The Future of Foreclosures?
We have been saying for months that, right or wrong, foreclosure will be the new bankruptcy. That is, five years from now, lenders will look at a 2008 or 2009 foreclosure on your credit report as more indicative of “victim of circumstance” than “huge credit risk”. Now it seems that, at least in Chicago, the long arm of the law agrees.
Cook County, Illinois Sheriff Thomas Dart said today that he will no longer evict occupants of foreclosed homes, effective immediately.
Dart said that many of the evictions involve tenants who are paying their rent on time, but their landlord has fallen behind on mortgage payments. Mortgage companies are supposed to determine who is actually living in the home prior to filing eviction paperwork, but they have not been doing so.
Dart told CNN, “The people we’re interacting with are, many times, oblivious to the financial straits their landlord might be in. They are the innocent victims here and they are the ones all of us must step up and find some way to protect.”
The banks are howling that the Sheriff should be found in contempt of court if he makes good on his threat.
We will follow this story…
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