More HAMP Defaults

The federal government created the Home Affordable Modification Program (HAMP) in order to help struggling borrowers to stay in their homes.  Over the last many months, we’ve told you about HAMP, its promises to homeowners, and the Obama Administration’s expansion of the program this past June.  In fact, effective June 1, 2012, HAMP was expanded to include additional homeowners in the program.  However, a recent study reported in DSNews.com shows that there’s a shocking amount of loan defaulting going on.

Indeed, there are more defaults on modified mortgages than anyone expected.  According to the Special Inspector General for the Troubled Asset Relief Program (SIGTARP), HAMP doesn’t seem to have helped very many homeowners.  Currently, 26 percent of homeowners in the program have re-defaulted, and that rate actually continues to worsen, says DSNews.

Which Homeowners Are Eligible for HAMP?

We’ve explained the premise of HAMP before: if you’re employed but you’re still having difficulty making your monthly mortgage payment, HAMP is supposed to be able to help lower those payments “in order to make them more affordable and sustainable for the long term.”  The administration expanded the program earlier this year, allowing more homeowners to be eligible for its services, including:

·      Homeowners applying for a modification on a home that’s not their primary residence (the property is a rental property, and it’s either already rented or the owner intends to rent it out)

·      Homeowners who didn’t qualify for HAMP previously because they had a debt-to-income ration of 31 percent or lower.

·      Homeowners who had a HAMP “trial period plan” and defaulted on the trial payments

·      Homeowners who had a HAMP permanent modification and defaulted on their mortgage payments (meaning that they lost good standing in the program)

The expanded criteria were supposed to mean that more homeowners would be able to stay in their homes.  However, the DSNews article suggests that there may be some problems with the HAMP premise.

Massive HAMP Defaults

Since it began in 2009, HAMP has provided nearly 1.2 million modifications to struggling homeowners.  However, of that large number, 306,538 have fallen behind on their modified mortgage payments by more than three months.  In fact, 22 percent of those re-defaulters have already entered into the foreclosure process.  According to SIGTARP, that means that only 865,100 borrowers are still part of the program.  Under the HAMP rules, if you miss three or more payments, you’re disqualified for assistance.

It seems that more borrowers have defaulted in recent years than when HAMP was created in 2009.  According to SIGTARP “the percentage of modified homeowners who end up as redefaulters has steadily increased over time.”  In 2009, only 1 percent had re-defaulted, while the number now stands at 26 percent.

There is hope, though.  Only 1 percent of “homeowners who received modifications in early 2013” have re-defaulted.  With taxpayers losing money on the re-defaults of the past few years, something needs to be done.  In order to continue improving the program, SIGTARP has offered recommendations that the Treasury plans to implement.  The Treasury will “conduct further research into the causes of redefault,” and it will “require servicers to develop and use an ‘early warning system’ to actively reach out to homeowners who may be at risk of redefaulting.”

If you have questions about the HAMP program or are having trouble making your monthly mortgage payments, you don’t need to handle the burden alone.  An experienced foreclosure defense attorney has specialized knowledge about mortgages, modifications, and avoiding foreclosure.  Contact us today to discuss your case.

See Related Blog Posts:

More Defaults on Modified Mortgages

Loan Modification Plans May Be Falling Short

Take Root Chicago to Help Illinois Homeowners

Late last month, WBEZ Chicago announced that Take Root Chicago, a program created to help currently struggling homeowners, launched in Cook County.  Designed to bring together lenders, housing nonprofits, and advocacy groups “under one umbrella,” Take Root has an online portal where potential homeowners and those who face foreclosure will find access to a “plethora of programs” that can help to educate them about the housing market.

The housing market continues to show signs of recovery, but many Illinois homeowners continue to struggle with monthly mortgage payments and the looming threat of foreclosure.  If you have questions about foreclosure in our state, don’t hesitate to speak to an experienced foreclosure defense lawyer.

History of Take Root

With the Take Root program, consumers don’t have direct access to funding.  Instead, the program is designed to “marshal resources of numerous agencies and promote them to consumers under the Take Root umbrella.”

