Silverstein’s Foreclosure Assistance Measure Signed into Law

Jan. 13 – Illinois Senate Democrats

Sen. Ira I. Silverstein (JD ’85) authored blog post

Homeowners in Illinois who are facing foreclosure will have a means to alleviate their debt under a new short sale requirement measure that was signed into law today.

When a house has been assessed at less than the value of the debt, an individual can sell the house for less than the amount of debt in a short sale as long as the bank agrees.  Senate Bill 1259, sponsored by State Senator Ira I. Silverstein (D – Chicago), will require lenders to respond to a short sale request within 90 days.

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