Tenants Deal With Uncertainty In Chicago Apartment Buildings Facing Foreclosure; Residents In 20,000+ Rental Units Affected In 2009: Report

In Chicago, Illinois, the Chicago Tribune reports:

• More than 125 apartment buildings in Chicago on average went into foreclosure each week of 2009, affecting tenants living in almost 21,000 rental units, according to a new report. The study, by the nonprofit Lawyers' Committee for Better Housing, found that lenders began foreclosure proceedings against owners of 6,560 multiunit rental buildings last year. The problems were particularly dire for renters in nine city neighborhoods, where foreclosure actions were filed against more than 200 buildings during the year.

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• Authors of the report voiced concern that tenants, owners, receivers, lenders and real estate agents are unaware of the laws affecting renters who live in buildings on which foreclosure proceedings have been initiated.

• Some tenants don't think they have to pay rent, according to the report. And some property managers, lenders and new owners wrongly believe they don't have to maintain the property and can force tenants to move because of foreclosure actions.

For more, see Foreclosures hit 6,560 Chicago rental buildings in 2009 (Tenants living in almost 21,000 apartments were affected, report says).