Now Likely

The prohibition against foreclosures on federally insured homes expired on July 31, and there has been no indication that it will be extended. Accordingly, as the DSNews report underscores, the foreclosure surge now appears likely. Looking ahead to the coming year, an ATTOM Data Solutions study has “anticipate[d] worst-, middle-, and best-case outcomes for foreclosure rates.”

What does the worst-case scenario suggest? If Congress does not act quickly and provide additional relief for homeowners who have lost their jobs and are struggling to make their mortgage payments, “residential evictions due to delinquent loan payments could double or worse in the coming year.” In this worst-case-scenario, more than 500,000 homes would be in an “initial-foreclosure-notice phase” in less than a year.

Worst-Case Scenario is Not a Given

In all likelihood, the middle-case scenario might provide a better estimate of the likely number of foreclosures if the government does provide some relief. In that case, “about 225,000 properties next spring will land between initial-foreclosure-notice phase and final resale by lenders that have taken over properties.” However, the report emphasizes that, even if Congress extends the foreclosure moratorium, that action alone will not be sufficient to prevent foreclosures and could, in some scenarios, end up causing trouble in the long run. The report explains how “foreclosure moratoriums can bring short-term relief to a market in crisis,” but “they can be ineffective and even potentially harmful when used as a long-term foreclosure prevention treatment.”

While the worst-case scenario looks bad, it is certainly not a given. Some states are also more likely than others to see a doubling and tripling of foreclosure rates than others. Foreclosure rates in the Midwest, according to the mid-level scenario, would likely double. Other regions of the U.S. would see a bigger surge in foreclosures, with rates of foreclosure activity tripling, such as in the South and West, and in some Northeastern states.

Seek Advice from an Oak Park Foreclosure Defense Lawyer

If you are at risk of foreclosure, there are options to avoid foreclosure. An experienced foreclosure defense lawyer in Oak Park can speak with you today about your options for preventing foreclosure. Contact the Emerson Law Firm to learn more about how our firm can help.



See Related Blog Posts:

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Foreclosure Moratorium Re-Extended

Thursday, July 16, 2020

Long-Term Effects of Foreclosure

Nobody who owns a home wants to risk losing it due to foreclosure. Indeed, if you are struggling to make your mortgage payments, you should get in touch with an Oak Park foreclosure defense attorney as soon as possible to find out about options for keeping your home. If you are still employed, you could be eligible to file for Chapter 13 bankruptcy, which ultimately can allow you to prevent a foreclosure from moving forward and to get back on track with mortgage payments. If you can, avoiding foreclosure is in your best interest. According to a recent study conducted by Stanford University economist Rebecca Diamond, “foreclosures can have devastating, long-term impacts.” To be sure, the long-term effects of a foreclosure can go far beyond the loss of a home.

Homeowners Who Go Through Foreclosure are Less Likely to Own Future Homes
What are some of the long-term impacts of foreclosure? According to the study, one of the most common is that homeowners who go through a foreclosure and lose their homes are less likely to own another home in the future. It is not simply out of a desire to avoid purchasing a home, but rather as a result of longer term financial difficulties. Indeed, “their living arrangements become less secure, and they default on other debts more often.”

Tenants can be Impacted
While we often think about foreclosure as involving residential homeowners who are using the property as a primary residence, landlords can also face foreclosure, and tenants can be negatively impacted. Although foreclosure does not result in a landlord losing his or her home, it can lead to tenant evictions, and tenants having difficulty finding another place to live on somewhat short notice.

On the whole, however, landlords who go through a foreclosure, and tenants who are also impacted, are both far less affected by foreclosure than homeowners who lose their primary residence. In the cases of primary residence foreclosures, those homeowners tend to have long-term financial problems after the foreclosure process is completed.

Considering Homeowners “On the Margins”
Given the economic difficulties that many people are currently facing due to the COVID-19 pandemic, the study emphasizes that it is also necessary to consider homeowners who are currently “on the margins.” These are the homeowners who are behind on mortgage payments and are at serious risk of foreclosure, but for whom foreclosure may not be imminent. With these types of homeowners, it is important to think through a variety of foreclosure defense options that can allow them to remain in their homes, and to avoid ending up in the long-term risk category of so many homeowners who do end up having their properties foreclosed.

Contact an Oak Park Foreclosure Defense Attorney
If you need help avoiding foreclosure, or if you have questions about how Chapter 13 bankruptcy may be able to prevent foreclosure, you should seek advice from an experienced Oak Park foreclosure defense lawyer. One of the advocates at our firm can speak with you today about your options. Contact the Emerson Law Firm to learn more about the services we provide to clients throughout the Chicago area.



