Chicago foreclosure ordinance blocks lenders
According to Law360, a new Chicago law that prevents foreclosing entities from evicting tenants could be bad news for the city's loan-to-own business. It also has the potential to spawn litigation. Law360 has more:
The Keep Chicago Renting ordinance, passed in June and set to be implemented this month, puts new regulations on parties that obtain title to rental properties through foreclosure, requiring them either to provide tenants funds for relocation or to offer to renew or extend leases with caps on rent increases.