Passing The Buck To Chicago's Empty Building Owners

Law360, New York (August 17, 2011, 4:25 PM EDT) -- For years, mortgage lenders and servicers have faced housing court complaints in which cities like Chicago complain that mortgaged properties are unsafe or in need of maintenance or repair to comply with city building codes. In some cases, the properties are held as real estate owned (REO), and the lender, as the property owner, is rightly responsible for the property. But in other cases, the property may have been abandoned by its owner or the subject of a foreclosure proceeding. In those cases, the lender is...
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