Chicago Tribune: Time to end judicial foreclosure process

An explosive op-ed appearing the Chicago Tribune takes state lawmakers to task for hurting the Illinois housing market with excessive delays in the foreclosure process – and goes so far as to call for an end to the judicial foreclosure process in the state.

Just some of the fireworks from the op-ed:

The key to overcoming the real estate bust is putting new owners into foreclosed and abandoned homes as soon as possible. In Illinois, that isn’t happening: A stream of beaten-down properties continues to swamp the market. In other cities that have worked through their inventory of distressed homes, prices have started to rise. The latest data show that Chicago’s monthly index of home prices fell 0.6 percent from August to September.

The poor performance should be reason enough for state political leaders to overhaul mortgage laws. No such luck. Instead, we hear about how the red tape supposedly protects consumers. It protects consumers who want to stay in their homes without paying, as well as the incomes of real estate lawyers. Those are the big winners, as far as we can tell.

The battle lines are just now being drawn in the fight over increased g-fees in states where foreclosure timellnes are extended — this fight was the focus of HousingWire Magazine’s recent November issue cover story.

Click here to read the full op-ed at the Chicago Tribune.

3d rendering of a row of luxury townhouses along a street

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