According to a June 2023 report published by ATTOM, a renowned real estate analytics firm, the pace of foreclosures across the United States has been on the rise since the end of the COVID-19 pandemic. Out of the 4,020 properties repossessed by banks in May, 352 were located in Illinois, a state where one in every 2,044 homes are entering the foreclosure process.
Woodridge home loan modification attorneys who were active during the global financial crisis clearly remember how foreclosure rates in Illinois were as high as one in every 1,000 homes. The current situation, which is directly tied to high inflation, could be just as tragic as it was during the Great Recession if American homeowners did not have the option to pursue home loan modifications.
Mortgage lending banks in Illinois are pretty much obligated to evaluate home loan modification requests filed by homeowners and borrowers who are at risk of foreclosure. On paper, banks prefer home loan modifications instead of repossessions; however, this does not mean they will approve them with conditions favorable to homeowners. This is when the work of foreclosure defense law firms is most valuable; they can negotiate a favorable modification while staving off foreclosure simultaneously. This is a crucial strategy because some banks are known to formulate foreclosure strategies at the same time they process loan modification requests.
You can learn more about your rights as an Illinois homeowner and mortgage borrower by visiting Covert Marrero Covert LLP, a law firm where Woodridge home loan modification attorneys can help you to avoid losing your property to foreclosure.
