Foreclosure speeds up in Illinois - CBS4 - WHBF Quad Cities, IL-IA News Weather Sports

Foreclosure speeds up in Illinois

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By: Kate Pabich
kpabich@cbs4qc.com

A new law could help clean up Illinois Quad City neighborhoods.

Friday Governor Pat Quinn signed a law that will shorten the time foreclosed homes sit unoccupied.

Right now it takes just short of 2 years to cut through all the red tape, and get the home occupied again.

The new law could let new homeowners move in, in 90 days.

Tegan Moreland lives next to a foreclosed home in Rock Island and is very excited.

 "The house on the other side of me was vacant for a long time too so it's kind of a ghost neighborhood, you know, so that's probably not good for property value....It would be nice to have some neighbors it's been nice having someone on the opposite side, they redid the house and put a new roof and made it look a lot nicer than it does right now. So it'd be great."

The law will also require lenders to pay a minimum $250 fee for every home they foreclose on, that money will be used to help prevent foreclosures, and for upkeep on foreclosed properties.

The law goes into effect this June.

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