OFFICE OF THE MAYOR
CITY OF CHICAGO
RICHARD M. DALEY
MAYOR
April 13,2011
TO THE HONORABLE, THE CITY COUNCIL OF THE CITY OF CHICAGO
Ladies and Gentlemen:
I transmit herewith a resolution expressing our support for House Bill 1109. Your favorable consideration of this resolution will be appreciated.
Very truly yours,
RESOLUTION
WHEREAS, In 2010, there were 23,364 mortgage foreclosure filings in Chicago, which compares to an annual average of just over 8,000 foreclosure filings in recent years prior to the housing crisis; and
WHEREAS, Foreclosures are devastating for neighborhoods because vacant and abandoned properties depress home values, weaken the tax base, breed crime, and drive up governmental costs as municipalities bear the burden of securing and maintaining these properties; and ,
WHEREAS, The foreclosure process can last as long as 12 to18 months, and many homeowners in foreclosure move out of their house before the foreclosure is complete, leaving no one to maintain and secure the property; and
WHEREAS, House Bill 1109, the Lender Responsibility and Fast Track Foreclosure Bill, has been introduced into the Illinois General Assembly and has passed out of committee in the House of Representatives; and
WHEREAS, The Lender Responsibility and Fast Track Foreclosure Bill will authorize municipalities to hold mortgage lenders, including banks and their agents, responsible for maintaining and securing vacant and abandoned properties, and will give municipalities priority liens to help them recover some of their fines and costs associated with vacant properties; and
WHEREAS, The bill also will give lenders the legal right, as well as the responsibility, to take action to preserve their portfolio of vacant properties during the foreclosure process, and will hold those lenders harmless against trespass and other claims when they are engaged in such compliance activity; and
WHEREAS, In addition, House Bill 1109 would reduce the foreclosure "redemption period" that l...
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