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Quinn signs law fastracking foreclosures

Fri, 08 Feb 2013 13:27:10 CST
By: AP

Gov. 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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