Facing home foreclosure can be devastating. For most people, their home is their refuge. Foreclosure makes homeowners less likely to buy another house in subsequent years, they are more likely to default on other debts, and their overall living arrangements become less secure.
Unfortunately, a new study reveals that among the states with the highest rates of home foreclosures, Illinois ranks ninth, with one foreclosure for every 3,753 homes. By comparison, the state of Missouri has a foreclosure rate that is less than half that of Illinois, with one in every 7,112 homeowners facing foreclosure.
There are some solutions to foreclosure, including workout agreements that occur early on in the foreclosure process. The best step you can take if you are facing foreclosure is to speak to an experienced Grayslake, IL foreclosure defense attorney from Newland & Newland, LLP.