Fast-Tracking Abandoned Residence Foreclosures In Ill.
February 21, 2013, 11:20 AM EST
Law360, New York (February 21, 2013, 11:20 AM EST) -- Over the past several years, vacant and abandoned properties have become a significant problem in many American cities. Some cities, such as Cleveland and Los Angeles, have attempted without success to use litigation to hold mortgage lenders and servicers responsible for the impact these properties have on communities. Other cities, such as Chicago, have enacted local ordinances intended to address the problem.
On Feb. 8, 2013, the state of Illinois enacted legislation intended to address the issue by expediting the foreclosure of abandoned or vacant residential...