Monday, February 16, 2015

Foreclosure Rates Drop, But Empty Chicago Homes Remain

According to recent data, foreclosure rates are dropping nationwide. Despite this news, the time it takes for a property to be foreclosed upon and then clear the market is taking longer. According to a recent Chicago Sun-Times article, the longest foreclosure process in the country takes place in Chicago, where it takes almost 2 ½ years from initial filing of a foreclosure through the auction of the home. Part of the reason for the delay, the article notes, is the large backlog of foreclosure cases still going through the Illinois court system.

Foreclosure Defense

The law allows for several strategies to defend against foreclosure. One strategy involves seeking an alternative to the foreclosure process. Some alternatives to foreclosure include deed in lieu of foreclosure, short sales, and loan modifications. Each case is different and, therefore, an experienced and aggressive foreclosure defense attorney should be retained. Don’t take the risk of trying to protect your home without qualified assistance. If you or someone you know is facing foreclosure, contact an experienced Illinois foreclosure defense attorney right away.

Another strategy involves finding out whether or not you’ve been a victim of fraud. During the economic recession, thousands upon thousands of homeowners in America lost their properties to banks and service companies who were “robo-signing” foreclosures. Due to a prevalence of individuals with little to no training in the field, documents were rushed through the foreclosure process with false signatures, inaccurate information, and minimal (if any) document review.

Still, another strategy used in foreclosure defense is challenging the bank’s right to retake ownership of the property. Before a lender can foreclose on a residence, they must be in possession of certain items relating to the loan. Specifically, the bank must present the original note to the court. Because of the mortgage-backed securities market, many loans were sliced into multiple parts and resold to third parties as investment opportunities. As a result, many notes were separated from the actual loans.

We Are Here to Help

An experienced Illinois foreclosure defense attorney can provide a homeowner with legal advice on rights and obligations relating to the property at issue and find options still available under the law. Contact the Law Offices of Gilbert C. Schumm for help with foreclosure defense. Our firm services clients in Arlington Heights, Mt. Prospect, Hoffman Estates, and Hanover Park areas. With over 35 years of experience, our firm’s attorneys will be adamant in protecting your rights during the foreclosure process. Contact (847) 559-9109 to schedule your initial consultation.

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