Legal Question in Landlord & Tenant Law in Illinois
I am renting a home in Oak Lawn, IL. I have been living here for 13 months with a contract from the owner. A notice from teh mortage holder was just delieved stating tne mortage has not been paid and the house is set to go into forclousure. What are my options for my family and I?
1 Answer from Attorneys
You are protected for the balance of your lease under recently enacted federal law unless a buyer in foreclosure wants to actually move in, then you would have a bit of time to move. However, you are just at the beginning of the process, and the foreclosure could take a year or more, and might not even happen if the owner deals with the situation. In any event you are not entitled to break your lease just because of the foreclosure lawsuit and you are legally responsible to continue to pay rent to your landlord (GET RECEIPTS IF AT ALL POSSIBLE) despite the foreclosure until such time if ever that you are notified there is a NEW OWNER.