Chicago Hit hard by Foreclosures

Like other big cities Chicago has been hit hard by the foreclosure epidemic sweeping the nation. The city experienced a twenty percent increase in bank repossessions of foreclosures in 2010, amounting to more than 45,000 properties. This is happening even though lender and government programs are in place to keep people in their homes.

Even the slowdown in repossessions due to investigations surrounding foreclosure documents couldn't keep many people in their homes during the fourth quarter.   

In the area between the Wisconsin border and northwest Indiana 45,555 homes have become bank-owned again, according to RealtyTrac. During that same period 83,429 initial notices of default were sent out by mortgage filers.

Totals for foreclosures in Chicago last year were astounding: 11,027 in Will; 5,385 in McHenry; 11,026 in Lake; 2,612 in Kendall; 9.401 in Kane; 10,646 in DuPage; and 80, 618 in Cook County.

Housing analysts believe that the rate of foreclosures will peak this year; in Illinois alone the foreclosure activity hasn't decreased yet. In December 2010 alone 9.134 default notices were filed against properties in the state.

If you're hoping to fight foreclosure, contact us to speak with a Chicago bankruptcy lawyer.