• 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

  • Not Many Positives To Be Found In Latest Reports About Negative Equity, Delinquency Rates

    Delinquency rates rose in the June-to-September period for the first time since the last three months of 2009, the Associated Press reported on November 8, 2011. According to a report from TransUnion, 5.88 percent of homeowners missed two or more payments in the third quarter. That first sign of needing foreclosure help was an increase from 5.82 percent in the second quarter of 2011. The AP noted that the rise surprised TransUnion researchers who previously forecast late payments to fall for the quarter.

    A separate report also showed that 46.2 percent of single-family homeowners in the Chicago metropolitan area in the third quarter had negative equity. According to the AP, a report from Zillow Inc. found an increase from the 32.9 percent of homeowners who owed more on their mortgages than their homes were worth a year earlier.

    TransUnion is now forecasting a few quarters of elevated nonpayment rates due to the uncertain economic outlook, although the AP said the company still expects the delinquency rate to resume declining in 2012. The widespread problems that saw an increase in delinquency rates for all but 10 states and the District of Columbia could likely lead to many homeowners considering the benefits of filing for Chapter 13 or Chapter 7 bankruptcy .

    “More and more homeowners are likely to struggle,” Tim Martin, group vice president of U.S. Housing in TransUnion’s financial services business unit, told the AP. “I’m not sure this is a one-quarter blip.” If you are tired of struggling and want the help of an experienced Chicago bankruptcy lawyer in filing a bankruptcy means test , contact our office today to set up a free consultation.

    Benjamin Brand Services – Chicago bankruptcy attorney