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Numerous Illinois Homes in Foreclosure Purgatory

Posted on in Bankruptcy Attorney

A new study from the Woodstock Institute shows that there are many homes across Illinois that have been in the foreclosure process for several years without resolution. In Cook County alone, there are up to 8,000 residential homes that have been in the foreclosure process for three years.

The study indicates that when owners feel like there's no way out, the properties end up abandoned. If you are worried about threats from the bank and an impending foreclosure, you should hire an Illinois bankruptcy attorney to talk you through how bankruptcy can give you relief.

Especially where the homes are vacant, lenders may abandon them, leaving neighborhoods with empty homes and seemingly no next step. In this situation, according to a Woodstock Institute Spencer Cowan, there's no one with a vested interest in the property any longer, so nobody wins.

The Woodstock Institute looked at more than 130,000 cases in Cook County filed between the years 2008 and 2010 to discover the end result. Many of the properties eventually were owned by the bank, another third were resolved through short sales, deeds, or mortgage loan modifications, and a little more than 5 percent were still “stuck” in the system three years after the initial case filing.

If your bank has already initiated the foreclosure process, you need to consult with an attorney who is familiar with bankruptcy and foreclosure defense. Bankruptcy has some big benefits for those being foreclosed upon since you have some negotiating room to keep your property or to obtain better terms. You may be able to delay or avoid foreclosure by initiating the bankruptcy process.

When you file bankruptcy, your property may become protected under an automatic stay provision. This requires that all collection activity on the property stops immediately. To learn more about how bankruptcy can help you in your foreclosure, contact an Illinois bankruptcy attorney today.

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