Representing Businesses and Individuals in Chicago and Northern Illinois

After a year of lows, foreclosure rate increases

Foreclosures are on the rise in the United States.

After being down for the year of 2020, they’ve began to increase in recent weeks. The month of February saw a rise of 16 percent. So far in 2021, the hardest hit states have been Utah, Delaware, Florida, Illinois, and Louisiana.

This uptick has come as many pandemic relief measures, such as mortgage forbearance and foreclosure moratoriums, are still in place. For this reason, some have been surprised by the development.

“[L]oans on commercial properties, investment properties, and properties that are vacant and abandoned do not always have the same protections. This could be why we’re seeing a slight increase in foreclosure starts despite the government programs,” Rick Sharga, executive Vice President of RealtyTrac, told the Motley Crew.

It’s not clear whether the trend will continue. It’s important to note that the foreclosure rate over the last 12 months is still incredibly low. Furthermore, an additional influx of stimulus cash is on the horizon which may prop up many distressed properties.

Protect what you’ve built

It takes years of hard work and saving to buy a home. For this reason, getting a notice of foreclosure is a devastating experience.

However, even if you’re foreclosed upon, you still have rights. The first step in ensuring those rights are protected is hiring an experienced foreclosure defense attorney. They can guarantee that the mortgage company and creditors abide by the law throughout the process.

If cost is a concern, many attorneys offer a free initial consultation at no out of pocket cost to the client.