Many homeowners remain in their homes after foreclosure
Homeowners in Illinois who are facing foreclosure may be able to keep living in their homes, according to a recent report. The article concluded that a majority of homeowners who have defaulted on their mortgages are still living in their homes, and some of them have been allowed to keep their homes without having to make any further mortgage payments.
Currently, Bank of America has foreclosures in process for around 20,000 mortgages that they have not received any payments for in five years or more. About 90 percent of the homeowners that are being targeted by Bank of America are still living in their homes.
Reports indicate that court delays and changes in federal law are some of the reasons why so many homeowners are not being forced out of their foreclosed properties. Some lawyers for homeowners have even been able to take advantage of the delays by citing the statute of limitations. If foreclosure cases are delayed beyond the statute of limitations, lawyers argue that mortgage lenders can no longer seize the properties. Because a judge must sign off on a foreclosure in many states, mortgage lenders cannot legally seize the property beyond the statute of limitations.
A homeowner who is facing a possible foreclosure on their property might want to speak with an attorney about foreclosure defense strategies. Even if the statute of limitations has not yet passed, an attorney may be able to help a homeowner to stay in their home after defaulting on a loan. In some cases, filing for personal bankruptcy is a good way to postpone a foreclosure.