Report Shows Illinois Foreclosures Down, But Still High

Report Shows Illinois Foreclosures Down, But Still High

Richard Fonfrias, J.D.
Chicago’s Financial Rescue & Bankruptcy Lawyer
Fonfrias Law Group, LLC

Illinois foreclosure filings fell in April 2013. Even so, a new report shows that only three states in the country have a higher home foreclosure rate than Illinois.

The numbers tell the story: From March until April 2013, foreclosure related filings dropped 12.0 percent, totaling 10,544 homes. This is a drop of 16.7 percent from the filings in April 2012, according to RealtyTrac Inc., an Irvine, Calif. firm that markets lender-owned properties.

Ed Jacob, Executive Director of the Neighborhood Housing Services of Chicago, Inc., said the national mortgage settlement could have spurred the reduction because it urges lenders to modify past-due loans instead of foreclosing.

Illinois now ranks behind the number of foreclosures in Nevada (360), Florida (363) and Ohio (427), with one home in foreclosure out of every 501 residences.

All foreclosures in Illinois must go through the court system, which is why Illinois is called a judicial state, says Jacob. This results in a longer time period for foreclosure actions. In non-judicial states, lenders can take over homes without going to court.

Of states with the top five foreclosure rates, all are judicial states except for first-place Nevada.

The report says across the U.S., foreclosure filings occurred in only one in 905 homes, dropping 5.1 percent from March and 23.3 percent from the same month in 2012. And while foreclosure filings fell in the Chicago metro area, filings in the city and suburbs are still the 10th highest in the nation, affecting one in every 389 homes.

Akron, Ohio ranked first in metro foreclosure filings, with one for every 211 homes. The remaining cities the top 10 are (1) five in Florida, including Miami, (2) Las Vegas, (3) Columbus, Ohio and (4) Myrtle Beach, S.C.

If you are behind in your mortgage payments and are concerned about losing your home, it is important to speak with a qualified bankruptcy lawyer to learn your options. Richard Fonfrias of the Fonfrias Law Group, an Illinois bankruptcy lawyer and financial rescue expert, has years of experience helping Chicago homeowners avoid home foreclosure and guiding people through the bankruptcy process. Rich Fonfrias offers all types of financial legal services including bankruptcy repair, bankruptcy avoidance, foreclosure avoidance, loan modification services, mortgage repair, credit repair, tax reduction and tax lien services. As a leading Chicago bankruptcy attorney, Rich Fonfrias has the knowledge and expertise to get you started on the road to financial recovery through effective legal strategies.