• Homeowners in Foreclosure Demand Moratorium on Evictions

    More than 100 residents called on Cook County Board President Toni Preckwinkle and Cook County Sheriff Thomas Dart to place a one-year moratorium on foreclosure evictions during a community meeting held on the Chicago’s West Side on August 9, 2012. As we noted last week, more homeowners in the Chicago area are in need of foreclosure help after the number of notices in July was 37 percent higher than it was in 2011. As lenders continue to clear out a backlog, the number is expected to increase.

    The investigative reporting magazine In These Times reported that Mary Bonelli was one of the residents in attendance at the community meeting. Her family has lived in the same home in Chicago’s Belmont-Cragin neighborhood for three generations, but could now be thrown out by the bank servicing her mortgage.  “I am 76 years old and I’m dying of cancer,” Bonelli said, according to In These Times. “But that’s not the reason I’m here today. It’s because Fifth Third bank is trying to take my house away from me. We moved here in 1958. The bank never told me the house was in foreclosure. … I want to stay in my home. That is why we need a one-year moratorium.”

    Preckwinkle and Dart were both sympathetic, but neither committed to placing a stay on evictions. If you have received a foreclosure notice, filing Chapter 7 or Chapter 13 bankruptcy will trigger an automatic stay that stops most actions against your property. If you are facing foreclosure and want to understand all of the options available to you, contact our firm at (866) 930-7482 or complete the form on this page to set up a free consultation with our Chicago bankruptcy lawyers.

    Benjamin Brand Services – Chicago bankruptcy attorneys

  • 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.

    Benjamin Brand Services – Chicago bankruptcy attorneys