Mortgage Delinquencies are Highest in Chicago - Can a Foreclosure Attorney In Chicago Help?

17-May-2011  The Chicago Tribune reported today that despite a decrease in the unemployment rate in March, the percentage of Chicago residents who have defaulted on their homes is higher than the rate of Illinois or the national rate.

The Chicago Tribune quoted a credit report from TransUnion that said 7.75% of Chicago homeowners are at least 60 days late on their mortgage. The state of Illinois was at 6.5% and the national rate was 6.19% in the first quarter. Neither Chicago nor Illinois saw any improvement in the number of defaulted mortgages however the nation did see an improvement.

According to the Chicago Tribune unemployment rates in Chicago dropped in March going from 9% in February to 8.7% in March. This has been a steady improvement with January showing an unemployment rate of 9.4%.

The increase in defaulted mortgages is troubling with the improvement in unemployment rates. It is likely that although people are finding work, for some it may be too late and for others they may have been narrowly avoiding foreclosure for a long time and finally began to slip. A few months of improved unemployment rates cannot make up for the past couple of years.

A mortgage is typically considered in default when it reaches 90 days past due. At this time the lender will begin foreclosure communications. Their may still be time to save your home by paying the past due balance or through loan modification. If your mortgage company has begun talking foreclosure it's time to hire a qualified foreclosure attorney in Chicago to try and help.

The state of Illinois is concerned about the rise in delinquent mortgages. As a result they are hosting a series of mortgage assistance events. During these events debtors can receive free mortgage counseling sessions with the goal of modifying their mortgages to prevent foreclosure. The Chicago Tribune reported that there will be an event on June 18th held at the Des Plaines Public Library. 

Loan modification is a great option for protecting your home from foreclosure. If you have recently found unemployment or are still struggling to make ends meet but are employed loan modification can help. There are a number of methods used to modify a loan to make it affordable for the debtor. If you are unable to attend one of the six remaining mortgage counseling sessions consider hiring a foreclosure attorney in Chicago to discuss your loan modification options. They may be able to save your home.

Chang and Carlin
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