State Law Creates Option to ‘Fast-Track’ Foreclosure
To shorten the foreclosure process for abandoned homes, the state of Illinois now allows servicers to ‘fast-track’ the foreclosure process. The new law could shorten the process from the typical two years to between three to six months for these homes. The expedited process helps protect surrounding property values by moving abandoned homes out of foreclosure and back to productive use more quickly. This will decrease the instance of blight and crime which can destroy property values and destabilize neighborhoods.
In order to fast-track a foreclosure, lenders must follow specific notice requirements and the property must be proven vacant. The senate bill also directs funds to two state programs that work to prevent foreclosure overall. The goal in Illinois is to promote housing recovery by allowing foreclosed homes to become solutions instead of problems and to prevent abandoned homes from becoming a drag on the rest of the neighborhood. Read the article
SOURCE: DS News