The Covid-19 pandemic has wreaked havoc on the real estate market. As people lost their jobs and companies shut down in the hundreds, many found their properties go into foreclosure as they failed to make timely payments.
The State Of Foreclosures in Illinois
According to a Foreclosure Market Report from ATTOM, foreclosures in Illinois were at an all-time high in 2021. It had the highest foreclosure rate in the country. According to the report, one in every 3,848 housing units had a foreclosure filing per month. Besides Illinois, other states that experienced foreclosures on a large scale included Delaware, Nevada, and New Jersey.
ATTOM discovered these national figures from foreclosure filings entered into its database. The data itself covered 3,000 countries across the nation and over 99 percent of its population. The company evaluated more than 200 metro areas and found that Rockford had the fourth, and Chicago had the third most foreclosures in the state.
The foreclosure process started in August when lenders couldn’t wait anymore. They foreclosed more than 8,000 properties across the country during that time. This was a 27 percent increase from the month before and an almost 50 percent increase from 2020.
A Light at the End of the Tunnel
Even though foreclosures were high in September, ATTOM Executive Vice President Rick Sharga believes they are far from historically normal figures. For example, foreclosure rates were almost 70 percent lower than pre-pandemic numbers, and the total number of foreclosure activities was just 10 percent less than that.
However, even though numbers seem to be normalizing, many borrowers are leaving forbearance programs. Only time will tell whether Illinois foreclosures will follow the same trajectory or slow down and return to normal levels.
The Five Phases of an Illinois Foreclosure
The foreclosure process can differ by state, but the common phases it follows are the same nationwide:
- A borrower defaults on a loan.
- The borrower receives a notice of default from the lender.
- The county office records a notice of trustee’s sale.
- The property is sold at a public auction. The lender becomes the property owner if it doesn’t sell.
Contact the Lawyers at Covert Marrero Covert LLP for Foreclosure Issues
If you received a notice for foreclosure on your property, know that it is not the end of the world. You may think you need to face the issue alone, but you don’t have to if you have sound legal representation. Get in touch with the dedicated Illinois foreclosure defense lawyers at Covert Marrero Covert LLP for legal representation. We can help you find the solutions you need.
The faster you act after receiving the notice, the better. We can help you develop a payment schedule, modify your mortgage agreement or even file for bankruptcy to stop the foreclosure. Just book a consultation with us at our Warrenville, Naperville, or Schaumburg offices.
Our attorneys are dedicated to aiding people who think they are cornered and have no way out of their dilemma. We have years of experience helping people like you who were in worse circumstances.