Illinois ranks third in the nation for foreclosure numbers

Illinois has the third highest rate of foreclosures in the nation. In the month of November approximately 13,520 property owners received a foreclosure notice from their lender. For 11 straight months the number of foreclosures in Illinois has risen from the same month just one year ago.

Cook County saw the majority of the foreclosure activity in November throughout Illinois. The good news is that the number of foreclosures in November was less than the number just one month prior in October. Nationwide, foreclosure rates continue to drop. Those in real estate are hoping this steady decline in new foreclosures is an indication that the worst of the housing crisis has past.

Repossession of properties has risen, however. Many believe this is the result of lenders finally being able to complete foreclosures in light of the settlement of the "robo-signing" scandal that halted many foreclosures around the country. Properties that have been stuck in limbo during that time, some for up to two years, are finally being moved through the system.

For Illinois homeowners that have received a foreclosure notice, bankruptcy may be a viable option. Filing for bankruptcy protection would halt the foreclosure process during the bankruptcy unless the lender receives permission to continue the foreclosure from the bankruptcy court. Regardless, filing bankruptcy would give homeowners some much needed time and space to figure out their financial issues. During this time, homeowners can either try to work out a modification with their lender or decide to walk away from their property with a fresh start.

Source: Chicago Business Journal, "Illinois foreclosure rate is third-highest in nation," Dec. 13, 2012

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