Chicago Foreclosures Take Average of 359 Days to Complete

While foreclosure auctions in Chicago are declining, it is reported that foreclosures in the city are taking longer to process or complete.

According to one company, the first six months of 2011 saw a 51% decline in foreclosure completions. This amounted to 8,515 cases being completed, compared to 17,331 in 2010. While all six counties in Chicago saw a decline, Lake County saw the steepest drop at 55.2% this year. The second quarter of this year was notable in that it saw the foreclosure auctions drop to a record low, the lowest they have been since 2007.

One reason for delayed foreclosure auctions is longer processing times for existing foreclosure cases. The median length for foreclosure cases in Chicago was 359 days during the second quarter of last year, a higher-than-average figure for the area.

Are you in danger of losing your home? Were you served with a notice of foreclosure? Contact Bizar & Doyle, LLC now to get immediate help from an understanding Chicago bankruptcy attorney who may be able to help you save your home.