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Foreclosure Archives

Even Chicago's ex-NBA stars not exempt from foreclosure woes

The nation is in the grip of one of the worst foreclosure crises ever. The Chicago area is no exception. Mortgage lenders issue foreclosure summonses after a borrower has fallen behind on payments. The intent, of course, is to prompt the homeowner to catch up on payments, or if that is still not possible, then the lender will take ownership of the house and sell it at auction to recover a portion of their loan.

Illinois foreclosure prevention for many homeowners

The state of Illinois has had to endure a large amount of foreclosures, particularly in three counties. The Senator recently hosted the Illinois Mortgage Relief Project to help struggling homeowners avoid foreclosure. Homeowners were given the opportunity to meet with lenders and obtain a vast amount of resources to help stay in their homes.

Foreclosure rate in Illinois still in the top 5 nationally

Thousands of homeowners who are still struggling with their mortgage loans may not believe that foreclosure rates are down nationwide. Many of those homeowners are in Illinois, which is still at the top of foreclosure rate list. Illinois and three other states still have rates above six percent. Nationwide it is estimated that approximately 20 million Americans have lost their homes during the recession.

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.

Rules of foreclosure are explained by the Illinois Supreme Court

Back in February, the Illinois Supreme Court instituted some rules designed to protect homeowners involved in foreclosure proceedings. The new rules require lenders to give the court certain assurances prior to receiving a final judgment in a foreclosure case. Those assurances surround whether a homeowner has been notified of any options available to them before a foreclosure such as a loan modification. It also requires the lender to certify to the court that the homeowner was made aware of that legal proceedings had been filed against him or her.

R. Kelly loses Illinois home to foreclosure

Illinois residents may take solace in the fact that even celebrities have not been immune to the effects of the recession. Until recently, singer R. Kelly owned a home in Chicago that is reported to be worth upwards of $5 million. The home was recently sold at a foreclosure auction for $950,000.

Illinois foreclosure: Some foreclosures may have been left undone

Some former homeowners in Illinois may discover that they are still the legal owner of the home their lender supposedly foreclosed. In a housing crisis that didn't need any other complications, a new rash of what are being termed as "zombie foreclosures" is cropping up. In these cases, the foreclosure was not properly completed by the lender in some manner.

New law in Illinois may save some homeowners from foreclosure

There is a new law in Illinois that is set to take effect on June 1. The new law has to do with the foreclosure process and assistance for homeowners that find themselves facing foreclosure. It is hoped that this law will help the housing market recover and perhaps even save some homeowners from losing their homes.

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