• 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

  • 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