Homeowners are not the only people who are effected by foreclosures, many renters have fallen victim to the crisis as landlords fail to tell their tenants that the property will be foreclosed on. Renters in Chicago can breathe a small sigh of relief because under a new law renters in Chicago are entitled to a 90 day grace period prior to being evicted, the 90 days takes effect when the foreclosure sale is confirmed.

Chicago’s Sheriff Thomas J. Dart of Cook County announced last Wednesday that this law would be enacted. They felt that there were a lot of renters being evicted who had no idea it was in foreclosure and they were often dutiful tenants who paid their rent every month. Again local government taking steps in the right direction and helping the people who are hurt the most.

This entry was posted on Tuesday, October 14th, 2008 at 2:11 pm and is filed under Foreclosure. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.