Breaking News Bar
updated: 8/22/2013 6:53 AM

New Illinois law protects renters in foreclosures

hello
Success - Article sent! close
 
Associated Press

Illinois has a new law protecting renters if their landlord's property goes into foreclosure.

Gov. Pat Quinn signed the law Wednesday saying those who buy multifamily properties out of foreclosure should either honor existing tenant leases or give the renters 90 days to move.

It takes effect in three months.

The original bill was sponsored by state Sen. Jacqueline Collins and state Rep. Kelly Cassidy, both Chicago Democrats. They say that about 40 percent of families affected by foreclosure are renters who might not know their landlord failed to make mortgage payments.

Advocates of the bill say it will help avoid pushing many tenants into homelessness by giving them time to find a safe place to live. They also say it will prevent properties from standing vacant.

Share this page
Comments ()
Guidelines: Keep it civil and on topic; no profanity, vulgarity, slurs or personal attacks. People who harass others or joke about tragedies will be blocked. If a comment violates these standards or our terms of service, click the X in the upper right corner of the comment box. To find our more, read our FAQ.