Will County used to be an epitome of a robust and growing suburban economy until 2006 when foreclosure filings reached 3,117. And there is no end in sight for the crisis. Just this January, 540 distressed properties were filed in court and February saw an average of about 34 filings daily.

According to the U.S. Census, Will County was one of the 10 fastest-growing areas in Illinois in 2005 with 28,367 additional residents for that year alone. In 2006, the county saw an additional 24,319 residents settling in the area.

The economic and housing market crises are blamed on high-risk mortgages offered by scheming lenders and taken out by irresponsible homebuyers and the increasing unemployment rate.

Most homeowners of foreclosed homes got into a dire financial situation because they have lost their jobs. They are forced to attend foreclosure hearings where judges set a date within which they have to settle everything to prevent banks from taking over their properties.

Majority of distressed homeowners have used up their 401k accounts and unemployment insurance and sold bonds they have reserved for their children.

Some borrowers of JPMorgan Chase have applied for loan modification to avoid losing their homes. However, a flood of applicants has caused a pileup that getting a loan modification also becomes an ordeal for distressed homeowners.

Another option for homeowners is to hire a lawyer but most of them do not have enough money to pay for attorney's fees and foreclosure-related fees. As for now, distressed homeowners are trying to make ends meet and waiting for a silver lining in the clouds.