Topic:
Fast-track mortgage forecosure
(Collins, D-Chicago; Lyons, D-Chicago) creates an expedited judgment and sale procedure for abandoned residential property. An additional filing fee will be imposed on plaintiffs in a tiered system in which the fees increase in proportion to the number of foreclosures a plaintiff prosecutes. The fees will also pay for "housing counseling" for residents who are going through the foreclosure process in effort to help them save their homes. Clarifies that a portion of the Conveyances Act is permissive instead of mandatory to prevent that portion of the Act from affecting the validity of a properly recorded mortgage by a trustee in bankruptcy. House Amendment 8 becomes the bill and is positioned to move during this veto session.