Foreclosures and auctions belonged to the world of mortgages – little known in everyday life. But lately it has been knocking at every alternate door right across the length and breadth of USA raising concerns for the socio-economic health of the entire nation.
The foreclosure is a judicial process by which the lender realizes unpaid dues by auctioning the mortgaged house. The foreclosed house is sold in a Sheriff’s auction. Since the last two years foreclosures leading to bank auctions are hitting the headlines because of a crisis. Innumerable houses are being foreclosed. Innumerable units are going into auction. The numbers are so huge that lenders, borrowers, the community and the government are reeling under its attack. The country has reached near recession stage.
Against this background Illinois is no exception and the concern is about increasing number of Illinois bank auctions. Illinois is a midwestern state of USA boasting of the city of Chicago. The Port of Chicago plays a vital role in its economy linking the Great Lakes with Mississippi River. Illinois is said to be a mini America. As such there is nothing to be surprised about the large number of Illinois bank auctions. It is strange that the economy should be battered with Illinois bank auctions when there is wealth lying around in form of coal, timber and petroleum.
Chicago on the banks of the Chicago River has contributed to the economic health of the state but today it has large concentrations of foreclosures and consequently Illinois bank auctions. The prairies of Illinois turned into rich farmlands but today this region is seeing increasing Illinois bank auctions. During the time of the two great wars Illinois was considered to be the arsenal hub of the country. Today it has earned a bad name for high numbers of Illinois bank auctions.
There is a concerted effort to see that the foreclosure is avoided and Illinois bank auctions do not take place.. Illinois bank auctions take place when no amicable viable result is reached at between the lender and the borrower. In Illinois bank auctions a minimum or reserve price is laid down by the bank. During Illinois bank auctions the highest bidder may hear about it a week later successfully bidding. The trend in Illinois bank auctions shows that banks are eager to dispose of houses at a discount. Cook County shows the highest number of Illinois bank auctions with 39,248 and Kendall County the least with 575 Illinois bank auctions.