Foreclosures Help Information

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Foreclosed Chicago

Question: If you rent, and the landlord gets foreclosed on, do you still pay rent?

I was just reading an article about how renters in Cook County (which is Chicago and some suburbs) now get 120 days notice of foreclosure before they get evicted. So I was wondering, if you are a renter and your landlord isn't making the mortgage payments, are you still obligated to pay rent? I would think that once you got notice that the property was being foreclosed on, you wouldn't have to pay rent anymore, since your rent wasn't going to the mortgage anyway and you are losing your home. Anybody know for sure?
Just wanted to add-I am not in this situation, I was reading about it and wondering how it would work.

Answer: Since there is still an owner (now the bank) and you still occupy the owner's premises (the apartment) you still have to pay rent. Just make sure you pay it to the correct party.

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Foreclosed Properties Chicago

Question: Can you buy foreclosed real estate while in the military?

I recently enlisted in the Air Force, however, I have been looking at a foreclosed condo in Chicago. I know the guidelines to purchasing foreclosed property says that it must be your primary residence for at least a year, but with me enlisting in the Air Force, will I still be able to purchase it?

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Answer: I wouldn't purchase it using your VA benefits. If you've got 20% downpayment go conventional. If you buy it then you have to leave (bought it as investment property) you can rent it out right away.

This way you won't have any issues...

Deal Estate: Lincoln Park Foreclosure, Former CBS2 Reporter Mary Nissenson

Foreclosed Chicago Properties

Question: rent: Shall I sign a lease with a Foreclosed apartment?

I found this apartment complex that allows me to do a month-by-month lease in Chicago suburb. However, I also found out that this complex was once in the process of being converted into a condo...Obviously, things didn't work out for the investors and the property went to foreclosure in Jul 2009...As the rental office told me, all of my checks should be payable to "(Mr.) XXX from E.R. James Real Estate Service LLC."... I am signing the lease and writing a check of over $1k (rent + deposit) to this guy tomorrow...I am a little bit concerned...What is a Real Estate Service company? Is it the same as renting an apartment from a regular property? Considering this is a foreclosed rental property I am really worried about my deposit...is it safe and will I get it back if I decide to move out?
Thanks.
Real Estate Company's website:

http://www.erjames.com/res/index.htm

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Answer: Do not walk but run from this apartment complex. Return after the dust has settled.

Money Smart Radio: Facing Foreclosure? Chicago Financial Planner Matthew Sapaula discuss...