The COVID-19 pandemic is wreaking havoc across the U.S. and the world as a menace to public health, but it is important to remember that the pandemic is also devastating businesses and consumer finances. Millions of Americans have lost their jobs as a result of the pandemic, and many of them have not been able to obtain employment given virus surges, business closures, and health risks. Moreover, many of the people who have lost their jobs due to COVID-19 have also faced substantial medical bills from coronavirus hospitalizations. As such, foreclosure risks are very real. According to a recent article in the Chicago Tribune, Cook County is anticipating a wave of foreclosures and evictions, and is putting a plan in place to help ensure that Chicago residents still have a place to live when the pandemic eases.
While county-wide programs may be able to help certain homeowners in Chicagoland, it is critical to seek advice from an experienced Oak Park foreclosure defense attorney if you are facing foreclosure. We may be able to help you stop the foreclosure and to help you get back on track with your mortgage payments.
What Cook County Proposes
Cook County is launching a program designed to help suburban Cook County residents avoid evictions from their homes, according to the Chicago Tribune article. Consumers advocates recognize that another foreclosure “wave,” potentially similar to what happened in 2008, could be coming. The county’s Early Response Program is designed to provide information and potential relief to debtors in Cook County.
But will any kind of program to temporarily negotiate with landlords or banks be effective in the long run?
Mortgage Delinquencies Rising in the Chicago Area
Chicago and the surrounding suburbs have not yet seen a marked increase in foreclosures, but rising mortgage delinquencies suggest that a foreclosure wave is looming, according to an article in Chicago Agent. Indeed, as that article explains, a new CoreLogic report suggests that temporary “forbearance measures are keeping foreclosures down despite increasing numbers of homeowners falling behind on their mortgages in Chicago and in other cities.” More specifically, that report showed that, “in the Chicago-Naperville-Elgin . . . metropolitan area, 7.5% of mortgages were at least 30 days past due in August and 5% were in serious delinquency.” The report defined a serious delinquency as being late by 60 to 89 days on a mortgage.
Although the recent foreclosure rate in Chicago is down to only 0.5%, that number does not take into account the possibility of foreclosure on the 7.5% of homes that are in delinquency and ultimately could end up in foreclosure. The report underscored how the low rate of foreclosure is not likely to last as forbearance options come to an end and mortgage delinquency rates rise. The Chicago area currently has one of the highest mortgage delinquency rates in the country in terms of metropolitan areas, behind only the metropolitan areas of New York, Miami, Las Vegas, and Houston. What is particularly concerning is the high rate of mortgages that are currently in serious delinquency. Without quick action, many of those homes likely will end up in foreclosure.
Contact an Oak Park Foreclosure Defense Attorney
Ultimately, if you need help with foreclosure defense, you should speak with a consumer protection advocate who has experience with foreclosure defense strategies. One of our Oak Park foreclosure defense attorneys can help. Contact the Emerson Law Firm today.
See Related Blog Posts:
What Can I Do to Avoid Foreclosure During the COVID-19 Pandemic?
Coming Foreclosure “Wave” Will Be Different From 2008
Also known as as|often recognized as} ‘additive manufacturing’, 3D printing has been deemed a disruptive expertise for its functionality to displace established practices and introduce new alternatives in engineering and manufacturing. Most 3D printers add material to the item one very skinny layer at a time, which is why 3D printers are classified as "additive manufacturing." This implies that they want materials could be} created and licensed shortly. Jabil took proactive steps to fulfill this growing demand by opening the Jabil Materials Innovation Center precision machining in Chaska, Minnesota.
ReplyDelete