CHICAGO – Gov. Pat Quinn today signed a landmark law that will strengthen communities across Illinois by responsibly fast tracking the foreclosure process and investing more than $120 million to help more families keep their homes.
The law will help restore neighborhoods and property values by significantly shortening the foreclosure process to a few months, down from what now takes nearly two years.
Today’s signing is the latest action by Quinn to help working families stay in their homes, which will stabilize and grow the Illinois housing market.
“A home is the foundation of our families and our communities,” Quinn said. “This law will help restore neighborhoods and property values while fighting crime and blight by decreasing the time a home sits empty and getting it back on the market quickly. It also allows us to make major investments to keep families in their homes by preventing foreclosures in the first place.”
Senate Bill 16, sponsored by Jacqueline Collins and John Mulroe, senate Democrats from Chicago, and former Reps. Karen Yarbrough and Joe Lyons, is the result of almost two years of discussions led by the governor’s office, General Assembly and stakeholders including lending institutions, the Illinois Housing Development Authority, the Illinois Department of Financial and Professional Regulation, municipalities including the city of Chicago and housing advocates across the state.
The new legislation will allow single-family homes and multifamily buildings that are not legally occupied to be eligible for an expedited foreclosure process that could be completed in as little as 90 days.
Previous Illinois law saw the foreclosure of some properties drag on for almost two years, which allowed them to fall into disrepair, damage local property values and become bases for crime.
“Abandoned homes bring down property values, function as safe-houses for criminals and discourage the economic growth our communities need to recover,” Collins said. “This legislation, which addresses the problem of abandoned properties while protecting the rights of legitimate residents, will help break the foreclosure logjam and empower communities to act.”