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Monday, June 22, 2020

Foreclosure Moratorium Re-Extended

If you lost your job as a result of the COVID-19 pandemic and you are struggling to pay your mortgage payments, you may be able to breathe a temporary sigh of relief. According to a recent report in HousingWire, the Department of Housing and Urban Development (HUD) just announced that the federal Housing Administration (FHA) is going to extend its existing moratorium on foreclosures. Initially, the moratorium was set to expire in May and was extended until June 30. Now homeowners have additional protections with another two-month extension until August 31, 2020. We want to tell you more about the additional extension of the foreclosure moratorium and to provide you with information about options for preventing foreclosure.

FHA Will Extend Foreclosure Moratorium Until August 31, 2020
The recent announcement by HUD explains that the foreclosure and eviction moratorium from the FHA will be extended for a second time through August 31, 2020. However, it is important to understand that this moratorium does not apply to any homeowner with a mortgage. Rather, it applies to “homeowners with FHA-insured Title II Single-Family forward and Home Equity Conversion mortgages.” Other homeowners with different types of loans are not eligible for the extension on the moratorium and could be at risk of foreclosure if they do not make mortgage payments.

For those who are covered by the extended moratorium, what does the extension mean in practice? Mortgage servicers will need to “halt all new foreclosure actions and suspend all foreclosure actions currently in progress, excluding legally vacant or abandoned properties.” In addition, any properties that are FHA-insured and are designated as Single-Family properties will have an eviction moratorium, meaning that servicers will need to stop any evictions. That eviction moratorium does not apply to properties that are legally vacant or abandoned. The eviction protections in place apply to renters who are renting from a landlord with a federally backed mortgage.

Options if You are Not Eligible for the Foreclosure Moratorium
If you own a home that is not eligible based on the classifications explained above, you may still have options to avoid or stop a foreclosure. The CARES Act outlines certain mortgage forbearance options, which you should discuss with your mortgage servicer. To qualify for CARES Act protections, your mortgage will need to be federally owned or backed by one of the federal agencies or entities, such as HUD, the FHA, the USDA, the U.S. Department of Veterans Affairs, or Fannie Mae or Freddie Mac.

If your mortgage is not backed by the federal government, your mortgage servicer may still be willing to offer a forbearance for coronavirus-related hardship. If you cannot obtain a forbearance and cannot make your mortgage payments, it may be possible to work with a foreclosure defense lawyer on alternative options. You may be able to have your mortgage refinanced, and if necessary, you may be able to stop a foreclosure by filing for Chapter 13 bankruptcy. However, in order to qualify for Chapter 13 bankruptcy, you will need to be able to prove that you have income to make payments on a debt reorganization plan.

Seek Advice from an Oak Park Foreclosure Defense Attorney
If you have questions or need assistance avoiding foreclosure, an experienced Oak Park foreclosure defense lawyer can speak with you today. Contact the Emerson Law Firm to learn more about how we can assist you.



See Related Blog Posts:

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Will Foreclosure Rates Soon Exceed Those of the 2008 Financial Crisis?

Sunday, June 14, 2020

Bankruptcy and Home Foreclosure: What You Should Know

What are the links between personal bankruptcy and foreclosure? Is there any risk of losing your home if you file for bankruptcy? You may have heard that some forms of bankruptcy can actually prevent foreclosure in certain circumstances. Accordingly, you may be wondering, if I want to stop a foreclosure, which type of bankruptcy should I file? There are some significant ways in which consumer bankruptcy and home foreclosure are interrelated. If you are struggling with debt and own your home, it is important to gain a clear understanding of the potential ties between bankruptcy and foreclosure.

Chapter 13 Bankruptcy May be Able to Stop a Foreclosure and Allow a Consumer to Stay in the Home
One of the most significant tools in a Chapter 13 bankruptcy is the automatic stay because it can allow a homeowner who is behind on mortgage payments to stop a foreclosure. While the automatic stay applies in any bankruptcy case, it is particularly important for consumers in a Chapter 13 bankruptcy case who are at risk of losing a home to foreclosure.

As you may already know, Chapter 13 bankruptcy is a “reorganization” bankruptcy under the U.S. Bankruptcy Code. As such, when a debtor files for Chapter 13 bankruptcy, the automatic stay prevents creditors or collectors from taking any additional actions on existing debt (including mortgage debt), and the debtor has the opportunity to reorganize debts in a repayment plan. The terms of the repayment plan usually last three to five years, and that plan gives debtors an opportunity to get back on track with mortgage payments. To be clear, the automatic stay can stop the foreclosure, and the repayment plan allows the homeowner to get back on track with mortgage payments to keep the home.

