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highest foreclosure rate in us

Vacant Lot & Alley Chicago

Vacant Lot & Alley Chicago

highest foreclosure rate in us

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Illinois posts highest foreclosure rate in U.S. in August – chicagotribune.com.

This is an article that my colleagues and I have discussed while waiting to be called in Bankruptcy Court.  Everybody can see the incredibly high volumes.  The largest firms in our County, Codilis & Associates and Pierce and Associates continue to run at the red line in trying to accommodate this volume.  Two things can be said:  1)  The lack of any reasonable way to restructure these home loans in Chapter 13 is to blame for the necessity to foreclose on these home  2)  The lack of good employment income is clearly why people are simply walking away.  3)  The need for Chapter 7 discharges of deficiency judgments will be great starting in Spring of 2013.

 

The big question – do you think this is it?  Do you think we have reached the peak of foreclosure volume?  My best is yes?  What do you think?

Update:  Summer 2013.  Foreclosure Filings are steady, but the need to discharge deficiency judgments has decreased as less deficiency judgments are seen.  This is primarily because the home values are rising and banks are increasingly interested in taking back properties to sell themselves.  The motivations are simple – profit maximization.  What’s been lost is the overall goal of increasing overall home ownership.  Over the last 6 years we’ve lost most of the gains made in home ownership.  Is this wrong?  Probably not, the great recession is a good example of over promoting home ownership to such an extreme level that  many people who aren’t qualified to own a home end up owning a home, losing it and filing bankruptcy to pick up the pieces.

The long term solution is simple balance.  We should make it easy for qualified people to own a home.  Over promotion of the mortgage interest rate deduction needs to stop.  Instead, incentives should focus on the rent stabilization and moderate equity building potential of a home as opposed to interest tax deductions which ultimately encourage over borrowing.

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