Chicago-area Foreclosures Higher Than Last Year as Lenders Tackle Backlog

Nearly 12,000 homes in the Chicago area received a foreclosure notice during July, RealtyTrac Inc. said on August 9, 2012. The Chicago Tribune reported that the overall number of 11,8885 was down from the 13,092 foreclosure notices in June, but was 37 percent higher than the level of activity in July 2011. "The increase in homes entering the foreclosure process raises the possibility that more properties could end up being foreclosed upon in coming months," the Tribune said.

According to the Tribune, 5,374 homes entered the foreclosure process, 3,274 were scheduled for a court-ordered sale and 3,237 were repossessed by lenders and became bank-owned. Many existing cases languished for more than a year while federal and state authorities were investigating the foreclosure practices of lenders and the industry dealt with allegations that it had processed foreclosures without verifying documents.

"We're seeing a rebound in foreclosure activity off of artificially low levels last year," RealtyTrac Vice President Daren Blomquist told the Chicago Sun-Times. "What we've seen over the past year and a half is kind of a false bottom. The market is reaping the consequences of delaying foreclosures in the form of increased numbers this year."

If you are facing foreclosure, you should know that you can delay the process by filing Chapter 7 bankruptcy or possibly even save your home by filing Chapter 13 bankruptcy. If you want to understand the options that are available to you, either complete the form on this page or contact our firm at (866) 930-7482 to schedule an initial consultation.

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