Within 21 days of a foreclosure being completed, the new owner, most often the lender to the previous owner, must make a good faith effort to identify residents of the property; notify residents that they have acquired the property; inform residents that the property has been the subject of foreclosure; and provide contact information for resident concerns and repair requests.
Tenants will have a minimum of 30 days to move after the eviction hearing if the tenant is evicted under the Illinois Mortgage Foreclosure Law.
Nationally, according to the National Low Income Housing Coalition, renters make up about 40% of the families facing the loss of their housing due to foreclosure and more than one in every five foreclosed properties is a rental property
Click on the following for more details: New State Law Goes Into Effect to Protect Renters Impacted by Foreclosure
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