During the past year, many Chicago tenants found out that they were living in a foreclosed home, apartment or condominium only when the sheriff's office turned up at their door to make them leave. However, Chicago has laws to protect tenants from sudden evictions, and as a tenant you have the right to expect certain notices in the event of foreclosure.
First of all, if you are signing a lease for a property that is the subject of a foreclosure suit, the landlord is required to notify you before you sign the lease. If the landlord doesn't do that, you are allowed to terminate the lease.
Second, if you are renting a home that becomes the subject of a foreclosure suit after you have already signed the lease, the landlord is required to notify you within seven days after the foreclosure is filed.
Third, if the property you live in has already been foreclosed AND if you are current on rent, you should receive at least 90 days' notice before an evictions action can be filed against you.
Lastly, if you are concerned that you are living in a property that is already foreclosed or is in danger of being foreclosed, you can go to the Cook County Circuit Court and try to find out if any action is pending or completed against your landlord with reference to the home you live in.
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11 comments:
I saw an ad for renting a forclosed 1 bdrm condo--the ad declares the property is in forclosure up front. The rent is cheap, the amenities are great, and no security deposit is required. Your site states that chicago law requires that tenants get 90 day notice (I'd take 60 days, actually) if they are being evicted. Is it NEVER a good idea to rent a forclosed property? 'Cuz this looks like a really good deal....
Whether or not it's a good idea is totally subjective. If you're getting an incredible deal and you understand that you may have to move out if your landlord is foreclosed, then you might consider it. On the other hand, perhaps the landlord doesn't have enough money for general upkeep and you may not receive certain services and the building may not be maintained properly. Weigh the pros and cons before you sign the lease! Good luck!
Thanks for your help Naheed, you are offering knowledge and help to people that are not in the know. I am currently renting a 1br condo in the south loop that I believe the owner received a Notice of Default in February, but I am not positive. Where can I find out the status of my rental property, and if it is in foreclosure should I still keep paying rent? Thanks
Sorry for the late response! You should check with the Cook County Circuit Court Clerk's office. Give them the exact legal name of your landlord, and see if there is a foreclosure suit filed against him or his company! Unless you choose to leave, you should probably keep paying rent.
Hello Naheed,
We moved into a nice home in oakbrook Terrace,Dupage County On July 1st.We signed a lease with the owner.He didnot tell us that he was going through foreclouser.We just found out that the house was forecloused on october 27th,09.We have three children in school,one of them is handicaped.We never missed a payment,we pay $2,500.00 per month.What are our rights?and should we keep paying the rent to the owner?
Thank you,Majed
Hi Majed,
If the house was already foreclosed, you should not be paying rent to your old landlord. At the very least, try to find out who is now responsible for the property and call them and see if you can work something out -- that's the cheapest thing you can do!
Naheed
Naheed -
I'm paying rent for an apartment that is now under foreclosure - If I find another place to live am I allowed to break my lease and move out early?
Hi Mike,
That depends on so many factors! Possibly, possibly not. You should consult with an attorney specializing in tenant matters in your area.
Naheed
I'm renting an apartment that is going to foreclose this month. The landlord didn't tell us about this until a letter came from the broker representing the bank. I asked them and they are offering us the "cash for keys" program so we can vacate the building in about 30-45 days and which is l think a shady offer. It's winter time and my kids are still in school. It will be very difficult for us to find another place which is near to my kids school. My son has a medical condition and we need to live at least 3 blocks away from their school so we can be there in case something happens. I have a yearly lease which will expires on July 5,2010 and we're are not expecting to move out soon. This is all came to us as a shocked. By the way, I still have a 1 month advance deposit here, can I still ask the landlord to return it to me although l'm going to stop paying rent this month?
Thanks so much and hoping you will give me an idea on what can we do in this kind of situation.
If you choose to stay in the apartment, the bank may try to evict you (which could take a while). However, in order to understanding all of your options more fully, you should contact an attorney specializing in tenant matters in your area.
Technically in Illinois, only Tenants of Mortagees"banks" or Receivers have such rights as indicated herein. Legislature has defined "certain occupants" as occupants/tenants of such. Legal interpretation has opinioned further rights of tenants of previous owners. Look to the USA tenants protecting rights for those class of occupants.
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