A press release from Pam Althoff:
Senate approves Althoff bill expediting foreclosures on abandoned homes
Pam Althoff on Senate Floor. Photo credit: Senate Republican Staff.
SPRINGFIELD, IL. – Homes abandoned by their owners can now be foreclosed at a faster pace, under new legislation co-sponsored by State Sen. Pamela Althoff (R-McHenry).
Under Senate Bill 2534, those who hold mortgages can seek an expedited foreclosure process from the courts – under current law the foreclosure process takes about 500 days.
“Abandoned homes and properties are not only a blight to neighborhoods that result in lower nearby property values, they pose a safety threat to people in surrounding households,” Althoff said.
“This legislation will help the courts move quicker in deeming these properties abandoned so they can be torn down or turned into property that’s useful for local communities.”
The measure also generates about $25 million to local municipalities to help offset costs associated with maintaining abandoned homes, funded through a $250 filing fee for plaintiffs who file foreclosure complaints for residential properties.
“Many local governments are facing serious budget deficits – the last thing they need is to pay the cost of maintaining abandoned homes when there are so many other crucial priorities that need attention, from education to public safety,” Althoff said.
“This legislation is a common-sense way we can help cities, towns and villages offset the cost of caring for abandoned homes, at no cost to taxpayers.”
Having passed the Senate by a vote of 38 to 3, Senate Bill 2534 now moves to the House for further consideration.
Why are the cities taking care of these properties?
I knew someone who ran a lawn service and they mowed properties for the banks not any city.
Sounds like another deal to get the banks off the hook so they can put more money in they’re pockets.
Plus if a city is maintaining the property doesn’t that mean it’s taxpayer monies they are using?
Once again the taxpayer on the hook when it should be the home owner or bank.
What a system.
I believe the way it will work is that after mowing the city will then lein the property and recover the cost of maintaining the parcel.
Everyone wins when the cities step in and the property is maintained!
Considering there are apparently serious coordinated attempts by some (according to a news item I read not too long ago) to “occupy” empty homes, maybe that should be part of the pro and con battle?
As to foreclosures, there are so darned many homes available, rushing a few more doesn’t seem to be a real strategy.
I thought the lenders didn’t want the housing market any more saturated with available “product” because it lowers the selling prices.
Check the details on the bill.
The original bill was filed by Senator Wilhelmi.
The final bill content is the result of an amendment by Senator Mulroe.
Althoff is one of seven sponsoring Senators.
Is the Senator taking credit for the work of others?
Check out the fine print on the $250 – it is paid to the STATE for ultimate distribution.
Why is the money not kept local?
Yet further expansion of Springfield power?
http://www.ilga.gov/legislation/billstatus.asp?DocNum=2534&GAID=11&GA=97&DocTypeID=SB&LegID=62654&SessionID=84
“Under current law the foreclosure process takes about 500 days”—absolute nonsense.
Those banks must have pigeons for lawyers.