Legislative bill 5055 passed the Illinois legislature without a hitch until it got to the governor. Recently, the Sheriffs Association has questioned the legislation expected to significantly impact bank foreclosed houses for sale in the state.
The bill is getting the attention of the group for its alleged potential wide-ranging effects, including on Elgin foreclosure investing. Representative Lou Lang who authored the bill expressed surprise that the proposal got through the legislature without a question and then, when it has reached the governor, it has as suddenly been put on the spotlight.
The bill proposed giving banks or sellers of Illinois foreclosures for sale the option to have their properties sold by private companies. According to Lang, the bill will make the process of foreclosure more efficient and will allow all parties involved to save a lot of money. Currently, the county sheriff takes care of foreclosure sales in the state.
The first to question the proposal was the Sheriffs Association. Officials from the association have stated that problems of long lists of foreclosed properties in the state have affected children, senior citizens and almost everybody. They argued that leaving the sale in the hands of private firms will be wrong since these companies do not have residents' interest on top of their list of concerns.
According to Lang, bank foreclosed houses for sale are legally allowed to be sold by private firms. However, judges usually assign the job to the sheriff. Lang reveals that he had been approached by several firms the previous year, claiming that they can make the whole process of foreclosure sale faster and cheaper.
The legislator admitted that the idea sounded good, particularly as more and more abandoned and empty properties are left in neighborhoods waiting for the process of foreclosure to be completed. These abandoned properties contribute greatly to community blight, Lang has added, and prompted his decision to propose the bill.
The bill got the Senate and the House's full approval. After that, the bill was sent to Governor Pat Quinn. At this time, the Sheriffs Association decided to question the bill that would change the rule governing bank foreclosed houses for sale in the state.
John Cutts has been educated in the finer points of the foreclosure market over 5 years.
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