2010 Chicago Foreclosure Report
BANKS AVOID FORECLOSURE LAWS, UPROOT RENTERS:
A CALL FOR ENFORCEMENT OF TENANT PROTECTIONS
CHICAGO— The foreclosure crisis continues to affect tenants, particularly renters in low to moderate-income African American and Latino/Hispanic Community Areas in the City of Chicago in 2010, according to a report released today by the Lawyers’ Committee for Better Housing (LCBH). Throughout 2009 and 2010, 12,334 Chicago Apartment Buildings went into foreclosure, affecting approximately 37,726 units—which are equivalent to a community area’s entire housing stock. The number of Apartment Building units in foreclosure over the past two years is greater than all housing units in Austin, one of the largest Community Areas in Chicago. Further, successors in interest, including banks and their agents and attorneys, instead of acknowledging the relevant laws designed to protect tenants, willfully ignore these laws and instead have institutionalized in their practices the wholesale violation of tenants’ rights in order to vacate tenants from foreclosed buildings.
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