MARCH 7, 2013
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.
SOURCE: DS News