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Foreclosure Rate Remains High in Illinois

Posted on in Foreclosure

In last August, the foreclosure rate of Illinois was the highest in the nation. However, it has decreased gradually in September and October, although the rate still remains relatively high, according to the Chicago Tribune.

In September, over 14,000 homes in Illinois were the subject of a foreclosure filing. The filings included initial notices of default, notices that a court-ordered sale of the property had been scheduled, and homes repossessed by the lender. In Cook County, which has the highest population of any county in the state, the foreclosure rate decreased from August of this year, but is 18 percent higher than a year ago in September. Foreclosure matters should be handled with the assistance of highly qualified attorneys.

Foreclosure rates have declined on a national level and have been lowest this year since July of 2007. The national decline is driven by improvement in large states which do not rely on the courts to process actions. For example, in California, Texas, Arizona and Michigan the situation has improved during the year, according to Realty Trac, which collects foreclosure data from all over the country. In states such as Illinois and Florida, where the foreclosure process is handled by local court systems, the average time to foreclosure is still high. On average, it takes almost 700 days to complete a foreclosure action in Illinois.

If you are facing foreclosure, you should take action and ensure that you have the best possible representation available. A highly skilled foreclosure attorney can be invaluable in defending your rights when being foreclosed upon. Contact an experienced and knowledgeable bankruptcy lawyer in Illinois at your earliest convenience.

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