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Foreclosure rates in Rock Island County: Here’s how families can fight to keep their home

ROCK ISLAND COUNTY– Since the housing market crashed in 2008 Illinois still has one of the worse foreclosure rates in the country. According to Realytrac,...

ROCK ISLAND COUNTY-- Since the housing market crashed in 2008 Illinois still has one of the worse foreclosure rates in the country.

According to Realytrac, one in every 1,081 homes in the state are foreclosed on, the national average is one in every 1,706 homes.

In Rock Island County, dozens of eviction notices are served every year but only a handful of homes undergo the foreclosure process.

A trend Rock Island County's Captain Darren Hart, says is a good thing.

“ It appears here in Rock Island County that we are moving in a positive direction with a decrease in how many foreclosures,” says Hart.

There are more than 150,000 people living in Rock Island County. Hart says within the last five years only 220 to 250 homes are sold in foreclosure every year.

“We are finding that it's a strong job market here locally…. People are finding that they can afford the homes they are purchasing, says Hart.

For families still stuck in the foreclosure process there’s a way out.

James Jones, financial educator at the Rock Island Economic Growth says the worst thing you can do is to ignore the problem.

“If (a homeowner finds out) they have a problem early, the mortgage company might be open to doing a loan modification to help people get back on track….That basically (lowers) your interest rate and lowers those payments to make them affordable for you,” says Jones, who teaches a finance management class for homeowners.  ​

He says the emotional and financial struggle can force a lot of families to simply give up on their homes and start somewhere new without weighing all of their options first.

“I know it`s a scary process and I know that people are probably ashamed but now is the time. When you find yourself in this situation, set up a strategy. What can I do to get myself out of this situation,” Jones says

CLICK HERE to find out how to register for a finance management class through Rock Island Economic Growth.

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