Just because the government shutdown is over does not mean that it is not having lingering effects; its effects are still being felt among government employees and consumers across the country. One area in which the government shutdown is still plaguing consumers concerns homeowners working on foreclosure avoidance and homeowners who are in government mortgage programs. How is the shutdown continuing to impact these groups of people? In short, during the government shutdown, many employees from the U.S. Department of Housing and Urban Development (HUD) were furloughed, meaning that they were in effect sent home from work without pay. As you might recall, the government shutdown lasted over a month.
During that time, people who were relying on HUD services to avoid foreclosure did not get the help they needed, according to a recent article in The Hill. And that lack of help has now put a significant number of homeowners at risk of losing their houses.
How the Government Shutdown Affects Homeowners Who Need Mortgage Help
During the government shutdown, a large number of HUD workers were furloughed, which meant that those workers could not handle cases related to foreclosure—from requests for modifications to questions about foreclosure cases that already have been started. As a result of being unable to handle new cases coming in and questions pertaining to existing cases, many HUD employees returned to work once the shutdown ended to find that cases “piled up while critical agency resources were unavailable.”
The fact that so many HUD workers were furloughed also means that they were unavailable to provide information to homeowners who are facing foreclosure this month. Indeed, according to the article, one elderly woman had been working with a HUD representative prior to the shutdown after being wrongfully denied entry into a foreclosure avoidance program for newly widowed spouses by her lender. But because no one at HUD could help that woman during the month of January—a critical time for her case, which is coming up for foreclosure this month in February—she may now be at much greater risk of losing her home.
This particular example is only one of many related to the lingering harms of the government shutdown on homeowners hoping to avoid foreclosure.
Millions of Borrowers may Have Been Affected by the Shutdown
The article underscores that more than nine million borrowers currently have mortgages provided by, or insured by, government agencies including HUD or the U.S. Department of Agriculture (USDA). The majority of these homeowners are “low-income, seniors, and/or residents of rural areas.” That is to say that most of these homeowners do not have other places to turn for help in avoiding foreclosure. If the government agency that handles their mortgage is closed, then most of those homeowners simply do not get help or answers to their questions. While many HUD employees were furloughed, so were employees at the USDA.
Currently, the article suggests that “thousands” of homeowners likely may lose their homes in the near future due to the shutdown—had HUD and the USDA been open, those homeowners would not be facing foreclosure today. Since the government shutdown lasted for such a long time, there is currently a “substantial backlog of requests for assistance,” which means that those same homeowners may not be able to obtain help from HUD or the USDA any time soon.
Consumer protections advocates argue that the agencies should extend foreclosure deadlines by the same amount of time as the government shutdown and should “issue a stay on foreclosures until they clear the backlog of pending requests for assistance.” Whether such steps will be taken remains to be seen.
Contact an Oak Park Foreclosure Defense Lawyer
In the meantime, if you need help avoiding foreclosure, an Oak Park foreclosure defense attorney can assist you. Contact the Emerson Law Firm to learn more.
See Related Blog Posts:
Reading the FDCPA: Are Foreclosure Actors Debt Collectors Under the Law?
Foreclosure Evictions Postponed for the Holiday Season
Thursday, February 7, 2019
Wednesday, January 2, 2019
Reading the FDCPA: Are Foreclosure Actors Debt Collectors Under the Law?
A recent case to go before the U.S. Supreme Court, Obduskey v. McCarthy Holthus LLP, raises an issue that links foreclosure actions with the Fair Debt Collection Practices Act (FDCPA). More specifically, the issue in the case is whether a party taking foreclosure actions can be defined as a debt collector under the FDCPA, and thus whether a homeowner who is being subjected to those foreclosure actions has rights related to the foreclosure under the FDCPA. We will say more about the case and how its outcome could impact both homeowners and consumers more generally in the Oak Park, Illinois area.
Facts of Obduskey v. McCarthy Holthus LLP
The facts of the case are relatively simple. The plaintiff and homeowner, Dennis Obluskey, took out a mortgage in 2007 through Magnus Financial Corporation. His mortgage ultimately was sold to Wells Fargo, which then became the mortgage servicer. The homeowner got behind on mortgage payments between 2007 and 2009. By 2009, Wells Fargo began a nonjudicial foreclosure.
