Monday May 23, 2022 – Foreclosures have not been an issue since the pandemic. One of the first things Government did was to issue a Foreclosure Moratorium.
Last August the CDC moratoriums came to and end based on a United States Supreme Court ruling on the issue.. Some States (like Illinois) maintained a foreclosure moratorium thereafter – but no more!
“A total of 50,759 U.S. properties started the foreclosure process in the first quarter of 2022, up 67% from the previous quarter and up 188% from a year ago,” Chicago saw over 3,000 foreclosures in the first three months of the year.
Attorney Steven A. Leahy reviews the numbers and also talks about the tax implications of losing a home to foreclosure. Did you think the IRS wouldn’t be involved?