Illinois is one of the top three states with the highest foreclosure rates, with one in 2,837 housing units in foreclosure as of August 2024. Illinois has a high percentage of underwater mortgages left over from the last housing crisis, plus there are lingering fears about recession and the potential loss of jobs under the new administration.
If you are facing home foreclosure, it can be an extremely difficult time in your life. The thought of you and your family potentially being homeless is a frightening thought, especially if you are behind on your mortgage because of the loss of a job or an illness that has generated huge medical expenses.
While there are many different ways to approach a home foreclosure, the best step you can take is to speak to an experienced Grayslake, IL foreclosure attorney. Your attorney can look at your individual situation and help you determine whether filing for bankruptcy is the best option or whether there are better options available.