Sometimes it pays to do the right thing

[NNN0LHI]

http://www.suntimes.com/news/brown/1079074,CST-NWS-brown29.article

Families spared from mortgage madness

Some area landlords selling 'condos' as renters still pay

July 29, 2008

BY MARK BROWN Sun-Times Columnist

'You could write a book about this one." So said Cook County Associate Judge William Pileggi on Monday after hearing the story of seven families who diligently continued to pay rent and maintain their Albany Park apartment building, even after their landlord skipped town in an apparent mortgage swindle.

The landlord, Mihail Stancu, may have cleared more than $1 million from the scheme involving a fake condo conversion before authorities believe he fled to his native Romania.

All the tenants got for their honesty were eviction notices from lenders trying to take possession of make-believe "luxury condos" to which the lenders now hold title through foreclosures.

That inequity changed for the better Monday when Pileggi blocked further eviction proceedings while a receiver takes control of the building and sorts out a more sensible long-term solution. snip

But at the Albany Park building, a tenant who had been designated to collect the rents continued to do so after the owner went missing. He paid the utilities and did upkeep on the building. The result is that the building looks great from the street and pretty good inside, even though the supposed condo developer, Stancu, never made any improvements.

The Albany Park tenants -- all of whom are Hispanic -- were never informed of the condo conversion, contrary to legal requirements. snip

The tenants' forthrightness made an obvious impression on the judge.

"I am not going to force them to move," he ruled.

[MadMaddie]

1. This is a good ruling by the judge....the fraud that is running

rampant in this country is astounding. I hope these families are ablet to come up with a plan to keep their homes.

[NNN0LHI]

2. I sure hope everything turns out well for these families

Don't often see people going out of their way to play by the rules.

Don