Legal Question in Real Estate Law in Illinois

Renting a Condo

Yesterday a Civil Investergator came to my home and asked for the owner of my Condo that I'm currently renting...I said they live in Ca so I gave him their contact info and he said they are behind in Mortgage payments. So I called the owner and he said that he is trying to get a Loan Modification on this property to lower his interest and payment. Should I be worried about this. I have only live here 5 months.. He is a business owner and has many rental properties and he said that he she hear something in a week.. What are my rights as a tenent..

Thanks


Asked on 4/01/09, 11:44 am

2 Answers from Attorneys
John Lee John D. Lee and Associates, LLC

Re: Renting a Condo

As stated in the Chicago Tribune on March 23, with a reference to the Lawyers' Committee for Better Housing 3123477600, foreclosure cases typically take as least 9 months, during which time tenants who are current with their rent can continue to live in the building. This answer does not constitute legal advice because you are not as yet my client.

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Answered on 4/01/09, 3:28 pm

Re: Renting a Condo

You have no rights with regard to the foreclosure. In the event that you are evicted, you would have a cause of action against the landlord,however, the liklihood of collecting is not very high. You may be able to break your lease. You should contact a lawyer for more details. Regardless, it will be some time before you would actually be evicted from the premises. Good luck.

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Answered on 4/01/09, 10:44 pm


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