The housing industry is constantly evolving, making it difficult to make decisions in today’s economy. In 2017, Illinois real estate market trends point to a growth in sales, and that does not include foreclosure sales. Losing your home to foreclosure is scary for any homeowner. Foreclosures in Illinois are judicial, which means that the lender must file a lawsuit in state court. Once the lender files, the borrower is served the complaint and must file an answer, typically within 30 days. Foreclosures often causes panic for homeowners and leaves them unable to make logical decisions.
Since 2009, foreclosure filings across the country have seen a steady decline. However, it is important for any homeowner to be well-educated on the real estate market in order to avoid costly mistakes. Take a look at the top 10 facts about foreclosures:
- 250,000 families enter into foreclosure every three months
- 60 percent of homeowners do not fully understand the details and terms of their mortgage
- The foreclosure process can typically take anywhere from 60 days to a year
- In 2011, over 3.9 million foreclosures were filed
- The foreclosure process includes 4 steps: pre-foreclosure, Notice of Default (NOD), the foreclosure sale, and the redemption period
- Hiring an attorney is highly recommended during the foreclosure process
- Homeowners often utilize foreclosure mediation to avoid foreclosure
- The median price of homes in Illinois are up 5% compared to last year
- Peoria has the highest number of foreclosure of any county in Illinois
- Total number of foreclosure in Illinois is currently above the nationally average
At the Law Office of Brenda Murzyn, P.C. our firm can explain your options and represent you in legal proceedings if you are facing foreclosure or want to prevent foreclosure. We can help with procedural review, foreclosure appeals, private investor solutions, real estate sales and closing assistance, post sale representation, and buy-back negotiations. Contact us today to learn more!
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