New Committee Formed to Investigate the Fairness of Foreclosures!

Last week, the Illinois Supreme Court formed a committee to look into the mortgage foreclosure process in Illinois.  This new 14 person committee will include a representative from the attorney general’s office, bankers, attorneys, and judges. 

The committee will be charged with investigating foreclosures in Illinois — specifically, the committee will look into how various counties handle foreclosures differently, and what legislative proposals affecting foreclosures are making their way through the Illinois General Assembly. 

The Illinois Supreme Court hopes that the new committee will provide recommendations on improving the foreclosure process overall.  As it stands now, many homeowners are confused about the court process that accompanies foreclosure.  Additionally there is a great deal of variation in the process between counties.  While the court is not trying to standardize the process throughout Illinois, it may be beneficial to have certain rules that are the same across the board.  Hopefully the committee will be able to propose such rules to help streamline the foreclosure process. 

Once the committee does its job and new standards are implemented, however, foreclosures will not go away.  All we can hope for is that the process becomes easier to understand for homeowners!