On Tuesday evening, in a 5-0 vote, the Oswego Common Council vote to speed up the foreclosure process to two years, instead of four.
The move aims to recoup loss tax revenue faster.
Over the last decade the city has lost $2.5-million in tax revenue due to the long foreclosure process, according to Nathan Emmons, Third Ward Councilor.
“We have an opportunity to work with the homeowner, figure out what the situation is and figure out if there is any sort of remedies that we can come up with to help them stay in their home and get caught up on their taxes,” explained Emmons.
Right now the city has to wait four years before stepping in to offer assistance and by then the debt is often too high for families to recover from.
“Over the course of four years someone can be significantly behind on their taxes and find themselves in a situation that is insurmountable,” said the councilor.
If passed, the new law will cut the timelines in half to two years which would have “a dramatic impact” on a persons ability to keep their home.
Once passed, the law would go into effect immediately.