RENTING? Here's How Foreclosure Can Impact You!
EVEN THOSE CURRENT ON RENT CAN LOSE THEIR HOME OR APARTMENT IF LANDLORD IS FORECLOSED UPON!
If you are renting your home, you are not immune from the impact of foreclosure! You can be evicted!
See Kayce T. Ataiyero's story in last Thursday's Chicago Tribune.
However, in Cook County IL, the county that includes the City of Chicago, certain rules have been enacted to protect affected tenants, and delay the process. County-wide, a tenant whose rent is current usually has 120 days to vacate his foreclosed rental home or apartment, according to the Cook County Sheriff's Department.
Before a tenant can be forcibly evicted, an Order of Eviction naming the tenant must be entered in court. Both Mortgage Holders and Landlords must notify tenants when a property foreclosure has been completed.
If the tenant is behind on rent, however, the foreclosure process can proceed with a shorter period of notice.
And, in a strange twist, a landlord can still a tenant for non-payment of rent all the way to the day when the foreclosure becomes final!
Mark Swartz, Staff Attorney for Lawyers Committee for Better Housing, suggests a tenant evicted due to foreclosure on his landlord petition the court to make his eviction files sealed. This will prevent a subsequent landlord from making a negative decision based on the prior eviction caused by foreclosure, rather than tenant default on the lease.
Statistics on tenants displaced in the wake of foreclosure are daunting. According to John Bartlett, Executive Director of the Metropolitan Tenants Organization of Chicago, nearly half of those displaced from their homes due tor foreclosure are renters. Tenants have no further right to stay in their rental once the foreclosure process is completed.
DEAN MOSS & DEAN'S TEAM CHICAGO
