Legal Question in Landlord & Tenant Law in Illinois

You continue to make payments under the terms of your lease, as is required. Once the property is foreclosed, you will be contacted by the lender to make new payment arrangements. There are laws that protect you as a tenant in a foreclosure situation from losing your place to live. In fact, at a minimum, after a foreclosure you would have the legal right to at least ninety days notice prior to having to vacate and in some cases you would have the legal right to remain there and finish out the entire term of your lease.