As a side note, Illinois is not a nonjudicial foreclosure state. To be clear, states in the U.S. either are judicial foreclosure states or nonjudicial foreclosure states. Illinois is a judicial foreclosure state, which means that any foreclosure needs to go through the court system. Nonjudicial foreclosure states allow a lender to foreclose on a home without going through the court system. Although the case at issue arises out of a nonjudicial foreclosure state, its outcome nonetheless could affect the rights of homeowners and consumers in judicial foreclosure states given that it could expand the definition of “debt collector” under the FDCPA.
Now, back to the facts of the case. In the language of the foreclosure notice to the homeowner, Wells Fargo indicated that its counsel, McCarthy Holthus LLP, “may be considered a debt collector attempting to collect a debt.” McCarthy, however, did not ask the homeowner to make any payments on the debt. The homeowner later filed a claim alleging that McCarthy and Wells Fargo violated the FDCPA.
Does the FDCPA Apply in Any Foreclosure Cases?
The question that the U.S. Supreme Court will need to address is whether the FDCPA is applicable in any foreclosure cases, and specifically in nonjudicial foreclosures. The case previously was heard by the 10th Circuit, which concluded—in line with a previous decision from the 9th Circuit—that the FDCPA is not applicable in nonjudicial foreclosure cases. Other circuits have disagreed. For example, the U.S. Courts of Appeals for the 4th Circuit, the 5th Circuit, and the 6th Circuit all have determined that the FDCPA does apply in these foreclosure cases. The 7th Circuit, which hears cases out of Illinois, has not ruled on the issue.
Are threats of foreclosure attempts to collect debts? Do such foreclosure attempts then make lenders debt collectors in certain circumstances? The Supreme Court will hear the case on January 7, 2019, and the decision likely will be handed down in May or June. If the Supreme Court determines that lawyers who are carrying out foreclosure proceedings are debt collectors under the FDCPA, it would broaden the scope of who can be a debt collector under the law and thus would broaden the types of situations in which a consumer may have FDCPA protections.
Contact an Oak Park Consumer Protection Lawyer
If you have questions about the FDCPA and consumers’ rights and protections, you should speak with an Oak Park consumer protection attorney. An advocate at our firm can discuss your situation with you. Contact the Emerson Law Firm for more information.
See Related Blog Posts:
Advocates Seek Consumer Protection from Abusive Debt Collection Tactics
Wells Fargo Admits to Hundreds of Wrongful Foreclosures
Facts of Obduskey v. McCarthy Holthus LLP
The facts of the case are relatively simple. The plaintiff and homeowner, Dennis Obluskey, took out a mortgage in 2007 through Magnus Financial Corporation. His mortgage ultimately was sold to Wells Fargo, which then became the mortgage servicer. The homeowner got behind on mortgage payments between 2007 and 2009. By 2009, Wells Fargo began a nonjudicial foreclosure.
As a side note, Illinois is not a nonjudicial foreclosure state. To be clear, states in the U.S. either are judicial foreclosure states or nonjudicial foreclosure states. Illinois is a judicial foreclosure state, which means that any foreclosure needs to go through the court system. Nonjudicial foreclosure states allow a lender to foreclose on a home without going through the court system. Although the case at issue arises out of a nonjudicial foreclosure state, its outcome nonetheless could affect the rights of homeowners and consumers in judicial foreclosure states given that it could expand the definition of “debt collector” under the FDCPA.
Now, back to the facts of the case. In the language of the foreclosure notice to the homeowner, Wells Fargo indicated that its counsel, McCarthy Holthus LLP, “may be considered a debt collector attempting to collect a debt.” McCarthy, however, did not ask the homeowner to make any payments on the debt. The homeowner later filed a claim alleging that McCarthy and Wells Fargo violated the FDCPA.
Does the FDCPA Apply in Any Foreclosure Cases?
The question that the U.S. Supreme Court will need to address is whether the FDCPA is applicable in any foreclosure cases, and specifically in nonjudicial foreclosures. The case previously was heard by the 10th Circuit, which concluded—in line with a previous decision from the 9th Circuit—that the FDCPA is not applicable in nonjudicial foreclosure cases. Other circuits have disagreed. For example, the U.S. Courts of Appeals for the 4th Circuit, the 5th Circuit, and the 6th Circuit all have determined that the FDCPA does apply in these foreclosure cases. The 7th Circuit, which hears cases out of Illinois, has not ruled on the issue.
Are threats of foreclosure attempts to collect debts? Do such foreclosure attempts then make lenders debt collectors in certain circumstances? The Supreme Court will hear the case on January 7, 2019, and the decision likely will be handed down in May or June. If the Supreme Court determines that lawyers who are carrying out foreclosure proceedings are debt collectors under the FDCPA, it would broaden the scope of who can be a debt collector under the law and thus would broaden the types of situations in which a consumer may have FDCPA protections.
