Governor Quinn Signs Law to Fast-Track ForeclosuresCHICAGO (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.
See other LocalNews news:Centralia Football Field Will Stay Within Budget
Marion County Finance Committee Finds Way To Offer Employee Health Insurance
Illinois GOP Files Lawsuit Over Poll Practices
Dix Man Receives Prison Time For Hacking Government Computers
Unemployment Drops a Full Percent in September