14 Comments - Techie - Friday, Mar 5, 21 @ 3:26 pm: Let’s hope he keeps extending it. In addition to the toll on people’s health and their life itself, the economic damage being done to families is also brutal. Sure, federal aid might help some families, but I can’t see how it can possibly help everyone who needs it. Here comes the post-2008 foreclosure crisis all over again. - 1st Ward - Friday, Mar 5, 21 @ 3:33 pm: “Here comes the post-2008 foreclosure crisis all over again.” That’s not happening. People have equity in their homes and can/should be able to sell relatively easily and downsize if needed. Inventory is very low everywhere in the state and country. 2008 was due to no underwriting standards i.e. evaluating ability to repay, no down payments, and a lot of supply. The supply/demand and equity equation is very different this go round. Plus Banks learned alot from 08 and lost alot of money from foreclosure. They don’t want to deal with that again and will be more open to working with homeowners. - Stix Hix - Friday, Mar 5, 21 @ 3:34 pm: I really need to get the squatters off my property, Guv. They’ve got plenty of money. - Nagidam - Friday, Mar 5, 21 @ 3:44 pm: The moratorium needs to be right sized. There are people taking advantage of not having to pay. There are evictions that started before the pandemic that were halted that had nothing to do with the pandemic. So far I have not seen any indication for the governor to discuss. By the way he said he needed to look at the totality of the situation the last time as well. - Precinct Captain - Friday, Mar 5, 21 @ 3:52 pm: - Nagidam - Friday, Mar 5, 21 @ 3:44 pm: Point them out. - Techie - Friday, Mar 5, 21 @ 4:03 pm: @1st Ward I hope you’re right, but I fear that you’re not. Even if homeowners have equity in their homes, that doesn’t mean they will be able to pay their mortgage when the moratorium is lifted. Or that they would be able to pay the mortgage on a smaller home. Some households have simply lost out on oodles of money that they normally rely on, and I think there will be many that slip through the cracks of federal aid. Perhaps “2008 all over again” is an exaggeration, but absent directed aid towards homeowners, I will be surprised if there isn’t a significant increase in foreclosures once the moratorium is lifted. - Because I said so.... - Friday, Mar 5, 21 @ 4:07 pm: While I sympathize with those financially impacted by the pandemic but what about the property owners? For those whose tenants aren’t paying, are their mortgage companies giving them any relief. Not choosing sides. Things are bad for a lot of people. - DuPage Saint - Friday, Mar 5, 21 @ 4:12 pm: Any suit that was filed before the pandemic should be allowed to proceed. I do not have much sympathy for REITS or super large landlords but people owning three flats or two flats generally need rents to pay mortgages. Money for rent relief should have landlords name on check. - Donnie Elgin - Friday, Mar 5, 21 @ 4:16 pm: =That’s not happening. People have equity in their homes and can/should be able to sell relatively easily and downsize if needed= Tell that to the small investor, mom and pop types who have properties with tenants that can’t pay and you can’t evict, how can you sell? - Count Floyd - Friday, Mar 5, 21 @ 4:17 pm: Anyone else remember when this Moratorium was extended just until Chicago rolled out its renter’s assistance program? Even if a case was filed pre-pandemic involving non payment of pre-pandemic rent those residential tenants cannot be evicted. Regardless of their income. Its been a over a year now on those cases. - Crash - Friday, Mar 5, 21 @ 4:27 pm: As much as I feel for the families, this is just not sustainable. Buildings cost money to maintain. With no income, they are going to degrade. The housing stock is going to take a hard hit. - Suburbanon - Friday, Mar 5, 21 @ 4:40 pm: Call it what it is: free rent, with no accountability. Housing is critical for health and safety, but somebody has to pay for the bricks and mortar, for the heat and lights. If the government doesn’t pay, who does? Unfortunately in many cases it is the mom and pop owners who depend the income from rented units to pay their bills. And while it is easy to dismiss the big REITs, unfortunately many of those get investments or loans from pension funds, possibly your pension fund. So while it is politically easy for Pritzker to extend the moratorium, the bill for that “free rent” will come due very soon. There is no free lunch, my friends. - Mr. Green Genes - Tuesday, Mar 9, 21 @ 7:41 am: == I really need to get the squatters off my property, Guv. They’ve got plenty of money.== So take them to court. You have a contract with them and they owe you money. - Mr. Green Genes - Tuesday, Mar 9, 21 @ 7:44 am: == Tell that to the small investor, mom and pop types who have properties with tenants that can’t pay and you can’t evict, how can you sell?== You can sell it as a rental property. Look the moratorium won’t last forever. People are getting vaccinated now. Sorry, comments for this post are now closed.