Backlog in Illinois Foreclosures

Foreclosure activity built slowly in Illinois in 2012 because courts handle foreclosures, but is beginning to pick up pace

2012-08-03

August 03, 2012 (Press-News.org) Backlog in Illinois Foreclosures

Amidst the 2010 and 2011 allegations of improprieties in foreclosures affecting thousands of homeowners, the nation's five largest mortgage lenders put a temporary moratorium on foreclosure activity while they investigated their foreclosureprocesses. Once the lenders had reached a settlement in the "robo-signing" controversy with the federal and state governments in February 2012, they were free to resume foreclosures. Foreclosure activity built slowly in Illinois because state law requires foreclosures to be processed through the courts, but is beginning to pick up pace.

Illinois Foreclosure Statistics

In June 2012, Illinois had one of the highest foreclosure rates in the U.S., with one in every 666 housing units in foreclosure, according to online foreclosure database RealtyTrac. Experts say that a situation that had been building during the end of 2011 and first quarter of 2012 is finally coming to a head.

Foreclosure initiations in Illinois started on par with other states after the settlement, but completions lagged because of the state's relatively slow foreclosure process. Now, while foreclosure rates in other states are falling as lenders have worked their ways through the backlog of defaulted mortgages, the foreclosure rate in Illinois is surging.

Suggested Changes to the Foreclosure Process

According to Illinois Pro Bono, the average foreclosure in Illinois takes about nine months. Lenders must obtain court approval for all foreclosures, and homeowners have the right to redeem their houses up to seven months after receiving personal service of the foreclosure summonses or three months after the court orders the sale of the properties, whichever is later.

In early 2011, the Illinois Supreme Court formed a committee to study the state's foreclosure process and suggest possible improvements. The committee reported its recommendations to the court in the spring of 2012. Among the suggestions were ways to make homeowners more aware of their rights during foreclosure and requiring foreclosure sales to be held within 45 days after the redemption period expiration so there is not a glut of foreclosed homes awaiting sale.

Speak with an Attorney

Now that mortgage lenders have resumed foreclosure activity, the reprieve is over for many struggling homeowners. They will again have to face the possibility of losing their homes. If you are having trouble making your mortgage payment and fear foreclosure, talk to an experienced foreclosure defense attorney who can advise you of your options.

Article provided by Ryan Law Offices
Visit us at http://www.ryan-lawoffices.com/

ELSE PRESS RELEASES FROM THIS DATE:

Bank Settlement Brings a Spike in Foreclosure Activity

2012-08-03

Bank Settlement Brings a Spike in Foreclosure Activity Foreclosure rates plummeted in 2011 due to widespread allegations that the nation's biggest mortgage lenders had committed improprieties in the foreclosure process by failing to verify the documentation in thousands of foreclosures across the country. Prompted by the so-called "robo-signing" scandal, several major mortgage lenders suspended their foreclosure activities during the investigation and ensuing settlement negotiations with state and federal government officials. In February 2012, five major ...

Divorce Can Impact Finances

2012-08-03

Divorce Can Impact Finances Most people are aware of how divorce can affect a person emotionally and socially. Few people consider the changes that divorce can bring to a person's financial situation, however. People considering divorceshould be aware of the ways that divorce may impact them financially. Two Households When married people split, they create two households where there was previously only one. As such, they necessarily double their living expenses such as rent or mortgage payments, utilities, groceries, homeowner's or renter's insurance, health insurance ...

Staying Together for the Children May Do More Harm Than Good

2012-08-03

Staying Together for the Children May Do More Harm Than Good Conventional wisdom promotes parents staying in an unhappy marriage "for the sake of the children." Many believe that children are better off with both parents in the home, even if the parents' marriage has failed. However, some experts suggest divorcemay be more beneficial for children than having parents who are together and unhappily married. Happy Parents Are Good Role Models Parents who are happy generally raise children who are happy. The parenting skills of those who are trapped in failed ...

