Foreclosure Bill Passes Illinois General Assembly
Last week, the Illinois General Assembly passed Senate Bill 16 (House Amendment 8) to help local governments clean up abandoned homes and prevent new foreclosures. The bill is intended to generate revenue for foreclosure prevention and neighborhood stabilization programs and streamline the foreclosure process for abandoned homes.
Details of the bill include provisions to:
- fast track the foreclosure process for abandoned homes. It is expected that the new process will reduce the timeline for the foreclosure process from the current 21 months to about 3 months.
- require a new foreclosure fee that will be placed in two funds: the Foreclosure Prevention Fund (FPF) and the Abandoned Residential Property Municipality Relief Fund (ARPMRF).
- fund grants (through the RPF) to local governments to maintain and secure abandoned homes, including $28 million in grants to local governments.
- fund grants (through the ARPMRF) for housing counseling agencies to assist homeowners in preventing foreclosures.
Senate Bill 16 now heads to the Governor for his signature.
Post Authored by Julie Tappendorf, Ancel Glink.
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