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illinois foreclosure rate

More Snow Piled Up on the Garage

More Snow Piled Up on the Garage

illinois foreclosure rate

Illinois Q3 foreclosures up 31 percent over 2011 – Springfield, IL – The State Journal-Register

Illinois Q3 foreclosures up 31 percent over 2011 – Springfield, IL – The State Journal-Register.

 

We’ve all heard about the $106 million dollar national foreclosure settlement and we’ve all seen that some borrowers are getting short sales approved and balance forgiveness sometimes over $200,000.  However, it is clear from the statistics that the last wave of Great Recession Foreclosures is starting to build and hasn’t hit the beach yet.

I recently heard from a realtor that inventory is really down regarding downtown loop Chicago Condominiums.  That may be true temporarily but these foreclosures will make a huge volume of real estate units available for the 2013 Real Estate Selling Season.

Buyers – you’ve got some good prices on homes coming.

Sellers/Defendant’s in foreclosures – keep a wary eye on modification applications, loan forgiveness offers and short sale approvals – according to Patrick Lang,our US Bankruptcy Trustee, there is over $9 million available to Illinois to fund short sales, loan forgiveness and modifications.  Look to the big servicers for this help:  Wells Fargo, Bank of America, Chase, and a few others for most of these increased offers.

If you get stuck and want to keep your home but can’t get help from the bank – consider Chapter 13 Bankruptcy.  When you have adequate income – it’s the best way to comprehensively reduce debt and save your home.

 

 

We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code. CALL 877-GO-GO-NLO (877-464-6656) FOR A FREE BANKRUPTCY CONSULTATION TODAY! SATURDAY APPOINTMENTS ARE AVAILABLE.