2024 Illinois Foreclosure Insights: Navigating the Rise in Property Auctions
Foreclosures in Illinois are aligned with the current national trend in this matter, increasing, with the state ranking fifth in terms of the highest number of open foreclosure processes. The year 2023 ends on a high note and 2024 begins with the same trend; despite local government initiatives to counteract this rise, what the local government does is delay processes that could help solve the foreclosure issue.
As of the fourth month of 2024, foreclosure processes continue to increase, mainly affecting residential properties, with 13,500 open processes demonstrating in one way or another that foreclosures are slow, indirectly helping homeowners who will have the aid of time to resolve their situation in cases where it is possible. These foreclosure processes begin when the bank files for delinquency and notifies the homeowner through a judicial procedure, and this is where the homeowner begins the race against time to not lose their property, which today takes around a period of one year on average.
It is advisable that when homeowners are in such a foreclosure process, they consult with a specialized attorney and enter government programs where deadlines can be extended and the foreclosure further delayed or even resolved favorably so as not to lose the property.
Another phenomenon that arises with the increase in foreclosure processes with abandoned or “zombie” properties is that investors, knowing the area and seeing that their investment at that point cannot be recovered in a short period of time, opt not to invest, leading to an increase in this type of property and hindering the growth of the area.
In conclusion, the increase in properties in the foreclosure process continues to create a market dynamic in which investors will be favored in front of the opportunities unfortunately generated by those owners who cannot save their properties.
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