Chicago Foreclosure Ordinance Hampers Lenders

Law360, New York (September 18, 2013, 8:09 PM EDT) -- A new Chicago law that prevents entities that foreclose on properties from evicting tenants could be a death knell for the city's loan-to-own business and may spur a slew of new lawsuits, experts say.

The Keep Chicago Renting ordinance, passed in June and set to be implemented this month, puts new regulations on parties that obtain title to rental properties through foreclosure, requiring them either to provide tenants funds for relocation or to offer to renew or extend leases with caps on rent increases.

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