While more people in other states are seeing some financial relief and have been able to keep their homes rather than lose them due to insolvency, this is not the case in Illinois. Foreclosure rates here are still relatively high. Those individuals who may lose their homes to the foreclosure process may have options that will help them turn things around.
A recent report listed the states in which foreclosure rates are the highest. Illinois ranked in fifth place. According to the report, currently, one in every 1,375 homes is taken back by the mortgage lender. That may not seem like a whole lot, but looking statewide it adds up quickly. What is it about Illinois that contributes to this problem?
Over a one year period, from 2016 to 2017, over 33,000 Illinois residents decided to move from the state. They did this due to a lack of jobs and ever-increasing tax burdens. Plain and simple, it is an expensive state in which to live.
No one really wants to leave their home due to financial struggles, but sometimes doing so is for the best. Then again, sometimes fighting to keep one’s home is possible and a better option — everyone’s situation is different. Illinois residents who are facing foreclosure due to economic troubles may utilize bankruptcy or other debt relief methods in order to keep their homes and get their lives back on track. An experienced bankruptcy law attorney can review one’s situation and help one pursue the best course of action for his or her circumstances.