A COVID-19 recession will likely not result in the same dramatic increases in foreclosure activity seen during the last recession for the simple reason that mortgage lending has been dramatically reduced over the last decade and underwriting standards have tightened significantly. The depth and breadth of recent job losses means substantial lost income for many homeowners and increasingly vulnerable housing situations that will only become more precarious.
Property tax’s are higher than the mortgage hear in Rockford. There were no breaks of any kind given to homeowners. With interest rate at historic lows many could still afford the mortgage but not the tax’s. You can negotiate with the lender but not with tax’s. Rockford allowed partial payments for the first time for tax’s but you still must pay in full by due date. Does not help at all. Look at all the shopping malls and businesses closed but tax’s must be paid. Tax’s are approx $44,300 per million value here or 4.4% total. So how as a… Read more »
A largely unasked question is becoming glaring: Is Illinois doing all it should to use artificial intelligence to make government cost less and work better? So far, the evidence says no.
Property tax’s are higher than the mortgage hear in Rockford. There were no breaks of any kind given to homeowners. With interest rate at historic lows many could still afford the mortgage but not the tax’s. You can negotiate with the lender but not with tax’s. Rockford allowed partial payments for the first time for tax’s but you still must pay in full by due date. Does not help at all. Look at all the shopping malls and businesses closed but tax’s must be paid. Tax’s are approx $44,300 per million value here or 4.4% total. So how as a… Read more »