Legal Question in Real Estate Law in Illinois

If your landlord is still the owner, then the owner is still your landlord. The owner's problems with the bank are the lender's problems. Your issue will be whether the owner winds up in foreclosure, it goes to a foreclosure sale and the new owner wants you out. Then you will be obliged to move on proper notice but may have residual rights against the owner you rented from if it costs you money to move when your lease did not oblige you to do so and if the new rental unit is more expensive. But at that point your landlord may be tapped out and even if you got a judgment you might not collect. Talking to the bank currently probably won't help much except to let them know you are there, you need to be added to any foreclosure action (which you want so you have notice of what is going on), that if the buyer at foreclosure is an investor that there is a rent-paying tenant in place (which can make the property more attractive to certain buyers), and that if the bank actually takes title to the property (unlikely) that as long as your rent is at "current market" you will be interested in staying on. Since this is a house, however, the bank will most likely want to unload it and if the new buyer wants to move in you will have to move on proper notice as stated above. If you have the ability to buy the place you may want to consider trying to work a deal now to buy it....that's different..... But you first duty to the landlord or you could be viewed as attempting to undercut him or her.....

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