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The crisis has been particularly hard on immigrants, people of color, and lower-income families who became north suburban homeowners in the last two decades. More than 14,500 homes were foreclosed in Chicago's northern suburbs between 2005 and 2013, according to an Open Communities' analysis of Woodstock Institute foreclosure filings data. [10]
Properties foreclosed in Q4 of 2023 averaged 720 days in the process, according to ATTOM’s Year-End 2023 U.S. Foreclosure Market Report. The report also highlights the states with the longest ...
The GAO found that in the period January 2008 to March 2010, mortgage servicers charged off 46,000 properties, with 60 percent of the charge-offs occurring before an initial foreclosure filing was made. In this period, Detroit, Michigan had the highest number of bank walkaways, with Chicago, Illinois being second.
Nevertheless, in an illiquid real estate market or if real estate prices drop, the property being foreclosed could be sold for less than the remaining balance on the primary mortgage loan, and there may be no insurance to cover the loss. In this case, the court overseeing the foreclosure process may enter a deficiency judgment against the ...
A foreclosure and a deed in lieu have one main thing in common: In either situation, the lender takes full ownership of a property from a homeowner who hasn’t made their mortgage payments.
A pretty, manicured home sits six doors down from Phil Faranda's in Briarcliff Manor, N.Y. To look at it, most passersby would think that the tidy house is occupied by a nice family that gives it ...