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Article updated: 2/8/2013 4:25 PM

Quinn signs law to fast-track foreclosures

Gov. Pat Quinn signs a law to speed up the state’s home foreclosure process on Friday. The legislation will take effect June 1.

Gov. Pat Quinn signs a law to speed up the state's home foreclosure process on Friday. The legislation will take effect June 1.

 

Associated Press

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By Associated Press

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.

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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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