Foreclosure Process Slowing Down, But Not Going Away

The median number of days to resolve foreclosure cases rose 25.5 percent compared with a year ago in the Chicago area for the three months ended in June, the Chicago Tribune reported on September 22, 2011. A report released by the Woodstock Institute also dais processing times are up almost 51 percent compared with three years ago.

During this year’s second quarter, it took a median 363 days to move a foreclosure case through the court system in Cook County, 390 days in Kane County and 307 days in McHenry County, the Tribune reported. While longer processing times and the lowest number of completed foreclosure auctions completed since the housing crisis began are giving homeowners more time to try and save their homes, the Tribune noted that the number of delinquent homeowners is again on the rise. State and federal investigation of mortgage servicers' internal processes put a temporary hold on cases, but August also saw "a dramatic leap in new foreclosure filings" that will add to the backlog.

Sarah Duda, a senior research and project associate at the Woodstock Institute, told the Tribune, "If the reason why auctions are down is that people’s homes are being saved, that’s really positive. But I don’t think that’s what’s happening." Indeed, time is rarely on the side of homeowners facing foreclosure. If you need foreclosure help now, our Chicago bankruptcy lawyers can provide you with all the necessary Chapter 13 or Chapter 7 bankruptcy information you will need to help you save your home. Filing for bankruptcy can help you eliminate bills and stop foreclosure, but it is imperative that you contact our firm for a free consultation so we can help you get deserved relief today.

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