Loan Modification Blog » Illinois Foreclosure

U.S. Foreclosures nears the 4 Million Mark

admin — Sat, 12 Dec 2009 09:54:27 +0000

According to RealtyTrac, the U.S. is now reaching the 4 million mark in foreclosure with currently 3.9 million foreclosure notices all ready in motion. That is a whole lot of families/people looking at possibly having to relocate or even become homeless. With the unemployment rate, things are not looking any better either. Overall, this doesn’t fair well with lenders either. The cost to even set a foreclosure in action, little lone follow through is quite high and more lenders are losing out greatly by initiating foreclosures than they are saving their skin. Lenders fair better by negotiating a loan modification with borrowers than they do foreclosures. 1st Foreclosure Prevention can do that for homeowners facing foreclosure. Currently there are four states that are account for more than 50% of the foreclosures in the United States – California, Florida, Illinois, and Michigan. If you live in one of these states, or anywhere in the U.S. and are looking at facing foreclosure or have already been served with foreclosure notice, contact us and let us help you keep your home out of the statistics.

To read more current facts regarding foreclosure and the U.S. foreclosure rate nearing the 4 million mark, read the article attached below.

Bank Foreclosed Properties Lead to the Failing of 9 Banks

admin — Thu, 19 Nov 2009 22:53:53 +0000

The total number of failed banks in the U.S. as of the end of October 2009 tallies 115 with 9 banks recently adding to that number. “Bank foreclosed properties in the states of California, Texas, Illinois and Arizona contributed largely to the collapse of nine banks owned by holding company FBOP Corporation.”

The nine banks involved are subsidiaries of FBOP: Bank USA in Phoenix, San Diego National Bank, California National Bank in Los Angeles, Pacific National Bank in San Francisco, Community Bank in Lemont, Park National Bank in Chicago, North Houston Bank, Citizens National Bank in Teague, Texas and Madisonville Bank in Texas.

“According to FBOP, it suffered huge losses in two areas: preferred stocks in Fannie Mae and Freddie Mac and bank foreclosed properties in the commercial sector.”

Read the full story here: CNN Money http://www.money.cnn.com/2009/10/30/news/economy/fbop_failure/?postversion=2009103023

Illinois Foreclosure

admin — Tue, 11 Aug 2009 17:49:41 +0000

There are only three ways that a foreclosure process can be handled in the state of Illinois. There is no non-judicial foreclosure available. A lender will have to choose from a Judicial, Deed of Lieu, or a Consent Foreclosure.

A judicial foreclosure in Illinois process begins with the lender giving the borrower and any other person entitled by Illinois statute a 30-day notice of intent prior to the courts judgment of foreclosure. The notice of intent to sale will lay out all the terms and conditions of the sale. If the court favors the lender then any sheriff or judge within the county of where the property resides can conduct the sale. After the foreclosure sale of the property, the borrower loses any rights of redemption.

In a Deed in Lieu of Foreclosure, the borrower can willingly just give the deed back to the lender, however loses any interests in the property. If the lender agrees to accept the deed, they lose all rights to claim any deficiency judgment.

In a Consent Foreclosure, the court basically turns the deed over to the lender. The lender loses all rights to a deficiency judgment and the borrower loses all rights to any redemption of the property after this type of foreclosure.

In some cases, a lender may also foreclose by utilizing the common law strict foreclosure method; however, this method is seldom used.

If you live in Illinois and are facing foreclosure, 1st Foreclosure Prevention can help you work with you lender to stop the foreclosure process and help you to save your home.