Sheriff Suspends Renter Evictions
Posted Oct 9, 2008 @ 5:59 pm, Viewed by 250 Visitors, Read 261 Times.CNN reports today that
"An outraged sheriff in Illinois who refuses to evict "innocent" renters from foreclosed homes criticized mortgage companies Thursday and said the law should protect victims of the mortgage meltdown. Cook County, Illinois, Sheriff Thomas J. Dart says too many renters are being evicted for landlords' problems, and he is suspending foreclosure evictions in Cook County, which includes the city of Chicago. The county had been on track to reach a record number of evictions, many because of mortgage foreclosures."
This is truly sad. Until now, I thought of the mortgage debacle as a shared responsibility between folks buying homes they should not have been buying, and lenders lending money they should not have been lending. At first read, I was prepared to write a blog entry about buyers buying homes they shouldn't be buying, and why the heck is the sheriff protecting these people, that is until I realized these were renters the sheriff is trying to protect!
We have several rental properties. We've always put a enough money down to make our properties a positive cash flow, thus hedging us against these current economic turns. Given the horror stories my renters bring me from other landlords, it doesn't surprise me that landlords are putting their renters at risk. 
The Lane Real Estate Team providing Tri Cities Washington Real Estate services. || Call us at 509.438.9344 today! || Given tough economic times in many locations in the United States, consider a move to Tri Cities Washington. Our Tri Cities economy is holding strong! 
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Good point Carolyn. We lived San Diego North County for the better part of 25 years and had several rental properties. The appreciation of the those properties is part of the reason we moved to the Tri Cities Washington area to retire. It's good to hear there is legislation in place that protects the renter of a foreclosed home. 
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California recently passed legislation requiring 60 day notice to be given to tenants living in foreclosed properties. The tenants must still pay their rent to the new owner (bank) and can not have been on the loan. A lot of times the tenants do not know anything about the foreclosure until the notice of sale has been posted on the door.
Properties in California are often bought by investors not for their current cash flow but for anticipated appreciation so this is a wide-spread problem right now.