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Although subprime mortgage borrowing has been blamed for the foreclosures situation in Illinois, it seems like the problem has now spread to borrowers who are credit-worthy. This, naturally, triggered a concern among lenders who are worried that the soaring number of Illinois bank foreclosures will lead to real estate market fallout.
Illinois-based mortgage lenders such as UBS Home Finance have now started rejecting mortgage application in order to minimize risks. Borrowers with prime credit rating but do not document all their earnings will have to wait until market conditions allow the relaxing of underwriting guidelines.
Since real estate is a cycle, many experts believe that the decision of these lenders will have an impact on the housing market, causing it to weaken further. If lenders tighten their credit guidelines, home sales will certainly weaken and could result in declining home prices. When this happens, these lenders will suffer at the end since it is the collateral that it is being affected at the end of the day.
This is the reason why owners are advised to work with their lenders in order to stop foreclosures. These lenders are more than willing to help out, especially now when their business is at stake. In most instances, an amicable settlement is reached wherein the mortgage payment terms are changed to accommodate the owner’s financial situation. Of course, owners can always consider selling their homes within the preforeclosure stage and enlist the help of expert brokers like Foreclosure Data Bank.
As of July, the soaring number of Illinois bank foreclosures has placed the state at the 15th spot in the race for highest foreclosures rate, especially with a rating increase of Chicago bank foreclosures. There was a recorded 5,530 foreclosure filing, down by almost 4 percent from June. Compared to last year, the state showed a 10 percent increase in foreclosures rate – not bad considering the situations in other states like Nevada and Colorado.
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