Faster foreclosure bill passes in Illinois

The foreclosure process is not something that any home or business owner wants to experience. However, after the burst of the housing bubble, individuals falling behind on their monthly payments has become a more common occurrence.

With the economy on its way to a full recovery, though, there are several positive signs that the home market is leading the way. Additionally, when lenders invest in loan management software, it can help ensure that borrowers are given a monthly repayment plan that falls well-within their budget. Along with an amortization calculator, both parties can rest assured that the odds of a foreclosure happening are slim.

When a homeowner does fall behind on his or her monthly payments, it is always preferred that the paperwork process happens as quickly as possible. Illinois recently passed a bill that will reduce the length of the foreclosure process on 'proven' abandoned properties from roughly 500 days to 100, according to state senator Jacqueline Collins' office.

"What these parties had in common was a desire to break up the logjam of foreclosures currently clogging our court system and delaying the full recovery of our housing market," Collins, who sponsored the bill, said in a statement. "With strong homeowner protections in place, everyone benefits from expedited foreclosures of truly abandoned properties."

Additionally, the bill would provide housing counseling to tens of thousands of homeowners while raising $28 million to clean up vacant homes and lots.

According to HousingWire, Illinois is one of five states that is trying to stave off a Federal Housing Finance Agency proposal to raise guarantee fees on Fannie Mae and Freddie Mac loans in states where foreclosures are taking longer and costing more.

With the right legislation in place, and when lenders have mortgage loan software available to them, borrowers will know that their odds of reaching foreclosure are much smaller.