Mortgage Foreclosures in the City of Champaign

Recent data from RealtyTrac shows the State of Illinois ranked 10th in the U.S. for foreclosure filings in 2007. The number of filings in Illinois marks an increase of 25.3% from 2006 and a 94.3% increase from 2005. In Illinois, 1.25% of households went into some stage of foreclosure last year, higher than the national average of 1.033%, according to RealtyTrac.Governor Rod Blagojevich held a press conference to help launch a new Illinois Statewide Foreclosure Prevention Network on Thursday February 14th. The Network is a coalition of 15 nonprofit housing agencies covering Illinois which will provide default and foreclosure counseling to families in danger of losing their homes. People behind on their mortgage will be encouraged to call the Homeowners HOPE Hotline, 1–888-995-HOPE to get counseling 24/7. Callers will have the option of being connected to a local agency to receive in-person, one-on-one counseling. As noted in the February 20, 2008 News-Gazette, the Urban League of Champaign County is the local contact for this program.

Champaign has seen an increase in foreclosure filings in 2007. Per the chart below, there has been a steady rise in filings over the past four years.

Year….Filings
2004….51
2005….58
2006….78
2007….103

During August, September, and October an average of 6.5 foreclosures per month were filed, with November, December and January having an average of 12 per month. If this trend continues, there will be 144 filings in 2008. According to NeighborWorks America, Champaign is not considered a high area of need at this time; however, the Cities of Decatur and Danville are the central Illinois communities designated as a high area of need.

Calls for assistance are referred to the HUD Certified Housing Counseling Agencies in Champaign, Urban League of Champaign County and Debt Management & Credit Education, Inc., as well as Land of Lincoln Legal Aid Foundation.

As Neighborhood Services staff meet with clients in the Full Home Program, they are counseled on their loan product. If the homeowner is in an adjustable rate mortgage, staff provides education on the different loan products available and how to shop for a mortgage to get the best loan. Neighborhood Services Staff continues to monitor the foreclosure filings and will provide periodic updates. If Council Members would like to have a map that shows the foreclosure filings please contact Neighborhood Services at 403–7070.

Source: Mortgage Foreclosures in the City of Champaign
Date last revisited: 10/31/2008