Bill passes to fast-track foreclosure of abandoned properties in Illinois

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Bill passes to fast-track foreclosure of abandoned properties in Illinois

Bill passes to fast-track foreclosure of abandoned properties in Illinois

In case you missed it, NJ is doing the same.

How are they correcting fraudulent documents? or are they?

Chicago Tribune-

The Illinois General Assembly passed a bill Wednesday that would fast-track the foreclosure process for abandoned, vacant homes while funding foreclosure prevention efforts throughout the state.

The legislation, which now will be considered by Gov. Pat Quinn, could shrink to 90 to 100 days a residential foreclosure process that can take as long as two years in Illinois. It also would require lenders to pay additional fees to file foreclosure actions, and the estimated $41 million in fees collected annually would be used to fund homeowner foreclosure counseling and prevention efforts.

The measure was passed by the Senate Wednesday and the House Tuesday.

[CHICAGO TRIBUNE]

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