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Resources for Distressed Homeowners

Posted on in Bankruptcy Attorney

Illinois is one of several states in the US that is still experiencing a large amount of foreclosures. The results from October of this year have the foreclosure rate increasing by 6% over September. Compared to October of last year, that rate has increased by 19%.

The good news is that state and federal governments have noticed these trends and have stepped in to help. Take the federal program Hardest Hit as an example. This program was created in 2011 to offer relief to the unemployed and underemployed homeowners. They have dispersed over $57 million to residents of Illinois up to $25,000 per resident.

Since Illinois ranks third in the nation in past due home loans, there are other steps that the state is doing to help Illinois residents. There has been a push recently to fund more counseling programs for distressed home owners. This counseling has proved very beneficial according to Illinois Housing Development Authority. The executive director of IHDA Mary Kenney said that defaulting homeowners who receive counseling have a 50 percent better chance to receive a loan modification. They are also 67 percent less likely to fall into default again.

If you are in default on your mortgage, there are multiple options that you can use to protect your family and property. When government programs fail, it is your responsibility to look into other options. By declaring for bankruptcy you can receive an automatic stay which may delay foreclosure action. If you have been considering bankruptcy to keep your home, please contact an experienced bankruptcy attorney in Arlington Heights today.

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