Fewer Homeowners Behind on Their Mortgages Means Less People Need A Foreclosure Attorney in Chicago

15-Jun-2011 The Chicago Tribune reported that the number of debtors that are behind in their mortgage payments has gone down. It was reported that at the end of December 11.1 million people were behind on their mortgages. At the end of March the number was down to 10.9 million. This small decline brings the number below 23%.

There are definitely some areas that are suffering worse than others. Nevada is the country leader with 63% of homeowners behind on their mortgage payments. That number leaps to a startling 80% in the metro area of Las Vegas according to the Chicago Tribune article. Michigan was number 4 of the top 5 with 36%. The remaining states are, Arizona (50%), Florida (46%) and California (31%).

In addition to the trouble that borrowers are having when they get behind on mortgage payments, the Chicago Tribune also said that home equity lines are counting towards the mortgage debt problems. It was reported that 38% of homeowners who have a second mortgage or line of credit against their home are behind on their mortgage. This is in contrast to the 18% that do not have home equity lines.

As home values fall in some states mortgages can become overwhelming and existing lines of credit can make the debts on homes far higher than the value even after making payments for years. This can be overwhelming and upsetting for homeowners.

Lenders are far behind on foreclosures and some debtors who are working with a foreclosure attorney in Chicago to fight their foreclosure are living in their homes and not making mortgage payments.

If you are among the 10 million people in the United States that are behind on mortgage payments there may be a solution that can help you. If you want to keep your home you can look into loan modification and if you're ready to give up your home but do not wish to foreclose you can consider a short sale or deed in lieu of foreclosure.

Finding a good foreclosure attorney in Chicago can take a lot of the stress out of your situation and they may even succeed in helping you stop foreclosure. An attorney will better understand the options available and can help you work quickly to stop foreclosure before it's too late.

Chang and Carlin
The content found on the Chang & Carlin site is not legal advice and is purely for informational purposes. The information contained herein is not a substitute for the advice of an attorney and does not create an attorney-client relationship. If you are interested in obtaining information about chapter 7 bankruptcy, chapter 13 bankruptcy, foreclosure services, real estate legal services, you are encouraged to call our law firm at 866-790-8601 or Request a Free Legal Evaluation. Chang and Carlin serves clients in Chicago, Schaumburg, Joliet, Warrenville, Waukegan, Illinois.