Chicago Foreclosure Filings Increase in March

 Posted on April 21, 2012 in Foreclosure

A recent report from RealtyTrac indicates that March foreclosure filings in the Chicago metropolitan area rose by 18.5% from March, 2011, and by 1.8% from February, 2012. There were a total of 12,818 foreclosure filings in March, which is equal to one in every 296 homes.

Unfortunately, the foreclosure rate in the Chicago area and in Illinois as a whole was higher than the rest of the nation. In the first quarter of 2012, Illinois had the third highest foreclosure total in the United States, while the number of homes with new foreclosure filings nationwide actually dropped over last year.

Another recently released report shows that new foreclosure filings in the Chicago metropolitan area were based on a growing number of conventional mortgages, as opposed to government-backed fixed rate loans and adjustable rate or balloon mortgages. Additionally, almost 25% of new foreclosure filings concerned loans that originated before 2005. This information reveals that while homeowners have managed to maintain their monthly mortgage payments for six years or more, the deepening economic crisis has finally forced them into foreclosure. Moreover, even homeowners who took on conventional mortgages, as opposed to riskier adjustable rate mortgages, have fallen prey to the nation's wave of foreclosures in recent years.

If you are facing foreclosure and the loss of your home, you may have foreclosure alternatives to resolve your situation. Obtaining a loan modification is one way in which you may be able to avoid foreclosure. Contact an experienced foreclosure defense attorney today to discuss your options.