In the wake of the report issued by Lawyer’s Committee for Better Housing indicating that crime has increased in vacant lots and buildings, the Housing Committee of the Chicago City Council plans to conduct a hearing and possibly vote on the “Keep Chicago Renting” ordinance today (Mayday). Originally introduced in July of last year, the ordinance has been kicking around for about a year in various forms. In its current form, the City proposes that banks or other entities that take title to foreclosed real estate at a foreclosure auction must pay (yes, you read that right) tenants who are forced to vacate the premises or offer them leases with rent restrictions.
foreclosure
Illinois property owners still being scammed
It is bold. It is outrageous. It is unbelievable. Back in May of 2011, I wrote about the rise in scams against landlords. Those scams seem not to have abated in the time since then. Based on the phonecalls our office receives, these scams are still occurring in Chicago and the surrounding suburbs. The scams target owners with vacant property.
The scam works like this.
Keep Chicago Renting Ordinance Text
We have obtained the text of the recently introduced “Keep Chicago Renting” Ordinance that would protect a tenant’s right to remain in a rental unit after a foreclosure. A number of aldermen and the Cook County Sheriff are in support of the proposed ordinance. The law would effectively turn foreclosing banks into landlords. The problems … Read more
Chicago City Council considers tenant foreclosure protection law
It is expected that alderman will introduce the “Keep Chicago Renting Ordinance”, sponsored by 33rd Ward Alderman Dick Mel and others, this Wednesday July 25, 2012. The law, if passed, will require lenders who foreclose on a property to allow most tenants to remain in a property until the building is resold to a new landlord. … Read more
Underlying foreclosure case not germane to eviction suit
In a case handed down by the Illinois Appellate Court for the Third District, the court determined that a dispute about the validity of a mortgage foreclosure judgment is not germane in an eviction action brought by the foreclosing party against an occupant of the foreclosed real estate.
Illinois Bad Landlord’s beware! Attorney General to fund legal assistance
Remember that money the State of Illinois won in the robo-signing lawsuit against the nation’s big banks? Well, that money seems to have found a home, and Illinois landlords may not like it.
Illinois Security Deposit Return Act amended to protect tenants from foreclosure
The Illinois Security Deposit Return Act was amended over the weekend. House Bill 1674 amends both the the Illinois Mortgage Foreclosure Law and the Illinois Security Deposit Return Act. The law is intended to protect the security deposits of tenants whose landlords go into foreclosure by first amending the foreclosure law to require that for mortgaged real estate, a court ordering a Sheriff’s foreclosure sale shall also require that the foreclosed property owner shall transfer all security deposits received and interest thereon to the foreclosure purchaser along with an accounting of the deposits that includes the name and address of each tenant whose money is held.
Rentals on the rise in Chicago?
A recent blog article in the Wall Street Journal indicates that landlords have “seize[d] the upper hand in [the] apartment market”. This is an interesting development. The article cites the all too common shift where former homeowners are losing their properties to foreclosure and becoming renters. The article specifically singles out Chicago as a place where a renter’s rent is going up from “$765 from $720” because landlords “know they can get more for my unit”. This certainly bodes well for landlords who want to keep their rental units filled.