Chicago and House Bill 4050

The uncharacteristically high foreclosure rates posted by Illinois in 2006 prompted legislators to create the highly publicized House Bill 4050. The legislation is called the Predatory lending Pilot, which required homeowners with bad or poor credit ratings to attend some type of credit counseling first before they apply for a loan. Investors and mortgage brokers as well as local residents did not welcome the legislation, fearing that it was much too "negative". Although HB 4050 was suspended early this year, Chicago foreclosures market was still affected. Home sales were down by 50 percent, particularly in several Chicago zip codes. The slumping housing market also meant that homeowners facing foreclosure will have trouble selling their homes. In some cases, the home values cost less than the amount of the mortgage owed. This situation naturally creates plenty of opportunities for buyers. Since Chicago foreclosures market are brimming with amazing properties, you can easily find a home that will fit your needs and budget. Chicago foreclosures include pre-foreclosures, bank foreclosures and even HUD foreclosures, all sold at a fraction of their original prices. When you decide to invest in Chicago foreclosures, you will never go wrong. You can purchase these foreclosed homes straight from owners facing foreclosures, the banks that repossessed them or during auctions. For more convenience, you can look for amazing Chicago foreclosures from real estate brokers like Foreclosure Deals. They have foreclosure listings that are utilized by the most seasoned real estate investors. These listings contain updated and complete information on all the great Chicago foreclosures for sale. With a real estate broker assisting you all throughout the sales transaction, you will find their professionalism and expertise very helpful. In no time at all, you will soon find yourself with the keys to your new Chicago home.