New Data on Residential Foreclosures
How are foreclosure rates looking at the start of 2023? According to the data analysis from ATTOM, foreclosure filings are rising. Indeed, in January 2023, “there were a total of 31,557 U.S. properties with foreclosure filings — default notices, scheduled auctions, or bank repossessions — up 36% from a year ago and up 2% from the prior month.” The CEO of ATTOM suggested that the “uptick in overall foreclosure filings nationwide” does appear to be a trend that is likely to continue into 2023.
The Chicago area currently has one of the highest rates of completed foreclosure rates from January 2023, with 206 in total. That number places Chicago alongside four other areas with the highest rates of foreclosure completions based on the population, which include Detroit, New York, Philadelphia, and Riverside, California. Chicago had the second-highest uptick after Detroit.
Can I Take Any Steps to Avoid Foreclosure?
Even when it seems like the start of the foreclosure process is imminent or your lender has already initiated the foreclosure process, it is critical to know that there are still many ways in which you may be able to avoid foreclosure. Depending upon your circumstances, you could be eligible to avoid foreclosure while remaining in your home, or avoiding foreclosure could mean that you will need to give up your house or condo. What are the options for avoiding foreclosure?
First, you should contact a foreclosure defense lawyer who can discuss options with you. If you are eligible for Chapter 13 bankruptcy, you could file for bankruptcy and create a debt reorganization plan that allows you to catch up on mortgage payments and get back on track with the terms of your mortgage. In this scenario, you can avoid foreclosure and stay in your home. When Chapter 13 bankruptcy is not an option, or when you want to avoid bankruptcy, you still have options to avoid foreclosure, but these options will also involve leaving your property. The good news is that avoiding foreclosure with one of these options will allow you to be eligible to buy a home again sooner than you would be able to following a foreclosure:
- Short sale; or
- Deed in lieu of foreclosure.
At the Emerson Law Firm, we can evaluate your situation and discuss all of your potential options with you for avoiding foreclosure. We are experienced Oak Park foreclosure defense lawyers, and we are here to help you. Contact the Emerson Law Firm to discuss your concerns about foreclosure and to learn more about your options.
See Related Blog Posts:
Wells Fargo Fined for Wrongful Foreclosures
Foreclosure Rates are Rising in Chicago