The chicagotribune informs MHProNews Ill. Governor Pat Quinn has signed Senate Bill 16 to speed up the foreclosure process on abandoned single-family homes and multifamily buildings of less than seven units. The current average of 600 days will be shortened to 90-180 days for foreclosure. In addition, lenders will be required to pay foreclosure filing fees on a sliding scale from $50 to $500 based on the number of foreclosures they file each year. The $120 million in fees expected to be generated over the next three years will go to local governments to offset the costs of dealing with the abandoned homes. Says Gov. Quinn, “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.”
