Wisconsin lawmakers are moving ahead this week with a bipartisan bill to shorten the foreclosure process for abandoned property as a means to aid Milwaukee in controlling blight.
The state Senate on Tuesday voted out the Expedited Foreclosure Bill aimed at protecting homeowners while retaining “prudent mortgage practices”, said the Wisconsin Credit Union League.
The measure is now headed to the Wisconsin House where it is considered likely to pass.
The bill has the backing of both the league and the Wisconsin Bankers Association as well as the city of Milwaukee, which is seeking legislative relief.
In a statement, the Wisconsin League said it “supports communities’ effort to control blight, encourage redevelopment and protect home values through the adoption” of the bill but “but 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.”
According to the league’s government affairs vice president Tom Liebe, “Credit unions are not advocating for additional changes to shorten the foreclosure process or limit homeowner’s rights and continue to support a balanced procedure for foreclosure.”
Liebe added, “Credit unions have never deviated from their practice of making prudent mortgage loans and to lead the industry when it comes to keeping consumers in their homes when faced with challenging financial circumstances.”