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Illinois foreclosure: A family's fight to keep their home

It could be said that this Illinois family had it all. He was a small business owner, and she was a medical doctor with a master's degree from an Ivy League school, and the couple was able to send their two children to a private school. They had a house in the neighborhood of Beverly that they bought in 1992. When tragedy struck their family, the bank didn't care. The family has been fighting to keep their home out of foreclosure ever since.

In 2002, the couple opened a book store. Four years in, the husband had a serious car accident, and he is now paralyzed. They were okay for a while, but then things started to go downhill as all of their funds were depleted. The wife called the bank to see what could be done -- after all, they had good credit and hadn't missed a payment in 16 years. The bank simply told her not to miss a payment.

As their financial situation continued to deteriorate, the family needed a loan modification in order to keep their home. It has been at least four years since the family began the process. They have used every government service available. There is a room in their home dedicated to the mountains of paperwork required by her lender. After all this time, the family finally got their loan modification, but now the loan has been sold and it still needs to be finalized.

For many people in Illinois, this story is all too familiar. A simple change of the personal facts and this could be any number of families in our state. There are rumors that the economy is on the mend. However, for many homeowners that are still facing foreclosure, the recovery isn't coming fast enough. For homeowners that aren't able to keep their homes, bankruptcy could help get a fresh start financially. It could help put the recession in the past so families can focus on the future.

Source: Chicago Tribune, "One family's fight to escape foreclosure," Dawn Turner Trice, July 18, 2013

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