The real estate market is suffering worse than it has in several decades due to today’s recession and economic difficulties . Because so many people have been laid off or have not made the same amount as they did even a year ago, they are having a difficulty to be able to make their mortgage payment. The first ones that are having a hard time are the homeowners that have adjustable mortgage rates and can’t pay the increased rates and lose their homes to foreclosure. To avoid having to liquidate your assets through the sale of your house by filing Chicago chapter 7, and to hopefully not have to hire a Chicago foreclosure defense if you lose your house , this article will describe those important factors .