Chapter 7 Bankruptcy Cannot Prevent a Foreclosure
While Chapter 13 bankruptcy can stop a foreclosure and can allow the debtor to remain in his or her home, it is important to understand that Chapter 7 does not have the same ability. Chapter 7 bankruptcy is a liquidation bankruptcy, which means that any non-exempt debt will need to be sold (or liquidated) to repay creditors. Once the bankruptcy process is complete, usually in a number of months, eligible debt will be discharged. Given how the Chapter 7 bankruptcy process works, it will not be possible to file for Chapter 7 bankruptcy and expect to avoid a foreclosure and then remain in the home.

Illinois Does Not Have a Significant Homestead Exemption in a Chapter 7 Bankruptcy Case
While the Illinois homestead exemption may not have a direct correlation with foreclosure, it is important to know that, if you file for Chapter 7 bankruptcy—even if you are not at risk of foreclosure—you may not be able to keep your home. While some states have much higher homestead exemptions, Illinois only has a $15,000 homestead exemption (or $30,000 for a married couple that files for bankruptcy together). A bankruptcy lawyer can discuss the implications with you if you currently own a home and are considering Chapter 7 bankruptcy.

Contact a Bankruptcy Lawyer in Oak Park
If you have questions about bankruptcy and foreclosure prevention, one of our experienced Oak Park bankruptcy attorneys can speak with you today about your case. Contact the Emerson Law Firm for more information.


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Sunday, May 10, 2020

Will Foreclosure Rates Soon Exceed Those of the 2008 Financial Crisis?

If you are struggling to make your mortgage payment in Oak Park or elsewhere in the greater Chicago metropolitan area, you should know that you are not alone. While recognizing that thousands of other families in the U.S. are struggling with the risk of foreclosure during the economic downturn caused by the coronavirus pandemic will not pay your bills, it can be helpful to understand that consumer advocates understand this dangerous trend.

According to a recent article in HousingWire, some experts are predicting an oncoming wave of COVID-19 foreclosures that will surpass those of the Great Recession more than 10 years ago. At the same time, homeowners do have advantages and protections that they did not have previously. We want to say more about the recent article, and about some of the ways that homeowners affected by the coronavirus pandemic may be able to avoid foreclosure.

Healthcare Crisis Foreclosures Could Surpass 2008 Levels
It was not very long ago that the housing market crash of 2008 resulted in millions of home foreclosures. Between 2006 and 2016, experts estimate that about 10 million homes went through the foreclosure process. While that “freefall of the housing market nearly took down the entire U.S. economy” in a way that perhaps seemed like a once-in-a-lifetime occurrence, now the COVID-19 emergency is more than threatening to do the same. The reality is that millions of Americans have lost their jobs and cannot find new ones due to the pandemic and business closures. A wide variety of industries are experiencing effects of the coronavirus pandemic and the economic downturn, from blue-collar and manual labor jobs to white-collar professions. Currently more than 22 million people have filed for unemployment benefits, and HousingWire predicts that 15 million more will occur by its next report.

Currently, about 3 million mortgages nationwide are in forbearance due to the pandemic and job loss. Just as homeowners are unable to make their monthly mortgage payments, millions more could seek forbearances and alternatives to foreclosure in the coming weeks and months. These actions are taking place when lenders are restricting the kinds of loans they are offering and, in some cases, even the lenders are going out of business. All of these facts are leading experts to worry that we could ultimately see rates of home foreclosure that surpass those of the 2008 financial crisis.

Positive Numbers and Foreclosure Avoidance
Although tens of millions of Americans are without a job, there are some protections that did not exist during the 2008 foreclosure crisis. First, disaster relief money and more eligibility for unemployment claims has resulted in some people being able to make ends meet for the time being. In addition, a number of forbearance programs are currently in existence, allowing homeowners to delay making a mortgage payment for up to 12 months if they are experiencing a COVID-related hardship.

If you may be at risk of foreclosure, you should learn about forbearance options and discuss other potential measures with an Oak Park foreclosure defense lawyer.

Contact a Foreclosure Defense Attorney in Oak Park
If you are struggling to make your mortgage payment and are at risk of foreclosure, an experienced and compassionate Oak Park foreclosure defense lawyer can discuss your options with you. Contact the Emerson Law Firm for more information.



