The Prairie State is third in the nation when it comes to mortgages in foreclosure, with 6.9 percent of all Illinois home loans in foreclosure, according to Mortgage Bankers Association data. The figure is largely due to a woefully backlogged foreclosure court system, as the median state foreclosure takes a year to go through court.
Illinois is one of five states that make up 52 percent of the nation's loans in foreclosure, joining Florida, California, New York, and New Jersey.
At a rally in downtown Chicago today, Occupy Chicago proposed a one-year Cook County moratorium on all foreclosure-related evictions.
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Right now, the mortgage rates are so low that you might be able to refinance with a 15-year fixed-rate loan, thus escaping the debt trap faster than you might have originally planned, while also cutting your monthly loan payment. The icing on the cake is the outrageous amount of interest you will avoid paying. I have used only 123 Refinance to find rates
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