New Law Protecting Illinois Tenants of Foreclosed Properties
Since federal protections for tenants in foreclosed properties are expiring next year, yesterday the governor signed a law extending federal protections for renters in foreclosed buildings in Illinois,
Under the law, if you are renting in a building that has been foreclosed, you are entitled to the following protections:
1) The bank (or a receiver) that owns the foreclosed building, or any other person or entity that buys the building out of foreclosure, must honor your lease until it ends.
2) The bank or owner must give you at least 90 days’ written notice before asking you to leave.
3) If the new owner intends to move in, however, he or she can terminate your lease upon 90 days’ written notice.
If you are otherwise honoring your lease and the new owner tries to evict you, you can fall back on these protections and file a case against your landlord.