More Divorced Women Are Paying Child Support, Alimony

2012-08-03

More Divorced Women Are Paying Child Support, Alimony Divorce attorneys are seeing a growing number of women pay alimony and child support to former male spouses in California and across the country. The trend represents thousands of women paying their former husbands in a reversal of traditional divorce roles. According a survey of the American Academy of Matrimonial Lawyers, half of divorce attorneys have seen an increase in the number of divorced women paying child support and alimony, which is also known as spousal support. Why Are More Women Paying? The ...

"Grey Divorces" on the Rise

2012-08-03

"Grey Divorces" on the Rise Divorce professionals are witnessing a steady rise in the number of divorces involving couples over age 50 -- so-called "grey divorces." Researchers are pointing to a number of reasons for this trend. Baby boomers in most grey divorces have more self-oriented expectations about marriage. Many are deciding to focus on personal goals and interests after they've finished raising their kids. With life expectancy increasing, many marriages are now ending in divorceas couples seek fulfillment in retirement as singles. Statistics Whatever ...

Take Action to Avoid Foreclosure

2012-08-03

Take Action to Avoid Foreclosure Since the U.S housing bubble burst in 2005, a wave of home foreclosures has crashed over the nation. The number of people who lost their homes to foreclosure in the years since then has reached unprecedented levels. While the economy shows signs of improvement, many homeowners in Kentucky and across the U.S. are struggling to make mortgage payments and are worried that they might lose their homes. Many feel like they have no options, but there are steps people can take to prevent foreclosure. Getting Rid of the HouseIf a homeowner ...

e-DBA nominated for three UK Oracle User Group Awards (UKOUG)

2012-08-03

e-DBA, an Oracle Platinum Partner specialising in the provision of Oracle Software, Hardware and 24/7 managed services, has been nominated for three awards by the UK Oracle User Group. These nominations, which recognise the company's success in the past year, are for Oracle Managed Service Partner of the Year, Oracle Database Partner of the Year, and Oracle General Business Partner of the Year. UKOUG provides Oracle users with the opportunity to influence the design, efficiency and technology that is vital to the Oracle community. The membership organisation was developed ...

Meet Dr. Aaron Wood, The Newest McKinney Dentist

2012-08-03

Dr. Aaron Wood is the newest dentist to join the practice at McKinney Dentist, joining Dr. Berlin, Dr. Markham, and Dr. Lynch in providing top quality care for residents of McKinney, TX and the surrounding areas. About Dr. Wood Dr. Wood was born in Houston but spent most of his growing up years in Utah. He earned a bachelor's degree in Chinese from Brigham Young University before moving to San Antonio to attend dental school at the University of Texas Health Science Center. His passions for dentistry and helping people make him one of the best dentists patients could ...

Producer Myles William Announces The Release of The Jay Watts Mixtape "King"

2012-08-03

On July 20, seemingly against all odds, Jay Watts mixtape "King", a Myles William production, was released. The mixtape is currently available on DATPIFF.com. http://www.datpiff.com/Jay-Watts-Jay-Wattsking-mixtape.375301.html. Fueled by the findings of a cancerous mass on his kidney Jay Watts contacted New York City producer, Myles William, and set up a session to record his entire mixtape. Myles said, "I was upset to hear about what was going on with Jay Watts. Its not right when you hear about a 19 year old with a serious health issue like this, but ...

The Lozano Law Firm, PLLC Has Expanded Operations to Help With the Deferred Action Process

2012-08-03

The Lozano Law Firm, a San Antonio and San Angelo TX immigration law firm, has expanded operations by expanding offices and hiring additional staff to help with the new Deferred Action process. "Unfortunately there is incorrect information being disseminated to the public regarding the new policy and Deferred Action process. It is important to receive correct information from an expert before taking action," said Attorney Alfredo Lozano, the owner of The Lozano Law Firm, PLLC. As of June 15, 2012 the U.S. Government has stopped deporting certain undocumented ...

LAST 30 PRESS RELEASES:

The Lancet Diabetes & Endocrinology: Higher doses of semaglutide can safely enhance weight loss and improve health for adults living with obesity, two new clinical trials confirm