Contact an Oak Park Consumer Protection Lawyer
If you have questions about the FDCPA and consumers’ rights and protections, you should speak with an Oak Park consumer protection attorney. An advocate at our firm can discuss your situation with you. Contact the Emerson Law Firm for more information.
See Related Blog Posts:
Advocates Seek Consumer Protection from Abusive Debt Collection Tactics
Wells Fargo Admits to Hundreds of Wrongful Foreclosures
Friday, December 14, 2018
Foreclosure Evictions Postponed for the Holiday Season
Foreclosure activity continues in the Chicago area and throughout Illinois and the country, although foreclosure rates generally continue to decline. Indeed, a recent report from Business Wire indicated that serious delinquency rates were at their lowest in years, but 4.4% of mortgages remain at “some stage of delinquency.” In other words, more than 4% of mortgages are anywhere from 30 days past due to at the point of foreclosure eviction or foreclosure sale. The current foreclosure inventory rate is at about 0.5%. Despite the fact that foreclosure rates continue to decline or remain relatively low, it is important to remember that a number of homeowners are still facing foreclosure.
While Fannie Mae and Freddie Mac will continue to move through various stages of the foreclosure process during the holiday season, a recent article in HousingWire reported that both will be suspending foreclosure eviction lockouts between December 17, 2018 and January 2, 2019 for the holiday season.
Extending Timeline for Foreclosure Evictions in December
For Fannie Mae properties, any single-family homes, as well as two to four-unit properties, will have an extended timeline for foreclosure evictions. Starting December 17, no families will be evicted from those properties until after January 2 of the new year. Similarly, the foreclosure eviction timeline will also be extended for Freddie Mac properties, but the extension is a broader one. All foreclosed Freddie Mac properties that are currently occupied homes will not face evictions during the same time period.
According to the Fannie Mae vice president of single-family real estate, “We believe it is important to extend the timeline of help for struggling borrowers during the holidays.” Fannie Mae also encourages homeowners who are facing foreclosure to use this extra time to seek other options for foreclosure prevention. The Freddie Mac vice president of single-family servicer performance management echoed these sentiments, emphasizing how the mortgage servicer is “suspending evictions from Freddie Mac-owned homes to help provide families with a greater measure of certainty during the upcoming holiday season.”
Yet, to be clear, not all foreclosure activity is suspended. Only foreclosure evictions have been suspended. This means that other foreclosure activity, including both pre-foreclosure and post-foreclosure activity, will continue throughout December 2018 and into the new year.
Avoiding Foreclosure This Holiday Season
If you are facing foreclosure, there are numerous options that may be available to you this holiday season. An article from HGTV cites the following as common options for homeowners who are facing foreclosure:
Contact an Oak Park Foreclosure Defense Attorney
If you need assistance avoiding foreclosure this holiday season, you should speak with a foreclosure defense lawyer in Oak Park as soon as possible. Contact the Emerson Law Firm to learn more about your options.
See Related Blog Posts:
Wells Fargo Admits to Hundreds of Wrongful Foreclosures
FHFA Report on Foreclosure Prevention
While Fannie Mae and Freddie Mac will continue to move through various stages of the foreclosure process during the holiday season, a recent article in HousingWire reported that both will be suspending foreclosure eviction lockouts between December 17, 2018 and January 2, 2019 for the holiday season.
Extending Timeline for Foreclosure Evictions in December
For Fannie Mae properties, any single-family homes, as well as two to four-unit properties, will have an extended timeline for foreclosure evictions. Starting December 17, no families will be evicted from those properties until after January 2 of the new year. Similarly, the foreclosure eviction timeline will also be extended for Freddie Mac properties, but the extension is a broader one. All foreclosed Freddie Mac properties that are currently occupied homes will not face evictions during the same time period.
According to the Fannie Mae vice president of single-family real estate, “We believe it is important to extend the timeline of help for struggling borrowers during the holidays.” Fannie Mae also encourages homeowners who are facing foreclosure to use this extra time to seek other options for foreclosure prevention. The Freddie Mac vice president of single-family servicer performance management echoed these sentiments, emphasizing how the mortgage servicer is “suspending evictions from Freddie Mac-owned homes to help provide families with a greater measure of certainty during the upcoming holiday season.”
