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Quinn Signs Fast-Track Foreclosure Legislation

Quinn Signs Fast-Track Foreclosure Legislation
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By AP
Feb. 08, 2013 | SPRINGFIELD, IL
By AP Feb. 08, 2013 | 01:25 PM | SPRINGFIELD, IL
Governor Pat Quinn has signed a new law that's designed to speed up Illinois' foreclosure process.
 
The governor's office says the law will help restore neighborhoods and property values by decreasing the time a home sits empty and getting properties back on the market. The foreclosure process now takes nearly two years, and the law is designed to shorten that to a few months.
 
Quinn says the bill also will allow the state to invest in Illinois families by preventing foreclosures in the first place.
 
The law, for example, will provide about $13 million each year for housing counseling assistance, which is designed to help 18,000 households struggling to keep their homes. 
 
The law takes effect June 1. 
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