Foreclosure Filings in Chicago remain Elevated

RealtyTrac reports that the number of foreclosures in the Chicago-metropolitan area fell nearly 16 percent in March, when compared to last year. We may not be out of the woods though, as the foreclosure number jumped more than 23 percent, when compared to February, according to The Herald-News.

As more and more homes are lost in the area, homeowners continue to seek bankruptcy protection to stop foreclosure in Chicago.
Our Chicago bankruptcy lawyers understand there is a way to secure your financial future after navigating through these financial speed bumps. An experienced attorney can help you determine the best options for your situation and help you get your finances back on track. Our attorneys continue to assist clients struggling with mortgage debt to determine the best course of action.

Even though recent statistics show that foreclosure activity is at a national low in the last three years, experts are convinced that we're still not in the clear. Much of the slowdown is being attributed to legal problems plaguing banks and to more aggressive defense of homeowners.

The number of homes receiving foreclosure filings dropped more than 28 percent in the Chicago area in the first-quarter of this year from the first quarter of 2010. But Chicago still saw more than 30,000 filings.

Last month alone, filings were made on nearly 11,000 homes in the Chicago-metropolitan area. These filings were down nearly 1,000 from March of last year, but up 2,000 when compared to February.

"The nation's housing market continued to languish in the first quarter," James Saccacio, chief executive officer of RealtyTrac said in a statement. "Weak demand, declining home prices and the lack of credit availability are weighing heavily on the market, which is still facing the dual threat of a looming shadow inventory of distressed properties and the probability that foreclosure activity will begin to increase again as lenders and servicers gradually work their way through the backlog of thousands of foreclosures that have been delayed due to improperly processed paperwork."

Nationally, foreclosure filings were reported on nearly 240,000 homes in March, down more than 34 percent from March 2010, but up nearly 7 percent from February.

If you need to speak to a Chicago bankruptcy attorney call the DebtStoppers Bankruptcy Law Firm at 800-440-7235 today for a free debt analysis.

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