Yet, to be clear, not all foreclosure activity is suspended. Only foreclosure evictions have been suspended. This means that other foreclosure activity, including both pre-foreclosure and post-foreclosure activity, will continue throughout December 2018 and into the new year.
Avoiding Foreclosure This Holiday Season
If you are facing foreclosure, there are numerous options that may be available to you this holiday season. An article from HGTV cites the following as common options for homeowners who are facing foreclosure:
- Contact your lender to work out a compromise;
- Sell the home through a short sale, which often does not result in a profit for the homeowner but allows the homeowner to avoid damaging his or her credit any further and allows the homeowner to avoid foreclosure;
- Deed in lieu of foreclosure, through which the homeowner essentially signs the home back over the bank (but is not the best option for preserving a homeowner’s credit, and typically is only an option after a short sale and other possibilities no longer are available); and
- Chapter 13 bankruptcy, which can allow a homeowner to stay in his or her home while developing a repayment plan to pay off debt (once the homeowner files for Chapter 13 bankruptcy, the automatic stay prevents the foreclosure process from going any further).
Contact an Oak Park Foreclosure Defense Attorney
If you need assistance avoiding foreclosure this holiday season, you should speak with a foreclosure defense lawyer in Oak Park as soon as possible. Contact the Emerson Law Firm to learn more about your options.
See Related Blog Posts:
Wells Fargo Admits to Hundreds of Wrongful Foreclosures
FHFA Report on Foreclosure Prevention
Thursday, November 8, 2018
Wells Fargo Admits to Hundreds of Wrongful Foreclosures
A number of erroneous foreclosures have been linked to Wells Fargo bank. Back in August 2018, Wells Fargo admitted that it had “accidentally foreclosed on” almost 400 homes due to a software glitch that denied homeowners the ability to seek mortgage modifications, according to a report from CBNC. This week, Wells Fargo announced again that it had “improperly foreclosed on 545 customers after wrongly denying them mortgage loan modifications, up from the 400 borrowers the company disclosed in August,” according to a recent article in Bloomberg.
While Wells Fargo is based in California, it provides mortgages to homeowners across the country, including in the Chicago area. What should Oak Park residents know about these “accidental foreclosures” and the harm caused by Wells Fargo’s actions? First, we want to provide some background information about the wrongful foreclosures that were reported in August, and then to speak to the new information this November about additional “accidental” foreclosures that have affected consumers and homeowners.
Alleged “Glitch” Results in Hundreds of Foreclosures That Should Not Have Happened
As the CNBC report explains, between 2010 and 2015, almost 400 Wells Fargo mortgage customers “lost their homes when they were accidentally foreclosed on after a software glitch denied them the ability to modify their mortgages as they sought federal aid,” In August, Wells Fargo “apologized” to those homeowners who were affected, and planned to remedy the serious errors by providing $8 million to customers who were impacted. According to Tom Goyda, the senior vice president of Wells Fargo, “during the course of an internal review, we determined that an automated calculation of error may have affected the decision on whether or not to offer or approve some mortgage modifications between April 13, 2010 and October 20, 2015, when the error was corrected.”
Goyda apologized for the “error” and said that Wells Fargo had plans to provide “remediation to the approximately 625 customers who may have been impacted.” While 400 homeowners actually lost their homes due to Wells Fargo’s mistake, as the report underscores, hundreds more were affected.
New Errors Revealed Regarding Wells Fargo Mortgage Accounts and Foreclosure
In August, Wells Fargo issued an apology to homeowners affected by its so-called “accidental” foreclosures and provided a remedy of $8 million, yet just this month, the bank again reported that nearly 150 additional homeowners were foreclosed on “accidentally” due to Wells Fargo errors. While the bank indicated that 625 customers in total had been affected when it made its announcement back in August, now it says that 870 customers in total actually were affected.
It is important to also underscore that these “accidental” foreclosures are not the only problem currently linked to Wells Fargo. The bank has been cited for improperly assessing fees on certain accounts, and fraudulently openning accounts for up to 3.5 million Wells Fargo customers who never wanted an account opened.
Learn More from an Oak Park Foreclosure Defense Lawyer
If you were one of the hundreds of homeowners with a Wells Fargo mortgage who faced foreclosure as a result of the bank’s error, you may be eligible for compensation. If you need assistance with foreclosure defense and keeping your home, you should speak with an advocate about getting started on your case. An experienced Oak Park foreclosure defense attorney can assist you. Contact the Emerson Law Firm for more information.
