As per Foreclosure.com, the nation’s largest provider of data of homes in financial distress, reports that 31,043 Illinois homes are currently in pre-foreclosure status as 23,486 household are already actively involved in the process. In addition, 34,975 bankruptcies have also been recorded during the first quarter of 2015.
For many homeowners, a loan modification request is much like a ride on a Ferris wheel. The lender offers assistance through HAMP or some other federal program, raising hopes and expectations. Then, the bank suddenly withdraws its offer, many times based on technical grounds, such as turning in documents a day or two late, a Debt To Income ration that is a few points too low or a Loan To Value ratio that is a few points too high.
The economy may be showing some signs of improvement, but the outlook remains bleak for many Illinois homeowners. The Land of Lincoln has one of the highest home foreclosure rates in the country. One in every 663 housing units in the state received a foreclosure notice in December. Many homeowners fell behind on payments due to a job loss, sudden illness, portfolio reversal or other temporary income loss.
In 2008, the U.S. real estate market witnessed a devastating turn of events as the market erupted in a resounding collapse leading toward record-breaking foreclosures and the lowering of market value pricing across the U.S.
Trulia, a leader in the real estate industry, recently reported that refinance rates for a 30 year fixed mortgage in Waukegan, Illinois can be obtained for as low as 2.250 percent. Trulia further reported that the median sales price of a home in Waukegan is $91,250, a 30.4 percent home value increase as previously reported a year ago.
Are you currently experiencing the onset of extreme financial hardship and perhaps thinking of tipping your hand and cashing it in when it comes to your home mortgage? Perhaps you should think again. Saving your home may be worth the fight because in all reality, your mortgage lender actually does not want to repossess your home.
Becoming familiar with your spending habits, debt ratio, and understanding how lenders view your financial snapshot may very well be your best defense against future bankruptcy or foreclosure action. It all begins with fiscal responsibility, supported by a sound credit report, but how many Americans actually request and review their credit report on an annual basis?
Purchasing your first home can be exhilarating, a bit frightening and, at times, overwhelming. Buying a home is often rated as the most important financial decision of your adult life, and being fiscally responsible should be your number one priority.
Facing an upside down mortgage can literally turn anyone’s financial stability upside down as well. An upside down mortgage or when the collateral that secured a mortgage loan is considerably worth less than the balance owed has secured prominent standing in the U.S. real estate market in the past seven years.