Skip to Content

Summer Budget Travel Tips from Gadling

My take on the Chicago foreclosure controversy

More
Text SizeAAA

Filed under: Real Estate, Recession

WalletPop bloggers Bruce Watson and Tracy Coenan have expressed diametrically opposed views about Sheriff Tom Dart of Cook County, Illinois's refusal to evict tenants who had paid their rent in good faith to landlords who had allowed the building to fall into foreclosure. The Sheriff apparently feels that the law in this case is punishing the wrong people.

I can see both sides of the argument, and my opinion is somewhere in between. Laws are not divine decrees, but reflect the consensus of those governed. They change as society changes, and we often play fast and loose with those that, by consensus, no longer reflect our desires. The speed limit is just one example.

Sometimes public attitude changes more quickly than the laws can reflect, throwing us into that gray area that Sheriff Dart is struggling with. Do you disregard one law, and risk inviting similar disregard for other laws? Enforce a law that runs counter to the best interests of the governed, and risk public rebellion?

In this case, I look at the situation and ask, does anyone win by enforcing the eviction notices on rent-paying tenants? Certainly, the tenants lose. I think the eventual property owner loses, too. A property already housing loyal rent paying tenants is a more valuable commodity than one without, in a non-rent-controlled economy. And empty buildings are an invitation to arsonists and copper thieves. If enough people are evicted, public anger could also spark some ugly public demonstrations. Watts is not all that far in our past.

The answer here could be a temporary moratorium on evictions foreclosures for tenants who are current on their rent. The county could set up an escrow account into which continued rent payments are made, to be distributed to the eventual property owners. This would shelter the sheriff from charges of non-performance of duty, allow tenants time to relocate, if necessary, and maintain the value of the foreclosed property until it is sold.

I share Tracy's concern that the Sheriff is making decisions that should come from the courts and the politicians, but perhaps his decision is the impetus needed to inspire some creative problem-solving.We could sure use more of that.

Subscribe to Walletpop

Reader Comments (Page 1 of 1)

What are the Next Hot-Spots in the Luxury Resort Scene?
Luxist Awards asked three of our Expert Panelists, all veterans of the travel industry, about the ...
The Luxist Awards for Best Accessories
Do you know of a magnificent jewelry line with pieces that are to die for? Which is the finest ...

Mortgage Basics

Zac Bissonnette
Zac Bissonnette Filed under: Tax, Celebs & Money

He'll be back: Arnold Schwarzenegger owes the IRS

California Governor Arnold Schwarzenegger owes $79,064.00 in back taxes, according to a federal tax lien filed by the IRS in LA County Superior Court. This seems more likely to be a fluke/oversight ...
Julia Scott
Julia Scott Filed under: Saving Money, Bargain Babe

Double cash back rebate deals

eBates.com has some AMAZING cash back rebate deals so if you are shopping online, you are losing a lot of money if you don't shop through their site. (Also check rivals Cashbaq.com and Extrabux.com ...
Beau Brendler
Beau Brendler Filed under: Entrepreneurship, Charity, Fraud, Consumer Ally

Kiva: A great idea that isn't exactly what it seemed - how to find a charity you can support

The online micro-finance charity Web site Kiva rose to be a shining non-profit success story in the recession years. It marries the trendiness of social entrepreneurship with an almost perfect ...
Julia Scott
Julia Scott Filed under: Shopping, Black Friday, Bargain Babe

Black Friday coupons and cash rebates

So you missed the doorbusters. No worries. Who wants to cram into a store at dawn or set the alarm for 2 a.m. to get a virtual doorbuster? The best thing about Black Friday is you can go later in the ...

Featured Partner

What is Your Home Worth?



Headlines from WalletPop Partners