Chicago Landlords And Tenants Affected By Foreclosures
August 14th, 2008
Justin Kling of Apartment Savvy, Chicago commented on the effects of foreclosures on Chicago landlords and tenants in a recent media (ABC 7) coverage. He said that it is the first the landlords and then the tenants who are affected. Foreclosures are causing havoc in the mortgage market and telling on the Chicago rental and apartment scenario.
In recent years the number of foreclosed units has more than doubled according to the local branch of ABC. Half of these foreclosures focus on landlords as well as on investors. This is having a negative impact on those Chicago residents who are tenants. When the landlord loses the house to foreclosure, the hapless renter has to move out. This more often than not leads to loss of security deposits and the uprooting of children from schools and familiar surroundings. Pets too badly suffer.
Justin Kling says that the landlords too are one of the worst victims of foreclosure. He is one of the founders of Chicago’s premiere apartment locating service. His argument is that many landlords are facing foreclosures because the tenants are not paying rent regularly. Moreover it has not been possible to evict these defaulting renters. For the landlords one lapse in mortgage payment will bring the wolf of foreclosure to the door.
Apartment Savvy interacts positively with many Chicago landlords and managers of property. It pitches forward to bring about a harmonious working relationship between the landlords and tenants. The method is pre-screening prospective tenants and then bonding firm ties with the landlords so as to skirt unpleasant situations – that invariably wind up with foreclosures being the winners. Apartment Savvy has its own website – www.apartmentsavvy.com.
Apartment Savvy of Chicago was founded in 2004. It has its headquarter in North Clark. Without incurring any cost the tenants can avail of their services to find accommodation suitable for them. It is a stress-free search for the customer.
With foreclosures knocking at every door, sparing none, each organization has its mite to offer to check the foreclosure tide. Apartment Savvy understands the plight of the landlord facing foreclosure. If rents are not paid how will the landlord battle foreclosure? On the other hand there are landlords who dupe people into tenancy without letting out that the house is foreclosed or about to be. Some pose as landlords in vacant houses, pocket the security money and two months rent before vanishing into thin air.
- Foreclosure Climate Changes Spirit of Competition to Cooperation Among Contractors
- Bouncing Cheques Issued by Title Companies Lead to Foreclosures
- Increase in Foreclosures Prompting Class Action Legal Suits
- Avoiding Foreclosures by Walking Away From Loans are not Without Problems
- Foreclosure Assistance Being Taken on Tour by Housing Advocate
- Washington Mutual, the Symbol of the Foreclosure Crisis, Continues to be in Trouble
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