A bad economy can cause landlords to lose their properties. Ideally, landlords give their tenants plenty of notice to ensure they continue to have stable housing. In some cases, landlords delay this notice because they hope to be able to save their rental homes. Whether a landlord wants to alert tenants to the problem or not, tenants have rights.
One of the main Tenants Rights in Chicago is that landlords have to give tenants notice within seven days of learning they are in danger of foreclosure. This is true whether the property owner plans to resolve the issue by paying the delinquent balance or if they are going to sell to another investor who will allow the current tenants to stay.
Tenants also have the right to be notified of pending foreclosure before they sign a lease. Property owners cannot rent their units while they are involved in foreclosure actions without telling prospective tenants. Tenants who aren’t informed and find out later may be able to terminate their lease without any penalty if they choose to vacate the home.
A tenant who has been paying their rent throughout the foreclosure action cannot be locked out of their home. If the new owner wants the tenants to move out of the building must use the formal eviction process. This process includes giving the tenant notice. If the tenant has been summoned to court, they have 90 days to find new housing and vacate the unit.
Tenants Rights in Chicago are designed to protect tenants when their landlord loses the property to foreclosure. Because tenants are not responsible for paying the mortgage or the taxes on the property where they live, they have additional protection when the property owner faces foreclosure.
Tenants who are unsure whether their landlord is violating their rights should contact The law office of Starr Bejgiert Zink & Rowells to speak with an experienced attorney. An attorney may explain the rights and could protect a client’s interests if they have to go to court for the foreclosure or eviction action. Tenants do not have to move right away but they may need to vacate the property if it is foreclosed.