• Delinquent Homeowners Stay in their Homes up to 15 Months

    Illinois homeowners who are facing the foreclosure process have up to 494 days to stay in their homes before eviction. The time between filing and eviction has increased since the first quarter of 2007. At that time, the average foreclosure lasted all of 243 days and the housing crisis had only just begun.

    Individuals trying to keep their house benefit from the lag time, as well as those who do not want to keep the property. Those wanting to keep the property can utilize the time to attempt a refinance of their mortgage, and those who do not want the house can live rent-free while saving their money. Homeowners can also use the time to attempt a short sale .

    The large volume of foreclosure cases entered into the courts play a large role in slowing down the process. Courts are having a hard time keeping up with the amount of new cases filed on a daily basis. The “robosigning” controversy has added to the slowdown as lenders and loan servicers re-examine their documentation of bad loans.

    Illinois laws also add to the problem, as it requires lenders to work through the courts to foreclose on properties. One such time consuming requirement is a sheriff’s sale that requires setting an actual date with the county sheriff’s office.

    No end to the foreclosure issue is in sight, and the potential of “strategic defaults” by underwater homeowners is on the horizon, adding to the already overloaded court system.

    If you are looking for foreclosure help, contact a Chicago foreclosure attorney. He can review your situation and suggest a course of action.

  • Industrial Surfacing Corp. of Urbana Files for Chapter 11

    Industrial Surfacing Corp. of Urbana, Ill has filed for Chapter 11 bankruptcy protection.  The business is a rock surfacing company that works with electrical and petroleum firms to provide drainage surfaces, erosion abatement, berm construction and more. The company has offices located in Texas, Louisiana and Indiana as well as its office in Illinois. Documents filed in May 2011 list $1.53 million in assets and $4.04 million in liabilities.

    Company President Rodger Ferguson has made no comment about the bankruptcy filing to date.

    Listed in the filing are approximately 2.2 million in secured claims. The largest claim is $1.54 million from Prospect Bank in Champaign and the second largest claim is $410,000 from FCC Equipment Financing of Jacksonville, Fla.

    Unsecured priority claims include $49,465 in gross wages owed to 12 people. Ferguson is owed the largest amount of $25,500. Also listed in the filing is $63,227 in contributions owed to employee benefit plans. The largest unsecured priority claim is $272,253 that is owed to the Internal Revenue Service. Unemployment insurance payments are owed to Illinois, Texas, Louisiana and Michigan.

    Fifty-two creditors are listed for unsecured non-priority claims. The largest claim is for $530,588. Claims for $158,070 and $114,000 are associated with loans made to the business by Rodger Ferguson and Rebecca Ferguson, respectively.

    The $1.53 million in assets include a Cessna airplane, dozens of vehicles, and various pieces of equipment.

    Filing in bankruptcy court is a complex process, one that requires assistance from a bankruptcy professional. Contact a Chicago bankruptcy attorney for help with your situation.