Illinois Foreclosure Listing Tops 11,000 Addresses, Governor Steps In!

Author: Bob Smith

| Posted: 09-07-2007 | Comments: 0 | Views: 14 | Rating: (52)

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Illinois foreclosure listings represent the fourth highest in the country.
California is at the top of the list with 32,500 followed by Florida with
approximately 27,000 listings and Colorado at roughly 11,000 filings.
Combined with Illinois, these four states account for 52% of all homes in
foreclosure nationwide.

The staggering foreclosure rates in Illinois prompted Governor Rod
Blagojevich to file amendments to HB 4050, the Illinois Predatory Lending
Database Program. HB4050 protects consumers fight predatory lending
practices by shifting focus on the lenders who offer non-traditional types of
loans.

Under the proposed rules for HB 4050, Cook County first time homebuyers
and owners opting to refinance their primary residence will be
recommended for financial counseling if the loan they are considering
contains any of the following provisions:
? Permits interest-only payments;
? Allows payments that results in negative amortization;
? Total points and fees payable by the borrower exceed 5% of the
amount of the mortgage;
? Approval of the loan relies on the stated income of the borrower;
? A pre-payment penalty is included; or
? The financing transaction includes a second lien on the property,
often known as an 80/20 loan.

HB 4050 main purpose is to alert consumers that subprime lending
practices can lead to financial ruin. Todays housing market focuses so
much on the credit history of the homebuyer, and with some homebuyers
who have had past credit issues, spotty employment or not enough funds
for a down payment --- some lenders have gone to great lengths to get
their business. However, this practice is costing the same homebuyer way
more than they can afford ¨C without them even realizing it. By enacting HB
4050, these same homebuyers will be instructed and informed regarding
the types of loans available, the type of loan they are considering and
what it means to their financial future. Many of these items are not
currently provided by the lenders who practice subprime loan lending.

Luckily, Governor Blagojevich has an eye on his Illinois homebuyers and the
lenders who serve the Illinois residents. Currently, HB 4050 is in the pilot
program phase and is being piloted in Cook County. Illinois residents
outside of Cook County should expect to see it offered to them also in the
near future. The governors¡¯ mission is to see the Illinois foreclosure listings
numbers drop and this is a great start to realizing that mission.

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About the Author:

Bob Smith is a freelancer but regularly writes for ForeclosureListingsNationWide.com. You can get more information on Illinois foreclosure listings at http://www.foreclosurelistingsnationwide.com.

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