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.
Follow Us!