Sunday
April 20, 2014

New Illinois Law Aims to Speed Up Foreclosures

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New Illinois Law Aims to Speed Up Foreclosures

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)