On the National Public Radio
special series Planet Money, a discussion occurred regarding the housing market crash and the foreclosure
cases started during this time. These cases were abandoned, leaving the
individuals dealing with the foreclosures stuck in a state of limbo, wondering
what will happen. In some cases, the foreclosure process has not been
fully handled, meaning these families have gone eight or even nine years
wondering what’s going to happen.
The NPR discussion details one specific case in particular of a resident
of a two-story home in Queens, New York. When the financial crisis began,
things started to go wrong for the resident. Medical bills started piling
up and she started falling behind on her mortgage. Soon after, she received
a foreclosure notice. She hired an attorney and waited for the day to
be kicked out of her home. The waiting continued, and continued, and continued.
During the financial crisis, the number of foreclosures skyrocketed. While
this was happening, the banks had trouble keeping up with all of the foreclosures,
but with the need to file a case within a specific time period, they had
filed initial paperwork and failed to follow up. This made it so the cases
didn’t move forward, homeowners left in limbo waiting to know whether
or not they would be removed from their home.
During the time, there were thousands of homeowners going through the same
situation. Foreclosure proceedings began, but never proceeded. This may
seem like a good thing for some, but the constant worry of something happening
can cause anyone to have a nervous breakdown. For many, this opportunity
opens the door for potentially looking into the modifications to loans
to help gain control before further action arises.
At Sulaiman Law Group, LTD., our
Chicago foreclosure attorneys understand the difficulties homeowners can go through and we aim to help
our clients get through this time. If you have questions, our firm is
ready and available to help you get the answers you need.
Call us today to discuss your potential lawsuit.