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WJBD - Local News - Governor Quinn Signs Law to Fast-Track Foreclosures

Governor Quinn Signs Law to Fast-Track Foreclosures

By The Associated Press

CHICAGO (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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