Foreclosure Filings Increase in Illinois

While a brief slowdown in foreclosure filings sparked the hopes of some, filings have increased since last month in many states like Illinois. 

According to RealtyTrac the month of March brought initial foreclosure notices against 7,428 homes in Illinois, while 2,706 homes were repossessed and 1.919 properties have scheduled court-supervised auctions.Although these overall numbers do show a decline from March 2010, they do represent a 25 percent increase from the preceding month. 

In Chicago alone, 10,821 homes underwent some sort of foreclosure filing in March. This is a 23 percent increase from February.

Across the nation courts were delayed from proceeding with foreclosures by processing delays. While homeowners experienced a slight reprieve during last quarter, experts do not expect that to happen during this quarter. 

If you're facing foreclosure and would like to keep your home, contact our law office to enlist the services of a Chicago bankruptcy lawyer who can help you.