Illinois Mortgage Delinquencies Fall 27% in 2013

April 03, 2014
Chicago foreclosures

A foreclosed property on Erie Street in Chicago. (Terrence Antonio James/Chicago Tribune / December 13, 2012)

Five percent of Fannie Mae and Freddie Mac-backed single-family mortgages in Illinois, or 68,000 loans, were delinquent at the end of 2013,  a sizable decline from last year but still higher than the national average.

One-third of those past-due home loans were at least one year delinquent, according to a year-end report released Wednesday by the Federal Housing Finance Agency.

Still, the number of delinquent homes backed by the agencies in Illinois fell 27 percent last year from 2012’s 93,000 loans. In 2013, almost 21,000 homes participated in repayment plans, forbearance plans or received loan modifications.

Another 7,800 homeowners gave up their homes, either through a short sale or through a deed-in-lieu of foreclosure.

Nationally, 4.5 percent of Fannie and Freddie-backed loans were delinquent and 29 percent of those borrowers were at least 365 days past due on their payments. The two agencies completed almost 448,000 foreclosure prevention actions last year, including almost 88,000 short sales and 18,000 deeds in lieu of foreclosure. At the end of 2013, the two agencies owed 151,000 foreclosed homes.

The report found that among mortgage modifications made under the government’s program, 8 percent of Fannie Mae loans and 6 percent of Freddie Mac  were at least 60 days delinquent nine months after modification.

This story originally appeared on ChicagoTribune.com on April 2, 2104.

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