Foreclosures are on their way up around the Chicago region despite efforts by local authorities to stem the rising tide of evictions in the city. A rising number of foreclosure evictions are affecting renters in the Chicago region, including around the North Shore Chicago Real Estate market.

Renters living in investment properties are often unaware of the problems that owners are facing when interest rates rise or economic misfortune hits. An increasing number of renters are facing surprise evictions as owners are unable to continue paying rising mortgage costs.

However, according to a recent article in the Sun-Times, Cook County Sheriff Deputies visited 19 homes around the South Side that were facing foreclosure but did not serve eviction papers. Under a new plan, renters will be given until the end of their lease or 120 days to plan for an eviction.

Tenants often have no idea that the property is going through foreclosure proceedings. In the recent past, many renters around Chicago have been left on the street after coming home to find an eviction notice. However, efforts by the Sheriff and Chicago judges should work to give people time to plan for a move.

Technorati Tags: Chicago Real Estate, Chicago Foreclosures, North Shore Chicago Real Estate

This entry was posted on Wednesday, October 22nd, 2008 at 11:36 am and is filed under Evanston Real Estate(t) . You can leave a response.