MADISON, Wis. – The state Senate voted yesterday to approve a bill aimed at putting abandoned properties back on the market faster , as quickly as five weeks, rather than the two months now required by law.
The Expedited Foreclosure Bill, which is backed by the Wisconsin CU League, the Wisconsin Bankers Association and the city of Milwaukee, also lists some factors to consider when determining whether a property has been abandoned and allows the court to receive evidence from a representative of a local government where the property is located to assist in determining whether the property has been abandoned. There are also measures to protect homeowners and adequate opportunity to challenge foreclosure proceedings.
“This bill will not rebound our economy, but it does take a millstone from the neck of property owners and local governments,” Sen. Lena Taylor, D-Milwaukee, the chief sponsor said on the Senate floor yesterday. “We can turn homes back to market quicker with this bill.”
The bill now goes to the House for a vote.
