Foreclosures from Financial Crisis Remain
On the National Public Radio special series Planet Money, a discussion occurred regarding the housing market crash and the foreclosure cases started during this time. These cases were abandoned, leaving the individuals dealing with the foreclosures stuck in a state of limbo, wondering what will happen. In some cases, the foreclosure process has not been fully handled, meaning these families have gone eight or even nine years wondering what’s going to happen.
The NPR discussion details one specific case in particular of a resident of a two-story home in Queens, New York. When the financial crisis began, things started to go wrong for the resident. Medical bills started piling up and she started falling behind on her mortgage. Soon after, she received a foreclosure notice. She hired an attorney and waited for the day to be kicked out of her home. The waiting continued, and continued, and continued.
During the financial crisis, the number of foreclosures skyrocketed. While this was happening, the banks had trouble keeping up with all of the foreclosures, but with the need to file a case within a specific time period, they had filed initial paperwork and failed to follow up. This made it so the cases didn’t move forward, homeowners left in limbo waiting to know whether or not they would be removed from their home.
During the time, there were thousands of homeowners going through the same situation. Foreclosure proceedings began, but never proceeded. This may seem like a good thing for some, but the constant worry of something happening can cause anyone to have a nervous breakdown. For many, this opportunity opens the door for potentially looking into the modifications to loans to help gain control before further action arises.
At Atlas Consumer Law, our Chicago foreclosure attorneys understand the difficulties homeowners can go through and we aim to help our clients get through this time. If you have questions, our firm is ready and available to help you get the answers you need.
Call us today to discuss your potential lawsuit.