A new piece of legislation in Illinois is focused on keeping homeowners in their home while speeding up the foreclosure process.
This morning, Governor Quinn signed a law that will invest over 100 million dollar in foreclosure prevention and fast track the process. Senate bill 16 allows a lender to file a motion with a judge requesting a foreclosure be expedited. Currently, the foreclosure process takes approximately 600 days, this new law could be reduced to as few as 90.
“This law we are signing today provides us with the resources to let us expedite [the process] and get that home back in a situation where it can be occupied by some one that needs shelter over their head,” Quinn says.
Renaissance Rock Island President Brian Hollenback says the law will not only speed the process but also help homeowners.
“It will provide additional funds for that counselor and funding sources are available to help people stay in their home,” Hollenback says.
Hollenback says the new bill is a win-win situation for everyone.
Illinois is ranked 8th in the country with one in every 51 homes foreclosed. If you or someone you know needs foreclosure assistance or information, you can contact Rock Island Renaissance or Illinoishardesthit.com.