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Friday, April 3, 2020

Avoiding Foreclosure During the Coronavirus Pandemic

Illinois residents and Americans across the country have lost their jobs—and are continuing to lose their jobs—as a result of the coronavirus pandemic. According to a recent article in The New York Times, job-loss rates are likely to significantly exceed the rate of job loss during the foreclosure crisis of 2008 and the recession. Given that so many Americans are out of work and so quickly, many are unlikely to be able to pay their mortgage payments this month or in the coming months. What can you do to avoid foreclosure?

Federal Freezes on Certain Foreclosures, Mortgage Payment Moratoriums, and Forbearances
As we have already discussed, Trump ordered a freeze on foreclosures and evictions for 60 days last month. According to an article in Bankrate, all of the following government agencies announced foreclosure freezes and eviction freezes, along with some option for forbearance:
  • The Federal Housing Finance Agency (FHFA);
  • Housing and Urban Development (HUD);
  • U.S. Department of Agriculture (USDA); and
  • Fannie Mae and Freddie Mac.
For borrowers through Freddie Mac and Fannie Mae, there are forbearance options that can allow homeowners to have their mortgage payments suspended for up to 12 months if they have experienced economic hardship as a result of the coronavirus pandemic. Fannie Mae and Freddie Mac currently own approximately 50% of mortgages in the U.S. As an article in MarketWatch highlights, however, borrowers will likely need to contact their mortgage servicers in order to be eligible for such a forbearance. Although there are many other issues on most homeowners’ minds right now, it is important to take the time to make the phone call—and likely to wait on hold—to get this relief.

Banks are Also Promising Foreclosure Suspensions and Relief
As the Bankrate article clarifies, specific banks and mortgage servicers have also announced freezes and mortgage payment moratoriums. Ally Bank is issuing a 120-day mortgage payment moratorium, and Bank of America indicated that it planned to offer a suspension of mortgage payments “for eligible borrowers,” although it did not indicate the amount of time for which mortgages would be suspended.

Indeed, a recent report in Forbes also provides a list of banks that are suspending foreclosure activity, typically for a period of 30 to 90 days, during the pandemic. Those banks include:
  • Ally Bank (until July 30);
  • Associated Bank (60 days);
  • Bank of America (90 days);
  • Citizens Bank (60 days);
  • Fifth Third Bank (60 days);
  • First National Bank;
  • Flagstar Bank (through the end of May);
  • Huntington National Bank (through the end of May);
  • KeyBank;
  • Regions Bank (30 days);
  • Santander;
  • TCF Bank (through the end of April);
  • Webster Bank (90 days); and
  • Wells Fargo.
Contact a Foreclosure Defense Lawyer in Oak Park
If you have questions about avoiding foreclosure during this difficult time, an Oak Park foreclosure defense attorney can help. While you are struggling to keep your family healthy and with necessities, you should not have to worry about losing your home. Contact the Emerson Law Firm today to learn more about steps you can take to avoid foreclosure in Oak Park and elsewhere in Chicagoland.


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Monday, March 23, 2020

Foreclosures Suspended Due to Coronavirus

If you are struggling to make mortgage payments amidst the coronavirus crisis, you should know that you are not alone. Many homeowners are struggling with business closures and job loss, making it difficult and even impossible to pay monthly mortgage payments. For many homeowners who were already struggling, the coronavirus outbreak is exacerbating financial problems that already existed. According to a recent report in CNN, the federal government will put a hold on certain foreclosure activity due to coronavirus until the end of April.

Single-Family Homes and Foreclosure Halt Until End of April
If you have a mortgage on a single-family home and that mortgage is a Federal Housing Administration-insured mortgage, you will not be at risk of foreclosure until the end of April. According to the report, Trump indicated that “the Department of Housing and Urban Development is providing immediate relief to renters and homeowners by suspending all foreclosures and evictions until the end of April.”

HUD Secretary Ben Carson explained that the temporary suspension of foreclosure activity “will allow households who have an FHA-insured mortgage to meet the challenges of COVID-19 without fear of losing their homes, and help steady market concerns.”

