Dec
27

Illinois to Establish Foreclosure Fast Track

December 27, 2012

chicago real estate foreclosures

One out of every 392 Illinois homes has a foreclosure filing, and the state has a reputation for high level foreclosure levels. Each foreclosure in Illinois must be finalized through the courts, and not only does this lengthy process increase the foreclosure rate, but it is also a source of frustration for many homeowners.

Now homeowners may finally get some relief via the foreclosure “fast track.” Lawmakers recently voted in favor of establishing a “fast track” bill that will push some foreclosed homes through the state’s judicial process in only 90 to 100 days, instead of the current two-year average.

The bill won’t go into effect until June 1, but once it is established, thousands of homes will be placed on the market within a few months.

However, the “fast track” bill comes with a series of new lender fees. Lenders who bring foreclosure cases to court will be required to pay a $50 filing fee for each case. Those who bring forward more than 175 cases a year will be charged $500, and lenders who bring 50 to 174 cases to court each year will be charged $250. The new rates will give smaller lenders a slight advantage, while major banks and mortgage lenders will be expected to pay heftier fees.

Municipalities will receive 70 percent of these lending fees to offset the cost of caring for neglected homes. The rest of the money will go towards foreclosure prevention and housing programs.

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Jessica Thom

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