Aldermen unanimously approved a resolution Wednesday from Mayor Rahm Emanuel in support of Senate Bill 885, a measure to improve protections to home buyers involved in contract for deed sales. Home buyers in those sales don’t have equity in the home until they’ve paid the cost in full, and can be thrown out without a foreclosure process if they miss a payment. A Chicago Reader investigation identified three out-of state companies that sell homes using these kinds of agreements in Chicago: Harbour Portfolio Advisors, Vision Property Management, and Battery Point Financial. Those sales, the Reader said, are concentrated in communities of color, and often lack sufficient information for buyers.

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