The Illinois Supreme Court is addressing the foreclosure crisis by forming a special committee to formulate a streamlined judicial foreclosure process for the state.
The catalyst for the study is the 70,000 mortgage foreclosure actions pending in Cook County, Ill., where Chicago is located, at the end of 2010. According to judges and lawyers involved in the committee, the problem is far from going away.
"The Supreme Court has a keen interest in programs with the strong promise of achieving timely and lasting resolution to tough problems, and we believe this select committee can come up with specific solutions to help families cope with the emotional and financial burdens of those facing such a devastating loss,” said Illinois Supreme Court Chief Justice Thomas Kilbride Monday in a statement.
The new committee's 14 members include judges, bankers, lawyers, a law professor and at least one official from the Illinois Attorney General's office. The goal is to make foreclosure proceedings in Illinois "fair, efficient and final."
Read on.
No comments:
Post a Comment