Foreclosure 'Rain Delay' Coming To an End

While home foreclosure activity in Illinois rose 9.7 percent in October compared to the previous month, the number was almost 26.2 percent lower than in October of last year when the rate was seventh-highest nationally. Crain's Chicago Business reported on November 10, 2011, that a report from RealtyTrac Inc. found that Illinois had 12,522 foreclosure-related filings in October, or one for every 423 housing units in the state.

Crain's said the state's numbers mirrored the national figures for people needing foreclosure help, as RealtyTrac found 230,678 foreclosure filings reported in October represented one in every 563 housing units.

"The October foreclosure numbers continue to show strong signs that foreclosure activity is coming out of the rain delay we’ve been in for the past year as lenders corrected foreclosure paperwork and processing problems," RealtyTrac CEO James Saccacio said in a statement, according to Crain's. "However, recent state court rulings and new state laws keep changing the rules of the foreclosure game on the fly, creating more uncertainty in the housing market and threatening to prolong the road to a robust real estate recovery."

If the ever-changing rules of foreclosure are leaving you with questions about what options you have, our Chicago bankruptcy lawyer can show you how filing Chapter 7 or Chapter 13 will help end debt collector harassment and help you get deserved relief today.

Benjamin Brand Services - Chicago bankruptcy attorney

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