Take Root actually began in Milwaukee in 2010.  Since then, Take Root programs have been launched in Denver, Co., Jacksonville, Fl., and in areas of South Florida.  When Take Root began in Milwaukee, 32 organizations in the area quickly became participants.  And according to the Chicago Tribune, the program assisted thousands of families in the region.  In fact, it helped 2,400 families to avoid foreclosure.  Nearly 450 families purchased a home with the help of Take Root, and 150 of those families actually purchased a foreclosed property.

Details for Take Root Chicago Program

Take Root Chicago will provide services that “range from how to buy cheap vacant homes to financial counseling to finding lending options for first-time buyers.”  The program has both local and federal funding, with sponsorship by the Chicago Urban League and Freddie Mac.  Why the dual partnering?

According to the Federal Housing Finance Agency, 82,000 homeowners in Illinois with mortgages supported by Fannie Mae and Freddie Mac hadn’t made their mortgage payments.  The Chicago Tribune reported that those homeowners make up about 6 percent of all Illinois loans backed by Fannie and Freddie.  Additionally, Fannie and Freddie owned 16,903 Illinois properties that had been repossessed through foreclosure as of March 31.

Take Root is “part foreclosure prevention and part homeownership education and promotion,” according to the Chicago Tribune.  Housing advocates in the Chicago area emphasize how the city “still needs the kind of cohesive marketing effort” that defines the Take Root program.

What will it provide specifically?  First, through the efforts of Take Root Chicago, “delinquent borrowers who haven’t responded to calls from their mortgage servicer will receive letters from Freddie Mac and the Urban League.”  The letters will encourage these borrowers to get proactive when it comes to their homes—they’ll need to get information to save their homes from foreclosure.  Hopefully, with a local organization like Take Root Chicago, homeowners in Cook County will feel more comfortable reaching out.  With this program, homeowners can avoid the anxieties that come with dealing with big banks or with other bureaucratic structures.  There are “folks who say they don’t know what to do,” said Christina Diaz-Malone, the vice president of community outreach at Freddie Mac.  Take Root can help.

Take Root also seeks to assist potential homebuyers.  With Take Root’s homebuyer education classes, first-time homebuyers can learn about programs to help creditworthy individuals and families who are in the low- to moderate-income brackets to purchase properties.  Earlier in July, in fact, Illinois promised $6.6 million to help potential homeowners to purchase vacant single-family homes.

Programs like Take Root Chicago can provide important educational tools for delinquent homeowners and potential homebuyers.  But if you’re at risk of foreclosure, it’s always important to have an advocate on your side.  Contact a licensed foreclosure defense attorney today.

See Related Blog Posts:

New HUD Grants for Housing Counseling

NeighborWorks America Grants to Aid Illinois Foreclosure Counseling

American Financial Recovery—Is it Only for the Wealthy?

A recent article in MoneyWatch had startling news regarding the average American’s wealth and financial recovery in years since the recession.  Although housing prices have increased, and the stock market claims to be posting “all-time highs,” most Americans haven’t seen this kind of recovery.  In fact, according to a report released by the Federal Reserve Bank of St. Louis, “the average U.S. household has recovered only 45 percent of the wealth they lost during the recession.”

What does this mean for families in Illinois?  And is the housing crisis over in our state, or will we continue to see the effects of the recession in our neighborhoods and communities?

Rising Stock Prices and Wealthy Household Recovery

For most Illinois residents who were negatively affected by the housing crisis and the recession, financial recovery isn’t on the immediate horizon.  This new report is especially disconcerting, as it comes on the heels of an earlier report that suggested that “Americans as a whole had regained 91 percent of their losses.”  It turns out that this earlier, more promising figure is the result of an aggregation of household-net-worth data.  A lot of this recovery in net worth is due largely to the stock market, which isn’t the source of wealth for most Americans.  In fact, according to CBS News, it means that “most of the improvement has been a boon only to wealthy families.”

According to the St. Louis report, nearly two-thirds of the increase in aggregate household wealth is the result of rising stock prices.  And what does this mean in terms of disproportionate household recovery?  Approximately 80 percent of stocks are owned by “the wealthiest 10 percent of the population.”  So, while financial figures show that American households, as a group, have regained $14.7 trillion between the time of the housing bust and the end of 2012, those numbers might be misleading.  The majority of those households that have recovered these high dollars likely are homes with stockholders who are benefiting from rising stock prices, according to CBS News.

