Foreclosure Help in Illinois

In Illinois, foreclosure is a judicial process, which means that courts must make final decisions in foreclosure cases before a property is then sold as part of a publicly noticed sale. This also means that homeowners and lenders both have a set of rights and responsibilities as relates to foreclosure cases. For starters, let’s examine homeownership in Illinois.

Illinois background

Illinois is a unique state when it comes to population and its dispersal. Illinois has a total population of around 12.8 million, but also is home to Chicago, the third largest city in the country and a massive metropolitan area. With a total population approaching ten million, Chicago dominates Illinois and exerts a huge influence on the state. This includes things like homeownership and income.

Homeownership and finances

A few salient features of Illinois’ homeownership are large racial disparities (seen in the form of differences between different areas of Chicago and the suburbs) and a slightly above average rate of millenials owning their homes. The overall state average comes to 66% home ownership, and a median house value of about $180,000 – the former above, and the latter below the national average. These circumstances point to a state in which residents of different backgrounds may find themselves in considerably unique situations from others.

Another important factor is high rent. The high rental prices of living in Chicago means that acquiring and owning a home is an important issue for many Illinois residents. Although incomes in Illinois are somewhat higher than the national average, the tough rental scene and diverse nature of Chicago means homeowners must navigate the pressures, demands, and character of various areas in the city. It also means that they may have an easier time accessing local and city-based resources.

In the case of foreclosure

Should Illinois residents find themselves facing foreclosure or wanting to inform themselves about foreclosure in their state, here are a few resources they can start with:

Have a specific question about Avoiding Foreclosure in Illinois? Check out our Foreclosure FAQ’s section.

The legal nature of foreclosure in Illinois means homeowners have a responsibility to inform themselves of their rights and what foreclosure can entail. Doing so can also help them avoid legal expenses.