Quinn Signs Fast-Track Foreclosure Legislation
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.