This article answers the question “What happens to my lease if my building goes into foreclosure in Illinois?” We’ll explore what rights and options tenants have if their landlord defaults on the mortgage and the building goes into foreclosure. In addition, we’ll answer the following related questions: Are there laws in place to provide protection for tenants?, What federal laws exist to protect tenants?, What factors determine a tenant’s protection against foreclosures in Illinois?, Does Illinois have any special protections for tenants in the city of Chicago?
