CHICAGO, IL – Last week, state Rep. Marcus Evans (D-Chicago) backed legislation to provide assistance for local communities fighting foreclosures. Senate Bill 16 passed both chambers of the General Assembly during veto session.
“This legislation allows us to regain control of our neighborhoods,” Evans said. “By streamlining the foreclosure process we can maintain the value of our property and put a stop to illegal activity in vacant homes. Our families deserve to feel safe and have the freedom to enjoy the comfort of their homes and children should not fall victim to the drugs and gang activity that move in when residents are forced to move out.”
The bill provides lenders with the opportunity to cut the foreclosure process from an average of 494 days to 150 days on clearly vacant homes. This opens up opportunities for new residents to purchase and occupy foreclosed homes. The bill also increases foreclosure filing fees, requiring lenders that file foreclosure actions to pay based on the number of foreclosures they filed during the previous year. The additional money from the fee increase will go to the Foreclosure Prevention Program and also to the Abandoned Residential Property Municipality Relief Fund to cover costs associated with the maintenance of vacant properties.
“Residents should be able to have pride in their neighborhoods. We cannot sit by idly while families lose their hope and homes as our local economy deteriorates,” Evans said. “This legislation puts us on the path to economic recovery and the restoration of our communities. Moving forward, I intend to push for policies that will create good-paying jobs to boost our financial standing, preventing families from experiencing