See Related Blog Posts:
Monday, October 22, 2018
FHFA Report on Foreclosure Prevention
Are foreclosure prevention methods working? According to a recent article in DSNews.com, the Federal Housing Finance Agency (FHFA) recently issued a new Foreclosure Prevention Report, which details recent foreclosure actions completed by Fannie Mae and Freddie Mac. The key information from the report is that Fannie Mae and Freddie Mac continue to complete tens of thousands of foreclosure prevention actions, and a high number of these are permanent loan modifications that allow homeowners to continue making lower payments on their mortgages for the life of the loan (which ultimately allows more homeowners to stay in those properties).
Even though the foreclosure crisis is now an issue that we discuss in terms of the recent past, homeowners in Oak Park and throughout the country continue to struggle with monthly mortgage payments. It is important for those homeowners to know that there may be options available to them to remain in their homes even if mortgage payments have become unmanageable.
Details of the Foreclosure Prevention Actions
What are some of the specific foreclosure prevention actions detailed in the report? In July 2018, the most recent period for data, “Fannie Mae and Freddie Mac completed just over 24,000 foreclosure prevention actions.” That number was slightly lower than the foreclosure prevention actions for June 2018, which totaled 25,363. In total, however, “since the beginning of the conservatorship in September 2008,” the government-sponsored enterprises have completed a total of 4,203,611 foreclosure prevention actions (or, in other words, more than 4.2 million).
More than half of those 4.2 million foreclosure prevention actions were permanent loan modifications. In July 2018, there were 18,874 permanent loan modifications, which means that Fannie Mae and Freddie Mac have completed a total of 2,254,644 permanent loan modifications since September 2008. The other types of foreclosure prevention actions include principal forbearance (about 22% of loans), and mortgage modifications that with extend-terms (about 56%).
What types of properties most often receive modifications? About 94% of the modifications are for primary residences, about 4% are for investment properties, and about 2% are for second homes.
Learning More About Foreclosure Prevention
In addition to foreclosure prevention actions taken by Fannie Mae and Freddie Mac, the FHFA report indicated that the number of short sales and deeds-in-lieu of foreclosure declined by 11% between June and July 2018, and the rate of “serious delinquency” also declined slightly. Short sales and deeds-in-lieu of foreclosure often are alternatives for homeowners who want to avoid foreclosure if they cannot find another way to stay in the property.
Given that subprime mortgages are no longer the major cause of foreclosures as they were during the crisis, what is driving new foreclosures? The report suggests that “23% of all delinquencies stem from a curtailment of income, which continues to be the top cause for delinquencies in general.” Other reasons for new foreclosures include unemployment, illness, and marital problems.
Contact an Oak Park Foreclosure Defense Attorney
If you have questions about avoiding foreclosure or if you want to learn more about foreclosure prevention, an experienced Oak Park foreclosure defense lawyer can speak with you today about options that may be available to you. Contact the Emerson Law Firm for more information.
See Related Blog Posts:
Friday, September 7, 2018
How to Slow Down the Foreclosure Process
Facing foreclosure can be devastating to a family or an individual homeowner in Oak Park and throughout Chicagoland. While the prospect of foreclosure can be anxiety-inducing, homeowners who are struggling to make mortgage payments should keep in mind that facing foreclosure does not necessarily mean that you will lose your home. There are many steps a homeowner can take to avoid foreclosure, especially with the help of an experienced Oak Park foreclosure defense attorney. A recent article in Forbes discusses methods for slowing down the foreclosure process, and we will go through those with you.
Understand the Foreclosure Process in Illinois
The first step to slowing down the foreclosure process or avoiding foreclosure altogether involves understanding how foreclosure in Illinois works. Illinois is a judicial foreclosure state, which means that, in order for the bank (or other lender) to move forward with a foreclosure, the bank needs to actually file a lawsuit in an Illinois court. Once you are served with the complaint, as long as you file an answer, the bank cannot obtain a default judgment against you. Throughout this time period, there can be ways to stop the foreclosure.
Contact the Lender for Options
Getting in touch with your lender may produce options for avoiding foreclosure. In most cases, lenders do not want to have to go through the foreclosure process. As such, you may be able to work with the lender to reach a solution. Some of those solutions can include refinancing your mortgage with lower payments that you can afford, getting on a repayment plan that allows you to make up missed payments while continuing to pay your mortgage, getting a forbearance to suspend your mortgage payments until you get back on your feet, or getting a loan modification.
