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/

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Backlog in Illinois Foreclosures

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