The Average American and the Limitations of Financial Recovery

Unlike the report indicating a 91 percent recovery of wealth losses, the grim figure reported in MoneyWatch takes into account inflation, and its adjusts accordingly.  If MoneyWatch is right, average American households don’t own stocks, and they’re not benefitting from rising stock prices.  While a small percentage of households may hold their wealth through stocks (those in the upper financial echelons), most of the total wealth for middle-class and low-income households stems from home values.  And for most of these Americans, those home values are still “30 percent below their peak.”

In our state, and even in the Chicago area specifically, many homeowners are part of this middle- and lower-income household bracket.  As such, many families in our state haven’t seen a whole lot of wealth recovery.  And for some of them, there are still very real risks of home foreclosure and bankruptcy.  For most of these families, paying down debt isn’t a realistic option in the current economy—jobs are still limited, and homeowners still owe substantial amounts in loans.

The MoneyWatch report emphasizes that paying down debt will be the only way for the average American household to begin to recover from the recession, and this includes mortgage debt.

If you have questions about home loans in Illinois or need help avoiding foreclosure, an experienced foreclosure defense lawyer can discuss your concerns with you today.

See Related Blog Posts:

Obama Administration’s Housing Scorecard Points to Real Estate Recovery

Home Prices Rise, But Can You Find a Seller?

Dual Tracking Reforms and What They Mean for Homeowners

Near the beginning of 2013, the Consumer Finance Protection Bureau (CFPB) issued new rules to prevent dual tracking, a process by which homeowners are simultaneously in the process of seeking a loan modification while their mortgage servicer moves forward with a foreclosure.

What is Dual Tracking?

The California Monitor described this process as “the race between foreclosure and loan modification.”  For example, if you’ve submitted a loan modification application on March 1st, and you find out that your mortgage servicer begins foreclosure proceedings on March 10th—without reviewing your loan-modification application—then you’re experiencing dual tracking.  In effect, dual tracking can increase the number of foreclosures that could have been prevented through loan modification programs.

How Do the New Rules Work?

The new rules came about to make sure that homeowners are treated fairly by their mortgage companies and to ensure that borrowers are informed well in advance of the possibility of foreclosure proceedings.

Prior to the CFPB’s issuance of these rules, the 2012 National Mortgage Settlement already included terms to help prevent dual tracking.  For example, under the National Mortgage Settlement, certain dual-tracking reforms can apply to your loan if you meet the following criteria:

·      You have a mortgage through Bank of America, Citi, GMAC/Ally, JPMorgan Chase, or Wells Fargo

·      Your loan is strictly for the home in which you currently live

·      You have already submitted a loan modification application, or you’ll submit one if you can’t make your mortgage payments

These reforms apply to loans owned by Fannie Mae and Freddie Mac, but if your mortgage servicer isn’t one of the banks listed above, under the terms of the Mortgage Settlement you’d have to rely on state laws to help with dual-tracking problems.  The Illinois Supreme Court issued new rules in 2013 to aid struggling home owners with some of the problems that cannot be immediately addressed, or that aren’t covered by the 2012 National Mortgage Settlement.

When the CFPB promulgated its new rules in 2013, it issued a press release that described these legal protections for homeowners.  They include:

·      Restrictions on Dual Tracking—now, mortgage servicers cannot begin a foreclosure when the borrower has submitted a completed loan-modification application.  In addition, mortgage servicers have to wait for a mortgage payment to be delinquent by 120 days before it sends a notice of foreclosure proceedings.  This is intended to give borrowers adequate time to ask for help with a loan modification.

·      Information about Foreclosure Alternatives—mortgage servicers are required to inform borrowers in writing about “loss mitigation options” once they’ve missed two consecutive mortgage payments.

·      Easy Access—borrowers must have easy access to mortgage-servicer employees whose jobs are to help struggling homeowners.  These personnel are designed to inform homeowners about the status of “loss mitigation” applications and other documents.

·      Consideration of all Foreclosure Alternatives—the mortgage servicer must consider all feasible alternatives, prior to foreclosure, in order to “help the borrower retain the home.”  These alternatives can include payment deferment and loan modification.  In addition, a foreclosure sale can’t occur until all other alternatives have been considered.

In addition to these protections for homeowners, the CFPB rules also are intended to make sure there are “no surprises” and “no runarounds” for borrowers.  The rules are set to take effect in January 2014.

