Dec
28

Foreclosures Can Also Affect Chicago Real Estate Renters

December 28, 2012

chicago real estate renters

Do you think that Chicago real estate renters are less likely to be affected by foreclosures? Think again. According to the U.S. Conference of Mayors, the number of renters going through foreclosure has tripled since 2009. Rental properties account for nearly 20 percent of all foreclosures and 40 percent of all families facing foreclosure-related evictions currently rent an apartment.

A survey conducted by the National Law Center on Homelessness & Poverty revealed a majority of renters are unaware of their rights as tenants, and new building owners often receive violations because they fail to determine the occupancy status of residents living in foreclosed properties.

The current Protecting Tenants at Foreclosure Act grants renters the rights to stay in their apartments until the end of their lease, and without a lease, a minimum of 90 days. However, many renters aren’t educated on this policy and don’t have a plan for when their grace period is over. The Protecting Tenants act is set to expire at the end of next year, and if it isn’t renewed, this could spell even more problems for struggling renters.

In the meantime, interest groups and non-profit organizations are doing more to try and educate tenants about their rights in order to decrease the current foreclosure rate.

If you are interested in finding out more about foreclosure assistance, visit KeepYourHomeIllinois.org or call 855-446-6300 from 8 a.m. to 8 p.m. weekdays and 9 a.m. to 1 p.m. Saturday.

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Jessica Thom

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