Last Year's Chicago-Area Home Foreclosure Numbers Don't Look Pretty

CHICAGO, IL, February 13, 2013 (Press-News.org) Behind every home foreclosure is a person.

You never thought you'd lose your job. Or that you'd get sick or injured and find yourself unable to work.

You never thought you'd have to scrape for the money to make a mortgage payment.

You never thought you'd get so behind you'd go into default, and have to deal with a mortgage lender, who may or may not be all that interested in helping you solve the problem so you can save your home.

But when these things happen, it's all you worry about. This is your "legal problem," as if such a problem could be described so neatly.

'Pain in the Housing Market'

And as Mary Ellen Podmolik reports for the Chicago Tribune, this "legal problem" - home foreclosure - hit more homeowners in Chicago last year than since the recession began.

Podmolik quotes an associate with a public policy and research group, who said:

"There's going to be pain in the housing market in the short term. There's still high levels of filings. Five years into it, there is still work to be done to help people save their homes."

The Chicago-area Foreclosure Numbers

Here are the applicable 2012 numbers, according to Podmolik, which do show significant pain in the Chicago housing market:

- 66,783 = number of initial default notices sent to homeowners
- 2,415 = number of Cook County homes recently repossessed by Fannie Mae and Freddie Mac
- 2.3% = decrease in home prices in December as compared to the prior year
- 20 = number of communities within the city of Chicago where one in 10 single-family and multi-family homes have gone through foreclosure since 2008

So, if there's this much pain, what exactly is to be done to help people save their homes?

There Are Solutions to the Legal Problem of Home Foreclosure

There is no one-size-fits-all solution. If you're struggling to make ends meet or you're well into the foreclosure process, one or more of these solutions might be right for you:

- You can file for Chapter 13 bankruptcy
- You can go after a home loan modification or mortgage restructuring
- You can do a short sale
- You can do a deed in lieu of foreclosure

These aren't your only options, but they are worth considering. Consult an experienced bankruptcy and consumer rights lawyer for more information.
Source: Surge in foreclosure auctions shows Chicago-area market's pain.

At Ledford & Wu, we fight foreclosure actions on behalf of our clients. We can use proven legal strategies to stop foreclosure, or give you the time you need to find a suitable alternative.

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Chicago, IL 60604
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