File for Chapter 13 Bankruptcy
One of the benefits of filing for Chapter 13 bankruptcy is that a debtor who is struggling with mortgage payments may be able to use the bankruptcy to stop a foreclosure. How does this work? When a debtor files for bankruptcy, the automatic stay prohibits creditors from continuing to collect, and that includes mortgage lenders. Then, through the Chapter 13 bankruptcy repayment plan, debtors can reorganize mortgage debt and get back on track with mortgage payments in order to keep the home.
Consider Whether a Short Sale Could be Right for You
While a short sale does not allow a homeowner to keep his or her home, it can allow a homeowner to avoid a foreclosure. Choosing the option of a short sale is usually something a homeowner should only consider if there are not other options that would allow that homeowner to stay in the home, such as refinancing, a loan modification, or Chapter 13 bankruptcy.
Contact a Foreclosure Defense Attorney in Oak Park
If you are having difficulty paying your mortgage and are at risk of foreclosure, it is extremely important to get in touch with an Oak Park foreclosure defense lawyer who can help with your situation. Contact the Emerson Law Firm to learn more about different foreclosure defense strategies and options that may be available to you.
See Related Blog Posts:
Thursday, August 9, 2018
Illinois Foreclosure Rate Remains High While Chicago Takes Aim at “Zombie” Properties
If you are a homeowner in Chicagoland who has struggled with mortgage payments, or if you live in a neighborhood that was hit hard by the foreclosure crisis, you may know that the risk of foreclosure is not entirely over in Illinois. According to a recent article in the Illinois News Network, foreclosure rates are still declining in Illinois, yet some regions of the state continue to struggle when it comes to foreclosure activity.
In response to continued problems concerning foreclosure and neighborhood blight, there are financial institutions and nonprofit groups coming together in Chicago to “revitalize housing left behind in the foreclosure crisis,” according to a recent report from U.S. News & World Report.
Illinois Foreclosure Rate Remains Among the Highest in the U.S.
Over the last several years, the total number of foreclosures in Chicago and throughout the state of Illinois has largely declined. However, Illinois still stands out from other states when it comes to high rates of foreclosure. According to the Illinois News Network article, “while many of the home foreclosures from the recession era are long gone, Illinois’ overall foreclosure rate is still one of the highest in the nation.” For example, the foreclosure rates in Peoria and Rockford have some of the highest rates of foreclosure of any city in the country.
In the first half of 2018, there were more than 23,000 homes in Illinois that were in foreclosure. As of the end of July 2018, it was ranked fourth in the nation for highest foreclosure rates. When there are still so many homes in foreclosure, there is often not a lot of demand for real estate in the area. For many parts of Illinois, this reflects continuing economic problems where people cannot afford their mortgage payments or cannot afford to think about buying a home. Given the continued high rates of foreclosure in Illinois, it is important to think about two different issues: how to lessen the number of foreclosures that are currently vacant, and how to prevent foreclosure from happening in the future.
Ending and Preventing Foreclosure in Illinois
To stop new foreclosures from happening, some consumer advocates focus on increasing employment, thereby allowing Illinois homeowners to make their mortgage payments on time with the help of a regular paycheck or to save money in order to buy a home (perhaps one that is vacant due to foreclosure). For Chicagoland residents who do want to buy a home, what are the benefits of buying a property that is currently vacant due to foreclosure?
According to U.S. News & World Report, “several Chicago neighborhoods . . . needed an intervention after the foreclosure crisis peaked around 2010.” Many homeowners vacated residential buildings and single-family houses due to foreclosure. Those properties quickly became “so-called zombie buildings [that] were left empty and in disrepair.” In order to get those properties back to a state where they would be desirable and affordable to new homeowners, Chicago not only took part in HUD’s Neighborhood Stabilization Program (NSP), but it also “created the Micro Market Recovery Program (MMRP) to jump start individual blocks that had a high rate of vacant buildings due to foreclosures.” Community nonprofit groups and the Illinois attorney general’s office, the latter largely from settlements with financial institutions, have contributed to MMRP and funding will continue through the end of 2018. Since its inception, foreclosure filings in Chicago have declined by almost half.
Seek Advice from an Oak Park Foreclosure Defense Lawyer
Do you have questions about avoiding foreclosure? An experienced Oak Park foreclosure defense attorney can help. Contact the Emerson Law Firm to learn more about how we help consumers who are struggling with mortgage payments in Chicagoland.
See Related Blog Posts:
Subscribe to:
Posts (Atom)