Illinois Gov. Pat Quinn has signed a new law that is designed to speed up the state’s foreclosure process on abandoned, single-family homes and multifamily buildings.
Senate Bill 16 allows lenders to file a foreclosure proceeding to shorten the length of time to foreclose. The foreclosure process in Illinois now takes nearly two years, and the law is designed to shorten that to a few months.
“This law will help restore neighborhoods and property values while fighting crime and blight by decreasing the time a home sits empty and getting it back on the market quickly,” said Gov. Quinn in a prepared statement. “It also allows us to make major investments to keep families in their homes by preventing foreclosures in the first place.”
Sponsored by Jacqueline Collins and John Mulroe, senate Democrats from Chicago, and former Reps. Karen Yarbrough and Joe Lyons, the new law takes effect June 1. The legislation will also help assist families in preventing foreclosure by giving $13 million a year to housing counseling.
Illinois has the nation’s fifth-longest foreclosure timeline, with the average foreclosure taking 697 days to process, according to RealtyTrac. New York ranked first, with foreclosures taking an average of 1,089 days, followed by New Jersey at 931 days. Florida has the third longest foreclosure timeline, taking an average of 853 days, and Hawaii has the fourth- longest foreclosure timeline at 781 days. The nationwide average foreclosure timeline is 414 days.