Illinois foreclosures are up more than 30 percent from the same time last year. A RealtyTrac report shows third-quarter foreclosures totaled more than 42,000. That’s one of every 126 housing units, 4 percent higher than the second quarter. That puts the state at the fourth highest foreclosure rate in the U.S. Illinois foreclosures did drop 20 percent in September when compared to August. The three highest foreclosure rates are in Florida, Arizona and California. But nationally, foreclosure filings hit a 5-year low last month. The last time the rate was this low was in December 2007.
An estimated 37,000 Tennessee borrowers might be eligible for payment under a $25 billion national mortgage foreclosure settlement. Eligible borrowers will receive claim forms in the mail this month. Tennessee Attorney General Bob Cooper urges those who receive the forms to complete and return them by the Jan. 18 deadline. Those eligible include people who lost their homes between 2008 and 2011 to five major mortgage services, which include Ally/GMC, Bank of America, Citi, JP Morgan Chase and Wells Fargo. The mailings will go out through Oct. 12.
Kentucky’s share of the nationwide foreclosure settlement with five major banks is nearly $59 million. Attorney General Jack Conway announced yesterday how that money will be used to help borrowers struggling with high mortgage payments or who have already been through foreclosure. Some of the funds will go toward paying down principal balances for consumers who owe more than their home is worth. Conway says,