A new law to speed up the Illinois’ foreclosure process was recently signed by Gov. Pat Quinn. The law is designed to help restore neighborhoods and property values by shortening the the time homes sit. This law will accelerate the long wait period and get
foreclosed homes quickly back on the market. Foreclosures can take up to two years but the ramifications of this law are intended to get foreclosures on the market in months.
Quin said there are allowances in the bill that will allow the state to invest in Illinois families by preventing foreclosures in the first place. Obviously we view this as a positive move for Chicago area real estate and our communities. With over $13 millionn a year in housing counseling assistance the hope is this can help 18,000 households struggling to keep their homes.
The law will take effect June 1, 2013.