Taylor’s bipartisan bill moves abandoned homes back to housing market
(MADISON) Sen. Lena C. Taylor (D-Milwaukee) applauded the Senate’s approval of the Expedited Foreclosure Bill (SB 307) this afternoon. The bill is a major bill which put abandoned homes back on the real estate market in five weeks, rather than the two months under current law. Taylor authored the bill with Sen. Glenn Grothman (R-West Bend) and Sen. Tim Carpenter (D-Milwaukee).
“Neighborhood blight and abandoned homes cause decreased property values and higher costs for local governments,” Taylor stated on the Senate floor. “This bill will not rebound our economy, but it does take a millstone from the neck of property owners and local governments. We can turn homes back to market quicker with this bill.”
The bill 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 sufficient measures to protect homeowners and adequate opportunity to challenge foreclosure proceedings.
“This certainly will not solve the housing market problem. It is not the bill to restart homeownership for those who have lost their homes. But it is a start.”
The bill was a bipartisan effort supported by the City of Milwaukee, the Wisconsin Bankers Association, and the Wisconsin Credit Union League.