10% of Rental Units at Risk for Foreclosure in Chicago

A new study, entitled "Lawyer's Committee for Better Housing's Tenants in Foreclosure Intervention Project," reveals that over ten percent of rental units in Chicago are at risk of foreclosure.

These neighborhoods, comprising mostly of Hispanic and African American communities, are at risk since 5,904 of the city's apartment buildings are at risk. In total, this means at least 17,000 units that would need to be vacated should their buildings go into foreclosure. According to the committee's director, Mark Swartz, these communities are now being called the 'foreclosure belt,' that "when you look at it visually....all of these properties [are] in areas that are sort of on the South side and the far West side."

In many cases, these foreclosed buildings are bought by the same company who once lent mortgages to the building owners. Rather than allow tenants to remain in them, however, they are forced to leave, even though the building will then remain empty.

If you would like to prevent foreclosure, contact our law office to discuss your options with a Chicago bankruptcy lawyer.