New Foreclosure Rules Handed Down By Illinois Supreme Court Take Effect in 2013
Richard Fonfrias, J.D.
Chicago's Financial Rescue & Bankruptcy Lawyer
Fonfrias Law Group, LLC
New foreclosure rules were handed down by the Illinois Supreme Court, affecting 77,000 pending foreclosure actions in Cook County, reports the Chicago Tribune.
The rules - which take effect June 1, 2013, at the latest - were developed over a two year period to protect borrowers. They require the lender to show that, rather than aiming straight for a foreclosure judgment, more alternatives seeking a resolution have been explored with the borrower.
These rules are not expected to shorten the time for Illinois's foreclosure process, which takes, on average, 697 days. Illinois has the fifth-longest average foreclosure process in the United States, with 139,000 homes now somewhere on the legal conveyor belt. What's more, in 2012, among all states, Illinois ranked the fifth highest in the number of foreclosures, with Chicago having the ninth highest rate among metropolitan areas. If you are facing foreclosure in Chicago, and need the advice of an experienced financial rescue lawyer, please call or email Chicago money lawyer Richard Fonfrias right away. Rich will be happy to answer all your questions about foreclosure in Illinois and bankruptcy in Illinois.