MADSION, Wis. (1/20/12)--The Wisconsin State Senate Tuesday approved the Expedited Foreclosure Bill (SB 307), which will combat blight by placing abandoned homes on the real estate market within five weeks, rather than within two months under current law. The Wisconsin Credit Union League supports the legislation.
State Sens. Lena C. Taylor (D-Milwaukee), Glenn Grothman (R-West Bend) and Tim Carpenter (D-Milwaukee) authored the bill (News Channel 7 Jan. 18).
The Wisconsin league said it supports communities' efforts to control blight, encourage redevelopment and protect home values through the adoption of the strongly bipartisan proposal, Senate Bill 307.
"To be clear, the purpose of SB 307 is quite narrow and targeted at only shortening the foreclosure process for abandoned properties, which is a particular challenge for the city of Milwaukee," Tom Liebe, league government affairs vice president, told News Now. "Credit unions are not advocating for additional changes to shorten the foreclosure process, limit homeowner's rights and continue to support a balanced procedure for foreclosure.
"Credit unions have never deviated from their practice of making prudent mortgage loans and lead the industry when it comes to keeping consumers in their homes when faced with challenging financial circumstances," Liebe added.
The bill stipulates factors to be considered to determine if a property has been abandoned. It also allows the court to obtain evidence from a representative of a local government where the property is located, so it can assist in ascertaining whether the property was abandoned, News Channel 7 said.