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Short Sale Bill on Governor's Desk
Release Date: November 23, 2011
Article originally found on CondoBytes website here.

Sen. Ira Silverstein's bill to force mortgaging banks to approve "short sales" in 90 days or less is on the desk of Illinois Governor Patrick Quinn, awaiting his signature. The bill is expected to help unit owners in foreclosure. The Chief co-sponsor is Sen. Jacqueline Y. Collins and the House sponsor is Rep. Barbara Currie.

The original bill as filed by Silverstein required a 30 day decision but the bill was amended to 90 days Silverstein filed the bill on Feb. 8, 2011 and it took until Oct. 26th to work its way through the legislature. The bill also defines short sale.

"Families are not losing their homes to foreclosure because they are dead beats refusing to pay their mortgages," Silverstein said. "They are people who are struggling to get through the worst economic downturn since the Great Depression. Unfortunately, we are seeing banks stalling the process of a short sale in order to push through foreclosure proceedings, giving families limited options to get out of their mortgage debt."

When a house has been assessed at less than the value of the debt, individuals can sell the house for less than the amount of debt in a short sale, as long as the bank agrees. Senate Bill 1259 requires that a mortgagee, such as a bank or financial institution, respond to a short sale offer by the owner within 90 days. The measure also gives courts the authority to hold banks accountable to the 90 day response provision. Previously, the court had no jurisdiction over unresponsive banks.

"Many individuals trying to get out of foreclosure present a short sale offer to the bank and the bank sits on the request causing hardship for the home owner," Silverstein said. "Not knowing whether the bank will accept the offer causes distress and it is only proper for the bank to respond. This puts a duty on the bank to respond."

Also of importance to Associations is Silverstein's Amendment #1 which provides that nothing in these provisions shall be construed to extinguish, limit, or otherwise affect any lien created by a condominium association, master association, or common interest community association.

President Declares Major Disaster For Illinois
Release Date: March 17, 2011
Article originally found on FEMA website here.

» More Information on Illinois Severe Winter Storm and Snowstorm

WASHINGTON -- The U.S. Department of Homeland Security’s Federal Emergency Management Agency (FEMA) today announced that federal disaster aid has been made available to the state of Illinois to supplement state and local recovery efforts in the area struck by a severe winter storm and snowstorm during the period of January 31 to February 3, 2011.

Federal funding is available to state and eligible local governments and certain private nonprofit organizations on a cost-sharing basis for emergency work and the repair or replacement of facilities damaged by the snowstorm in the counties of Adams, Bond, Boone, Brown, Bureau, Calhoun, Carroll, Cass, Christian, Clark, Clay, Coles, Cook, Crawford, Cumberland, DeKalb, Douglas, DuPage, Edgar, Effingham, Fayette, Ford, Fulton, Hancock, Henderson, Henry, Jasper, Jo Daviess, Kane, Knox, Lake, LaSalle, Lee, Logan, Marion, Marshall, Mason, McDonough, McHenry, Menard, Mercer, Morgan, Moultrie, Ogle, Peoria, Pike, Putnam, Richland, Rock Island, Schuyler, Scott, Shelby, Stark, Tazewell, Warren, Washington, Whiteside, Will, Winnebago, and Woodford.

In addition, assistance is available to the state and eligible local governments on a cost-sharing basis for emergency protective measures, including snow assistance, for a continuous 48-hour period during or proximate to the incident period in the counties of Bureau, Calhoun, Carroll, Cass, Cook, DeKalb, DuPage, Fulton, Hancock, Henry, Jo Daviess, Kane, Lake, LaSalle, Lee, Logan, Marshall, Mason, McDonough, Mercer, Morgan, Ogle, Peoria, Pike, Putnam, Rock Island, Schuyler, Stark, Tazewell, Warren, Whiteside, Will, Winnebago, and Woodford Counties. This assistance will be provided for a period of 72 hours for Adams, Boone, Brown, Ford, Henderson, Knox, McHenry, Menard, and Scott counties.

Federal funding is also available on a cost-sharing basis for hazard mitigation measures statewide.

Gregory W. Eaton has been named as the Federal Coordinating Officer for Federal recovery operations in the affected area. Eaton said additional designations may be made at a later date if requested by the state and warranted by the results of further damage assessments.

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FEMA’s mission is to support our citizens and first responders to ensure that as a nation we work together to build, sustain, and improve our capability to prepare for, protect against, respond to, recover from, and mitigate all hazards.

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