- Published: 13 February 2013
Senator John Mulroe attended a bill signing ceremony for a new abandoned property strategy that he worked closely with Senator Jacqueline Collins (D-16th) in passing. As Governor Quinn signed the bill, Mulroe acknowledged the Quinn administration, Senator Collins, housing advocates and financial institutions for working together on the proposal, which addresses the massive number of abandoned residential properties tied up in lengthy judicial proceedings.
“We all know that there is a foreclosure crisis in Illinois,” Senator Mulroe said. “Abandoned homes magnify the crisis because they decrease the value of everyone’s home. This bill accelerates the foreclosure process for abandoned homes and provides much needed resources to the communities that are forced to care for the abandoned homes.”
This legislation creates a fast-track process for foreclosures when the property in question has been abandoned, shortening the total time from more than 500 days to approximately 100 days in such cases.
The law also increases the foreclosure filing fee. The funds collected through these
means will help offset the costs incurred by the municipalities that have had to care for,
maintain and in some cases demolish the abandoned properties.
In addition, this law will provide resources to help prevent foreclosures.
Proceeds from the increased foreclosure filing fees will go toward the Foreclosure Prevention Program Fund for homeowner counseling grants, as well as and the Abandoned Residential Property Municipality Relief Fund, which will award a projected $28 million in grants to counties and municipalities to maintain, renovate or demolish abandoned properties.