In the meantime, if you have questions about loan modifications, dual tracking, or other ways to avoid foreclosure, an experienced foreclosure defense attorney can answer your questions today.

See Related Blog Posts:

New Illinois Supreme Court Rules Aid Struggling Homeowners

Banks Are Making Progress with Mortgage Relief Efforts

More Funds Committed to Illinois Foreclosure Victims

We previously discussed last year’s high-profile national foreclosure settlement with the nation’s largest lenders.  Stemming from wide-ranging illegal and deceptive practices over the years leading up to the housing crisis, the lenders agreed to provide a large sum of money to affected homeowners.  Much of those funds were doled out to individual states and used in various ways to provide relief.

Illinois already received a large chunk of money early last year as part of that settlement arranged by Illinois Attorney General Lisa Madigan.  However, now it looks like even more money is headed this way from the fund.  Shortly before Christmas the Attorney General announced that she secured even more money--about $70 million--to help distressed homeowners.  The money will be used on various relief services and counseling for communities hardest hit by foreclosures and vacant properties.

The Background
Attorney General Madigan’s office played a central role in the original lawsuit filed against the mortgage lenders which ended in February with a $25 billion settlement with the nation’s five largest banks--Bank of America, JPMorgan Chase, Wells Fargo, Citibank, and Ally (GMAC).  The main issue in the lawsuit was the use of “robo-signing” and other processes that violated rules and fairness standards for consumers.

In describing the latest increase in funds to the state as part of the settlement, the Attorney General noted that “This settlement sought to help struggling families to save their homes and rebuild communities devastated by the housing crisis.  This grant funding will do both — help more people stay in their homes and invest in renewing our neighborhoods.”  

Fighting Foreclosure in Oak Park
Our foreclosure defense lawyers know that all funds devoted to help in these ways is encouraging.  Though, while $70 million may seem like a large sum, it is a pittance to the resources at the disposal of the largest banks who often do anything in their power to maximize their bottom line, even if it violates the rights of homeowners.

At the end of the day, the only way for local families to ensure they are treated properly every step of the way by lenders to to have a legal advocate on their side fighting for their rights.  Our experienced team has helped countless families stay in their homes, beating back banks who did not follow the law in securing the mortgage and foreclosing on the home.  If you are facing foreclosure, we encourage you to reach out to our office and see how we can help.

What is a Deed In Lieu of Foreclosure?

Many people have heard the term “Deed in Lieu of foreclosure” or “Deed in Lieu” for short.  A quick polling would most likely reveal that the majority of people think that a deed in lieu simply means that you turn over the deed to your house to your lender and the lender goes away.  In short, those people would be correct to a certain extent.  However, a deed in lieu situation has multiple parts to it that require the advice and services of a real estate attorney.  If not handled correctly, the deed in lieu will not accomplish the goal of eliminating your financial liability in relation to your property.

Why the Deed in Lieu Option?

The deed in lieu should be considered for individuals who:
·      Are behind on mortgage payments
·      Owe more on the home than it is worth
·      Are facing a long-term hardship (a “hardship” must be proven)
·      Are unable to sell their home
·      Can no longer make mortgage payments
·      Are unable to refinance

Who is Eligible and how does a Deed in Lieu Work?

Not everyone can go through the deed in lieu process.  The lender must qualify you through some eligibility process.  The lender’s qualification process involves them determining the value of the property versus the amount you still owe.  The lender will also review your situation to analyze the “hardship” that you claim has led to you seeking a deed in lieu.  The lender might require you to put the property on the market for a period of time before accepting a deed in lieu.  If you can short sale your home, then lenders would prefer to go that route.   If you are unable to sell the home and you meet the lender’s qualifications, then you must vacate the home and leave the home in good condition.  Different lenders and areas have different expected time periods for completion of the deed in lieu process, but many say that 90 days is about the average.   Do not be surprised if your case takes longer or shorter than 90 days.

What are the Advantages to a Deed in Lieu?

