Updates on cases, laws, and other topics of interest to local governments

Subscribe by Email

Enter your Email:
Preview | Powered by FeedBlitz

Subscribe in a Reader

Follow Municipal Minute on Twitter


Blog comments do not reflect the views or opinions of the Author or Ancel Glink. Some of the content may be considered attorney advertising material under the applicable rules of certain states. Prior results do not guarantee a similar outcome. Please read our full disclaimer

Wednesday, December 12, 2012

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.


Post a Comment