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Quinn signs law to fast-track foreclosures

Published: Friday, Feb. 8, 2013 1:21 p.m. CDT
Caption
(Seth Perlman STF)
Illinois Gov. Pat Quinn delivers his State of the State address to a joint session of the General Assembly at the Illinois State Capitol Wednesday, Feb. 6, 2013, in Springfield Ill. Standing behind Quinn is Illinois Speaker of the House Michael Madigan, D-Chicago, left, and Illinois Senate President John Cullerton, D-Chicago, right. (AP Photo/Seth Perlman)

CHICAGO – 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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