The deed in lieu offers many attractive advantages as opposed to foreclosure.
·      Avoid the negative impact on your credit that a foreclosure would cause
·      Begin repairing your credit more quickly than you would after foreclosure
·      Completely eliminate or reduce your mortgage debt
·      Potentially qualify for relocation assistance through certain lender programs
·      Avoid handling the sale of your property; hand over the deed and the lender takes over
·      May qualify for a Fannie Mae mortgage sooner than if you went through foreclosure

What are the Disadvantages to a Deed in Lieu?
There are some disadvantages to this process for you to consider.  Lenders might not be willing to accept a deed in lieu.  Many lenders might already be sitting on piles of real estate where they would rather have cash.  The last thing they want is another distressed property to try and deal with.  You may not qualify for a deed in lieu if you have a home equity loan, multiple mortgages or certain liens against your property.   You will take a hit to your credit score so you have to be prepared for that.   You may also be forced to pay taxes on the amount of the deficiency that was wiped away by the deed in lieu.  The Mortgage Debt Relief Act of 2007 addresses this problem for now by giving tax exemptions up to a certain amount for qualified individuals, but this might not last.

As with any situation dealing with distressed property, you should consult with an attorney experienced in dealing with short sales, foreclosures and other real estate transactions so you are fully aware of the impact the deed in lieu will have on your financial well being.

See Our Related Blog Posts:
Bank of America Pays for Short Sales
The Anatomy of a Foreclosure

Mayor Emanuel Comes out Against Eminent Domain Plan for Underwater Mortgages

Each Oak Park foreclosure attorney at our firm understands intimately the complications of dealing with the mountain of underwater homes in the area.  Of course, the “Great Recession” had compounding effects--many lost their jobs (and ability to pay their mortgage) while house values plummeted.  Together that made many families unable to pay homes and many other owning homes worth far less than what they owed on them.  

We understand that solutions to the problem are different at the individual level and the government-level.  In other words, a solution to an underwater home issue for an individual homeowner is far different than a public official addressing the issue of thousands of underwater homes.   

Eminent Domain Idea
For example, one idea recently floating in the Chicago area was use of the government’s eminent domain power to take homes that are underwater and then refinance the mortgages.  The idea was pitched to local alderman by an out-of-state firm this week; though some are already calling the proposal a non-starter.

During the pitch meeting Mayor Emanuel told reporters that he was against the idea, noting that he “didn’t think it was the right way to address the problem.”  His concerns are shared by the Federal Housing Finance Agency which previously noted that it had “significant concerns” about using this government power in the aid of underwater homeowners.

Many aldermen have similarly voiced worry over the idea.  Yet, the informational meeting on the maneuver went ahead anyway, no doubt at a result of the need to at least consider any sort of new idea to help struggling homeowners.  Several years into the criss and many are still struggling.  The latest data suggests that nearly 1 in 4 homes in the city is underwater--totaling more than 100,000 borrowers.

The basic idea is somewhat straightforward.  The city would use its eminent domain power to seize the underwater property.  The mortgage would then be refinanced at a discount--written down to close to fair market value. The new loan would then be offered to the homeowner at a slightly higher amount than what it was purchased for.  The hope is that the monthly payment would then be lower than it is now with the homeowner retaining at least 5% equity.  The company which arranges the agreements would receive a set amount per mortgage and the city would only face administrative costs.

It remains to be seen if the Mayor’s comments are a sign that the proposal is dead-on-arrival.  At the very least, working through this sort of maneuver without approval from Emanuel is near-impossible.

No matter what action is or is not taken on a city or statewide level, please do not forget that options are available in your individual case. The Oak Park and River Forest foreclosure defense attorneys at our firm are here to help in any way necessary--from fighting the bank challenge to helping with a short sale.  If you are anywhere in our area and are fighting these issues please take a moment to call our office and see how we can help.   

See Our Related Blog Posts:

Attorney General Announces $3 Million for Foreclosure Mediation Programs, But Will They Be Effective?

Wells Fargo Settles with Illinois and U.S for $175 Million

Short Sales Popularity Continues to Rise

Pre-foreclosure sales, or short sales, are on the rise according to new national data released this week by RealtyTrac.   A short sale is also referred to as a pre-foreclosure sale because it requires a lender’s approval before the seller (homeowner) can sell a house for less than what the seller owes on the mortgage.

Short Sales – No Sign of Slowing
According to the Chief Executive Officer of RealtyTrac (an online market for distressed property), lenders are approving more competitively priced short sales, which lead to more successful short sale transactions. This may be good news for homeowners looking for a plausible solution to get out of their home without strings attached.

