Foreclosures Drop in the Chciago Area

According to a report released by the Mortgage Bankers Association last week, mortgages in foreclosure dropped in Chicago during the first quarter.

The National Delinquency Survey released by the MBA showed that mortgages in foreclosure dropped from 13.6% to 12.3%. Compared to the same period the year before, the rate of homes in foreclosure of delinquent by one payment was 14.01%. For those homes that were already in the process of foreclosure, the percentage of mortgages also dropped from 4.64% to 4.52%. However, after seasonally adjusted, the delinquency rate rose in the first quarter from 8.25% to 8.32%. The non-adjusted delinquency rate showed a different story, dropping to 7.79% during the first quarter of this year.

Are you in danger of losing your home to foreclosure? If so, contact our law office to set up your initial consultation with a Chicago bankruptcy lawyer who understands what you are going through.