Friday, December 16, 2022

Foreclosure Rates are Rising in Chicago

Are you concerned that you will soon be facing foreclosure in the Oak Park area? Or has your lender initiated foreclosure proceedings? You may not be alone. According to a recent report from MarketWatch, foreclosure activity has risen significantly from one year ago in November 2021. Indeed, according to that report, foreclosure activity increased by about 57% between November 2021 and November 2022. Some regions have seen a sharper rise in foreclosure rates than others, including the Chicago area. Our Oak Park foreclosure defense attorneys want to tell you more about the recent data concerning foreclosure activity in the U.S. and to provide you with more information about potential options for avoiding foreclosure. If you have any questions or if you need help with foreclosure defense, you should get in touch with an attorney at the Emerson Law Firm.

Significant Increase in Foreclosure Activity

In November 2022, foreclosure processes began on nearly 21,000 properties across the United States, according to the MarketWatch report. The report cites data from the analytics firm Attom, which found that foreclosure proceedings had risen by about 57 percent from November 2021 to 2022 and that these recent numbers suggest that the country “may be at or near peak level of foreclosure activity for 2022.”

Attom cited the “artificially low levels” of foreclosure last year, suggesting that the current numbers are the norm. The firm also indicated that foreclosure rates are significantly higher in particular areas of the country, and cited Chicago as one of the urban areas with the “greatest number of foreclosure starts.” More broadly, Illinois was also cited as one of the states with the highest number of new foreclosures.

How to Prevent Foreclosure

There are multiple ways that you may be able to prevent foreclosure if you are behind on your mortgage payments, or even if your lender has already initiated foreclosure proceedings. You should talk with a foreclosure defense lawyer in Oak Park about one or more of the following:
  • Filing for Chapter 13 bankruptcy, which can stop the foreclosure process from moving forward and can allow you to catch up on mortgage payments in order to keep your home;
  • Doing a short sale, which involves selling your house at a price below what you owe, finding a buyer for your property, and getting the lender to agree to the sale; or
  • Deed in lieu of foreclosure, in which you sign over your home to the lender to avoid foreclosure, and you work with a lawyer to have the lender agree to avoid further action to recover the debt you owe on the property.
Contact an Experienced Oak Park Foreclosure Defense Attorney

If you are facing foreclosure or are worried that you will soon be facing foreclosure because you are behind on mortgage payments, it is important to seek advice from a foreclosure defense attorney in Oak Park who can assist you. You may have multiple options to stop a foreclosure. Contact the Emerson Law Firm today to learn more about how our firm can help.


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