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For many homeowners, a loan modification request is much like a ride on a Ferris wheel. The lender offers assistance through HAMP or some other federal program, raising hopes and expectations. Then, the bank suddenly withdraws its offer, many times based on technical grounds, such as turning in documents a day or two late, a Debt To Income ration that is a few points too low or a Loan To Value ratio that is a few points too high. This rejection is followed swiftly by another assistance offer, and the wheel starts moving again.

All this time, the bank is generally not accepting partial payments, so the delinquency keeps getting higher and higher. Eventually, the Ferris wheel stops. The lender soberly declares that the delinquent amount is too high to be repaid. Foreclosure follows.

Chapter 13 Bankruptcy may offer distressed homeowners a way to get off the Ferris wheel and get on the tram that takes you where you want to go.

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The bankruptcy filing rate is at its lowest point in seven years for most everywhere in the country, except for the Land of Lincoln and a few other states.

November 2014 filings were down 16 percent, when compared to November 2013. Much of the decrease was due to a much lower commercial bankruptcy filing volume. These new filings were down 27 percent. One observer pointed to a combination of high filing costs, low consumer spending and low interest rates as being primarily responsible for the decline.

Illinois, however, had the fifth-highest per capita bankruptcy filing rate in the country. Its 4.72 filings per 1,000 people was eclipsed only by Tennessee (6.22), Alabama (5.34), Georgia (5.30) and Utah (4.93).

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In 2008, the U.S. real estate market witnessed a devastating turn of events as the market erupted in a resounding collapse leading toward record-breaking foreclosures and the lowering of market value pricing across the U.S.

At the time, Dean Baker, co-director for the Center for Economic and Policy Research, based in Washington, D.C., laid blame on a lengthy list of “villains” responsible for the housing crisis as homeowners opted for foreclosure or watched as their equity holdings deeply plummeted.

Baker advised lenders that perhaps the best way to prevent any future bubble was to prevent the bubble from forming in the first place.

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Are you currently experiencing the onset of extreme financial hardship and perhaps thinking of tipping your hand and cashing it in when it comes to your home mortgage? Perhaps you should think again. Saving your home may be worth the fight because in all reality, your mortgage lender actually does not want to repossess your home.

As defined by QFINANCE, a collaborative effort of over 300 of the world's leading financial professionals, repossession is simply the return of merchandise after a period of default of time payments. Statistically defined, one in every 1126 homes throughout the United States are currently under foreclosure status as of August 2014.

Although easily defined by the professionals, the definition surely becomes more involved as it pertains to your personal financial security and quality of life. Before placing a call to an experienced foreclosure attorney to discuss your options, take note of why the bank really does not want to enter into the foreclosure process. Quite simply, they are not in the real estate industry to produce profit from the short sale of your home. Perhaps better understanding of why your mortgage lender is not breaking down your door to repossess your home may provide you with better insight of what the future may hold before seeking professional legal counsel.

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RealtyTrac®, the leader in online real estate market data recently released its Midyear 2014 U.S. Foreclosure Market Report™. There is good news and there is bad news. The good news, as of July 2014, the national foreclosure rate dropped to 16 percent, matching the lowest level since the burst of the housing bubble in 2006.

The bad news, some states are still exhibiting a high rate of foreclosure with Illinois filling the number three spot for the first half of 2014. Although the good news supports that there may no longer be a foreclosure infestation, Illinois accompanied by Florida, Maryland, New Jersey and Nevada have yet to make it out of the formidable foreclosure forest.

RealtyTrac® data for Illinois foreclosure rates was based on a total of 42,866 properties initiating foreclosure filings during the first half of 2014. Data derived supports that at least one in every 123 Illinois homeowners were facing the reality of losing their homes or rental property, with probably a large percentage seeking the services of a qualified Illinois foreclosure attorney.

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