Foreclosure may sound like a problem only for the homeowner. Unfortunately, that is not always the reality. If you are renting a home, and your landlord’s property goes into foreclosure while you are living there, you may be left with nothing but questions. Can you be forced to leave your home? Are you still required to pay rent? Is your landlord the bank, the buyer, or is there still a landlord?
An Illinois foreclosure can be disruptive, to say the least. That said, there are certain protections in the state provided to tenants to keep them from being blindsided by a foreclosure and possible eviction. To find out more about how your landlord’s foreclosure could potentially affect you and your family, it can be beneficial to speak to a knowledgeable Grayslake, IL foreclosure defense lawyer.
How Could Foreclosure Affect Illinois Renters?
While an Illinois foreclosure transfers ownership, it does not erase the fact that tenants live in the home and have certain rights. Illinois renters are protected during a foreclosure by the federal Protecting Tenants in Foreclosure ACT (PTFA) and Illinois’ mortgage foreclosure laws (735 ILCS 5/15-1504).