Kendall County Foreclosures Increased in 2012 to 1,507

Foreclosures not as high as 2010 numbers, when 1,827 were filed.

Foreclosures in Kendall County rose by 135 in 2012, according to a report by Kendall County’s Circuit Clerk Becky Morganegg.

Morganegg told the Kendall County Board foreclosuers were up over 2011 numbers, but lower than 2010, the Aurora Beacon News reported. There were 1,507 foreclosures filed in 2012, up from 1,372 in 2011. In 2010 there were 1,827 filed, according to the Beacon. 

In addition to rising foreclosure filings, eminent domain filings numbered 41 in 2012, up from 34 in 2011.Morganegg said that increase can largely be attributed to land purchases for the Route 47 widening project.

There were only five eminent domain filings in 2010, according to the article.

NO FILTER January 18, 2013 at 03:17 PM
Did you know? "It is PROFITABLE for the banks to foreclosure" Here is why? So the bank fights you court date after court date throughout the foreclosing process and finally they get your property back after all is done. So now they own your house, now they start an eviction process because now that they got your property they now want you OUT of the property so they can sell it. Here is how they profit! Let's say you purchased a house for $300K and you have now lived there for 10 years and because you were on a 20 year mortgage you are just now starting to pay on the principle because the 1st 10 years was all interest. So now let's say you owe the bank $192K, ok so things happen you lose your job maybe get ill whatever, point is you can't keep up with the payments so the bank foreclose/evict you from your home. They now will write-off that $192K (plus court cost and fees etc.) that you owe them as a loss which will be passed on to their customers and all of us as taxpayers. Now the bank will still go on to sell that property for $225K - $250K because they own it. So the bank will get a $192K write-off, plus all the payments you made for the 1st 10 years, plus the $225K - $250K they sell your house for, PLUS they still will put the $192K (plus court cost and fees) on your credit which you will have to pay sooner or later to avoid bad credit. And this is the norm happening every day and in the end it hurts us all. Well not the BANK! Thank you for listening.
Katt January 18, 2013 at 07:06 PM
Good reply. I see your point. We have so many foreclosures, though, houses are standing empty. Some are in my subdivision. They can be difficult sells. "As-is" and not in good repair due to the previous homeowners lack of funds and struggles, not purposefully, Plus it seems to be a buyer's market in many places. There are so many homes for sale in our area. This, drives down the price. Current home values for everyone are still down. It's also very difficult to get financing to purchase unless you have a stellar credit rating and/or a decent down payment. Multitude of factors - yours make sense, but so does working with homeowners to refi- and there are still gov't funds to do so from feds in play if a homeowner qualifies - to keep homeowners in their homes, paying that mortgage every month. That can work to a bank's advantage, too.
JasonH January 18, 2013 at 07:13 PM
How about you made a contract with the bank that you need to honor? If you don't like, then save up and pay cash for your home.
Scott Harmon January 18, 2013 at 07:49 PM
Banks not paying their property tax bill is a factor in foreclosures and taxes being increased while property values continue to drop.


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