On April 9, 2014, Mary Ellen Podmolik, of the Chicago Tribune reported that foreclosure activity in the Chicago area in March, 2014 was down more than 30 percent from a year ago, but the pace was greater than in February.
Mary Ellen states that about 7,400 properties in the Chicago area received notices in March that foreclosure proceedings had begun, the home was scheduled for a court-supervised auction or the home had been repossessed and become bank-owned, according to data from RealtyTrac. The total level of activity declined 33 percent from March 2013 but was up 22 percent from February.
Also reported last month, 1,865 Chicago-area homes, including 1,001 in Cook County, became bank owned. During the first quarter, 5,853 homes became bank owned in the region that extends from Kenosha, through the Chicago area and to Northwest Indiana.
In addition, the company’s report also found that it took an average of 830 days for an Illinois property to complete the foreclosure process during the first quarter.
You have options if you are facing foreclosure. Contact Bradford Miller Law for information about the Short Sale process. We can talk to you about this option, as it is not as damaging to a person's credit as a foreclosure or bankruptcy. Give us a call at (312) 238-9298 for a free 15-minute consultation. Our office has experience handling short sales in Chicago and the surrounding suburbs. We can help you make an informed decision and legally guide you through the short sale process.
Posted by Bradford Miller Law, P.C.
134 N. LaSalle Street, Suite 1040
Chicago, IL 60602
312-238-9298
http://www.bradfordmillerlaw.com
Offering free legal representation to homeowners seeking a short sale
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