Chicago renters are warned of foreclosure risk

Tribune:

Because if your building is in foreclosure, the first time you hear about it may be when a new landlord tells you to move out that day, according to the Albany Park Neighborhood Council.

And that's what's happened to thousands of renters across Chicago, including in the Far Northwest Side, where activists met Sunday to gather support for a state bill that would require tenants to get adequate notice of foreclosure and ease tenants' transition to new building owners.
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One out of five properties in foreclosure nationwide is a rental property, according to the National Low Income Housing Coalition. The Albany Park group says a third of the Chicago properties that went into foreclosure in 2008 were buildings with two to six housing units.
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Sunday's meeting was in support of state House Bill 3863. The bill proposes that landlords should be required to notify tenants when a foreclosure case is filed, and to give tenants at least 30 days to move after an eviction order.

Via CapFax morning shorts!