In the Northern district of Illinois, Bankruptcy filings in April of 2021 are down 55% from April of 2019, the last year for which filings were not affected by the pandemic. The April figures continue the trend of bankruptcies being down for this calendar year (by 54% through April 30th) when compared to 2019. Difficulties in pursuing credit and collections lawsuits in through the Illinois courts, limitations on moving forward with foreclosures and evictions, and the effects of government … [Read more...]
Fannie Mae Lengthens Foreclosure Timelines in 33 States
September 4, 2015 by
Fannie Mae announced this week it will extend the timeframe servicers have to process a “normal” foreclosure in Illinois and 32 other states. Currently, Fannie Mae imposes a maximum number of allowable days its servicers can take to complete the foreclosure process. For Illinois, the new maximum is 690 days from the due date of the last paid installment. Servicers who fail to process a foreclosure within this timeframe must pay a “compensatory fee” unless they have a reasonable explanation for … [Read more...]
July Foreclosure Rate Increases By 7 Percent
August 20, 2015 by
Fueled by an increase in bank repossessions, U.S. home foreclosure rate increased by 7 percent in July, according to the latest U.S. Foreclosure Market Report from RealtyTrac. Foreclosure filings were entered for a total of 124,910 properties nationwide—representing the highest number of filings in a single month since January 2013. Daren Blomquist, vice president of RealtyTrac, says the increase in foreclosures is not for newly distressed properties. He told RIS Media, “This clearing of old … [Read more...]
