Foreclosures Speed UP

vacant-homes

 

 

 

New Illinois

Law Aims

to Speed Up

Foreclosures

DAILY REAL ESTATE NEWS | MONDAY, FEBRUARY 11, 2013

Illinois Gov. Pat Quinn signed into law a bill that will speed up foreclosures on abandoned, vacant single-family homes and multifamily buildings in the state. Such foreclosures will now get fast-tracked through the system.

The new law allows a lender to file a court motion to seek an expedited foreclosure proceeding on homes or multifamily buildings that are not legally occupied. Currently, it can take an average of 600 days to process a foreclosure in Illinois. The new law aims to shorten that length to 90 to 180 days.

“This law will help restore neighborhoods and property values while fighting crime and blight by decreasing the time a home sits empty and getting it back on the market quickly,” said Quinn.

The law goes into effect June 1.

Source: “Quinn Signs Bill to Fast-Track Foreclosures on Abandoned Buildings,” The Chicago Tribune (Feb. 8, 2013)

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s