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Servicing / The Ticker

Chicago embraces plan for handling tenants after foreclosure auction

Foreclosures can leave rental tenants in a perilous situation especially when a property – previously owned by another landlord – suddenly is replaced by a party that bought the building through foreclosure auction.

This situation prompted Chicago Mayor Rahm Emanuel to support a plan that would force anyone who acquires a rental building through court-ordered foreclosure auction to pay tenants up to $12,000 per unit to move out or offer them rent-controlled extended leases until the building is sold, the Chicago-Tribune reported.

Source: Chicago Tribune
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