Foreclosure: New Law Speeds Up Foreclosure Process, Helps Lenders Sell Homes More Quickly
Richard Fonfrias, J.D.
Chicago’s Financial Rescue & Bankruptcy Lawyer
Fonfrias Law Group, LLC
Effective June 1, 2013, a new law takes effect that will speed up Illinois’ foreclosure process. Currently, a typical home foreclosure takes nearly two years. The new law is designed to reduce the time to just a few months.
Gov. Pat Quinn’s office says the new law will help restore neighborhoods and increase property values by reducing the time homes sit empty.
Under the old law, many homeowners could remain in their homes without making mortgage payments for as long as two years. Under the new streamlined foreclosure process, many homeowners will find themselves forced out of their homes – and their homes back on the market – in under a year.
Quinn says the new law provides about $13,000,000 each year for home counseling services. It is designed to help 18,000 homeowners who are struggling to keep their homes by providing advice and assistance long before the foreclosure starts. In addition, the law permits the state to invest in Illinois families by preventing foreclosures.