Ways of Avoiding Foreclosure
While homeowners who are struggling to make monthly mortgage payments can have some relief from the news that foreclosure activity on FHA-insured mortgages will be put on hold until the end of April, it is still important to think about ways to stop foreclosure from that point onward. Temporary relief is important for homeowners, but anyone who is struggling to make mortgage payments and is at risk of losing their home should work with a foreclosure defense attorney to make a longer-term plan. An article in Bankrate cites the following ways that struggling homeowners can stop a foreclosure:
  • Contact the lender to find out about your options: While homeowners often assume that the lender will not provide any relief—and this certainly may be true in a number of cases—it is important to keep in mind that lenders do not want to go through a foreclosure process if they can find a way to be repaid by working with the homeowner. If a lender thinks a homeowner may be able to get back on track with mortgage payments through refinancing or a loan modification, for example, the lender may offer these or other options for loss mitigation.
  • Loan modification: Like we mentioned above, a mortgage lender or servicer often has the ability to provide homeowners with a loan modification to lower monthly mortgage payments. A modification can involve lowering the interest rate or shifting the terms of the loan.
  • Deed-in-lieu of foreclosure: This is not an option that allows a homeowner to stay in the home, but it can prevent a foreclosure. With a deed-in-lieu of foreclosure, the homeowner gives the property back to the lender to avoid the foreclosure.
  • Short sale: This is also an option that requires the homeowner to leave the home, but it can prevent a foreclosure from affecting the homeowner’s credit. With a short sale, the lender allows the homeowner to sell the house for an amount that is less than what they owe on the mortgage, and the lender agrees to forgive the remaining amount.
  • File for Chapter 13 bankruptcy: This is an option that allows a homeowner to stay in the home and to catch up on mortgage payments. With a reorganization bankruptcy, the automatic stay will stop the foreclosure from happening and will allow the homeowner to create a repayment plan for repaying the lender.
Contact an Oak Park Foreclosure Defense Lawyer
If you have questions about preventing foreclosure, an Oak Park foreclosure defense attorney can assist you today. Contact the Emerson Law Firm for more information.


See Related Blog Posts:

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How the Foreclosure Crisis Continues to Affect Single-Family Homes

Friday, February 28, 2020

Five Things to Know About Foreclosure in Illinois

If you are struggling to make payments on your mortgage, it is important to know that you are not alone. Even though Oak Park residents are no longer in the midst of a foreclosure crisis as many were a decade ago, homeowners are still having difficulty making monthly mortgage payments and trying to figure out how best to manage consumer debt. The following are five things to know about foreclosure in Illinois, including ways to avoid foreclosure.

1. Refinancing Your Loan is One Option to Prevent Foreclosure While Remaining in Your Home
Refinancing is a common route for avoiding foreclosure. As a HUD fact sheet explains, a homeowner who is late on mortgage payments should learn more about assistance options, including refinancing the mortgage to a rate and length that the homeowner can afford.

2. Short Sales can Allow a Homeowner to Avoid Foreclosure, but the Homeowner Will Lose the Property
A short sale can also allow a homeowner to avoid foreclosure, but the homeowner will need to sell the house. This option also requires the lender to agree to the sale, since the lender will need to forgive any portion of the mortgage debt that it does not recoup in the sale.

3. Chapter 13 Bankruptcy is a Useful Tool to Prevent Foreclosure and to Keep Your House
Filing for chapter 13 bankruptcy is a particularly helpful way of avoiding foreclosure. Chapter 13 bankruptcy can stop a foreclosure process through the automatic stay, and it can allow a homeowner to get back on track with mortgage payments in order to keep the home.

4. Fewer Lenders are Foreclosing on Homes in Most Places, but Illinois Foreclosure Starts Are Up
Recent data suggests that the rate of foreclosure starts in many states is down as of January 2020, but that information is not true for a number of states, and Illinois is one of them. According to an article in Mortgage Orb, Illinois is one of 19 states in which the rate of foreclosure starts actually increased in January 2020 in comparison to foreclosure start rates a year prior.

Illinois did not have the highest increase of all states in the U.S.—those spots went to California, Tennessee, and Georgia, with foreclosure start rate increases of 27%, 21%, and 14%, respectively. However, Illinois ranked 4th in terms of an increase in its foreclosure start rate, with a 9% increase from January 2019 to January 2020. In other words, banks initiated more foreclosures in January of this year than they did just one year before.

5. Illinois is a Judicial Foreclosure State
If your home does go into foreclosure, it is important to know that Illinois is what is known as a judicial foreclosure state. This means that, in order for a lender to foreclose on a property, it needs to file a lawsuit against the homeowner, and the homeowner has to be served. Homeowners should know that they do have rights during the foreclosure process, including once they have been served with a complaint. The homeowner will have a specific time to file an answer, and a lawyer still may be able to help that homeowner avoid foreclosure.

Contact an Oak Park Foreclosure Defense Attorney
Do you need help avoiding foreclosure? A dedicated Oak Park foreclosure defense lawyer can help you. Contact the Emerson Law Firm today to learn about our services.


See Related Blog Posts:

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