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Quinn Signs Foreclosure Assistance Bill
Gov. Pat Quinn signed a bill into law today that will help counsel people who are about to lose their homes. It also shortens the amount of time it takes to foreclose on property in Illinois. Currently, it takes nearly two years to foreclose on a home, which affects the homeowners, the banks, and any potential new buyers.
The new law is designed to fast-track the process and shorten it to two months. It also invests $13 million in counseling to prevent foreclosures in the first place.
"It's a very important movement, really, to help everyday people maintain the biggest investment most people will make in their whole lives, and that's buying a house," Quinn said.
The new law also invests $120 million in foreclosure prevention and abandoned property maintenance. Quinn said it's an investment in people and their neighborhoods.