The ICUL said the fast track concept has been of "paramount focus and a fundamental priority," and it has been working with sponsors in an attempt to "fine-tune" the mortgage foreclosure process to make it more efficient and expedient, and avoid provisions that penalize lenders through increased fines and penalties.
"SB 16 has accomplished these goals by allowing lenders to shorten the foreclosure process for abandoned properties by approximately 18 months," the ICUL said. "As a result, lenders will obtain title to these properties more quickly and then assume responsibility under applicable ordinances to maintain and secure them, which will be good for neighbors, neighborhoods, and local governments. Lenders will benefit, too, because they will acquire properties that have suffered less damage and deterioration and can be sold for much more, and they will also save 18 months of costs like property taxes, insurance and loan servicing fees. The negotiated language includes a better and more efficient foreclosure process for lenders and good protections for consumers."
The Illinois legislation also includes funding for remediation of abandoned property as well as preforeclosure counseling, paid out of fees paid by lenders, and bankruptcy relief provisions.