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Article updated: 2/8/2013 4:25 PM
Quinn signs law to fast-track foreclosures
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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