The Illinois Supreme Court issued new rules changing foreclosures in the state that will impact Cook County's 77,000 pending foreclosure cases, according to a report by the Chicago Tribune.
The rules are set to take effect by June 1. They took nearly two years to develop, and mostly aim to protect borrowers, according to the report. The rules put a burden on lenders to show that more avenues toward a resolution have been explored with the borrower before the lender can seek a foreclosure judgment. However, this is not expected to speed up the foreclosure process in Illinois, which takes an average of 697 days to complete.
The Associated Press reported that Illinois has the fifth-longest average foreclosure process in the U.S., and that 139,000 homes in the state are currently in the foreclosure process. Illinois had the fifth-highest foreclosure rate among states in 2012 and Chicago had the ninth-highest foreclosure rate among the country’s metropolitan areas.