Foreclosure Auctions/Repossessions Peak
Posted by | Posted in Credit Report | Posted on 15-12-2010
More than 9,000 Illinois homes went to foreclosure auction or were repossessed in September 2010, according to the Chicago Tribune. RealtyTrac has reported that mortgage lenders are continuing to drive foreclosures through the system in order to ameliorate their backlog of failed loan modifications.Across the country, for the third quarter of 2010, the number of foreclosure auctions totaled over 372,000, the highest quarterly number since the company began tracking five years ago.During the same period, the 288,000 bank repossessions have also hit a third quarter record. The article opines that these numbers may start to decline for the remainder of the year “as lenders voluntarily suspend foreclosure sale actions while they determine the extent of improper documentation and errors that have dogged loan servicers.”If your family is struggling with everyday financial difficulties or if you are facing possible foreclosure of your home, filing Chapter 7 or Chapter 13 personal bankruptcy could help you make a fresh start. For experienced and knowledgeable bankruptcy assistance, trust the attorneys from www.legalhelpers.com. Call toll-free 800-260-1402 today for your initial free consultation or come into one of their 100 sites across the country.
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