Illinois law will speed up foreclosures

A new Illinois law is designed to speed up the foreclosure process and help prevent foreclosures in the first place, according to The Associated Press (AP). The new measure comes as Illinois remains in the top five among states for foreclosures.

Gov. Pat Quinn signed the law Feb. 8, with the measure scheduled to take effect June 1. Quinn said the measure “will help restore neighborhoods and property values while fighting crime and blight,” according to the Washington Times Reporter.

Currently, it can take up to two years in Illinois to foreclose on some properties, while the site falls into disrepair and drags down local property values. The new law will allow unoccupied single-family homes and multifamily buildings to be eligible for foreclosure in as little as 90 days.

The measure also provides more than $120 million to help more families keep their homes. The funds will provide housing counseling assistance to help 18,000 households struggling to keep their homes.

Illinois has one of the highest foreclosure rates in the country. In 2012, it ranked fifth among all states, according to a report from market researcher RealtyTrac.

 The number of foreclosures nationally declined 3 per cent from 2011 to 2012, according to the report, but Illinois was among 25 states where foreclosure rates increased. Foreclosures in Illinois rose 33 percent in 2012 compared with 2011.