SB 16, a bill that Action Now and the Foreclosure Convening have been advocating for, has passed through the Illinois House and Senate! The bill would require lenders to pay additional fees to file foreclosure actions, and the estimated $41 million in fees collected annually would be used to offset costs for municipalities that secure and maintain vacant buildings, as well as fund foreclosure outreach and prevention efforts.
Wording created by Action Now was included in SB 16, which specified that foreclosure prevention should focus on community based door-to-door outreach. Since 2010, Action Now has informed over 3,000 homeowners in foreclosure of mediation programs to help save their homes. SB 16 would help reach 18,000 more people!
SB 16 also furthers our campaign to address the vacant property problem by providing $28 million in grants to help cities all over Illinois clean up and restore abandoned properties.