In a recent foreclosure sales report, it states that sales of homes that were in some stage of foreclosure or bank owned accounted for approximately 26% of all US residential sales during the first quarter of the year. This figure is up from the fourth quarter of last year when only 22% of all sales were such, and the first quarter of 2011 when they were 25%. According to the report from RealtyTrac, first quarter pre-foreclosure sales were at their highest level since the first quarter of 2009 and pre-foreclosure sales reached 12% of all sales during the first quarter, up from 10% of all sales in the prior quarter and 9% of all sales in the first quarter of 2011.

Lenders may be working off a large inventory of pre-foreclosure homes, making it more advantageous for a homeowner in distress to contact the banks and work on the short sale process. It’s all part of national trend.

“Lenders are approving more aggressively-priced short sales, which in turn is resulting in more successful short sale transactions,” said notes the CEO of RealtyTrac. Banks are becoming more amenable to short sales as the housing slump drags on through its fifth year, as shown by the statistics. Homeowners are also becoming more familiar with short sales and contacting area River Forest and Oak Park foreclosure lawyers to get assistance with this process, instead of waiting for the sheriff to show up with an order to vacate the property. Another reason why short sales are on the rise is because real estate agents may be getting better at selling them.

Credit Realities with a Short Sale
One of many reasons struggling homeowners pursue a short sale involves the credit benefit.  For example, FICO, the credit scoring company, notes someone with a good credit score, say 720, may see it drop to 570 to 590 after a foreclosure. A short sale, without personal recourse against the seller, will drop it to 605 to 625. But a short sale without forgiveness has the same effect as a foreclosure.

Of course, a less serious impact on one’s credit is just one of many reasons that homeowners stand to benefit from these sales.  In our area, be sure to get in touch with our Oak Park and River Forest foreclosure attorneys to learn more. 

Chicago Tribune on the “Short Sale Maze”

Today the Chicago Tribune published a story on the continued complexities with short sales. The Oak Park and River Forest short sale lawyer at our firm appreciate the confusion the reigns among many local residents who are struggling with their homes and trying to learn about all of their options. Short sales are often a terrific way to get a fresh start with fewer long-term financial consequences. However, trying to work through a short sale is often stressful and baffling for the uninitiated.
At the very least, sellers (and buyers) should know what they are getting into when working through a short sale--the aid of a legal professional is often essential.

There is nothing all that complicated about the idea of a short sale. It is simply an agreement where a lender (bank) agrees to let a homeowner sell the house to a third party for less than the amount owed on the home. This allows the seller to get out of the mortgage without going through foreclosure, and, when done properly, to be relieved of a future deficiency judgment from the bank. The bank often prefers this, because it may be less costly and quicker than a foreclosure. While the lender does not like to give up on money it is owed, it sometimes makes sense for the lender to cut their losses earlier rather than later.

The Oak Park and River Forest real estate attorneys know, however, that the actual mechanics of a short sale quickly become complex.

According to a new report from the National Association of Exclusive Buyer Agents, in many areas only about 25% of short sale purchase contracts actually make it to closing. However, about 50% of homes offered as short sales actually end up being sold in that manner. In other words, about one in two short sellers will complete the process successfully, but many of them will need to go through multiple offers before everything comes together.

Reasons for the low success rates are varied. At a basic level, many deals fall through simply because of the time it takes for everything to come together. Buyers often cannot wait as long as necessary--months and months--and end up walking away. New guideline changes now in effect last month regarding homes backed by Fannie Mae and Freddie Mac are seeking to speed up the process. However, it remains to be seen if the new guidelines will actually translate into stepped up approval rates and speedier decisions by the banks.

No matter what, properly preparing the “hardship package” is critical for the seller. Not providing a thorough package may lead to significant delays and a scuttled deal. Having help with this is critical.

Though many challenges to short sales remain, it is important for local families not to write off the option. In many cases the sale fails because sellers do not have close professional assistance to ensure they navigate the process effectively. Short sales are still a popular option. In this first half of this year alone, about 110,000 homes were sold via short sale--about 12% of all home sales.

If you are in Oak Park, River Forest, or throughout Chicagoland, consider getting in touch with our office to learn more about your options and to see how we can help.

See Our Related Blog Posts:

Bank of America Announces Principal Reduction Plan for Underwater Homeowners

Oak Park Foreclosure Defense Lawyers Discuss the State of Illinois Foreclosure