So, a few minutes ago, a Lake County sheriff’s deputy rang our doorbell. Apparently our landlord has another property in foreclosure and the deputy was inquiring if we knew how to contact him. He assured us that our property was OK as far as he knew, but that we should probably keep an eye on things.
Whoa. Well, that’s exciting. We just re-upped our lease effective a few days ago, so we’re kind of locked in here. A bit of googling led me to a useful reference, though: Illinois Public Act 095-0262, 735 ILCS 5/15-1701(h)(4) effective January 1, 2008, which states that
In a case of foreclosure where the tenant is current on his or her rent, any order of possession must allow the tenant to retain possession of the property covered in his or her rental agreement (i) for 120 days following the notice of the hearing on the supplemental petition that has been properly served upon the tenant, or (ii) through the duration of his or her lease, whichever is shorter.
Whew. So if I read this properly, the worst that would happen is that we would receive word that we’d need to move within four months. OK, I can deal with that. I’d rather not have to move for twelve months, of course but you take what life throws at you, I guess.
A friend once lived in a building that went condo, and the landlord tried to run everyone off, to start converting the units, but the 120 day law held.
I’ve still got a house for sale! :>
Good luck, though. At least you get plenty of warning.
Given the housing market and the economy, I wonder if a smart bank would look at a good tenant who pays the rent and keeps the property up as being an asset.
That’s presuming they actually foreclose. Funny thing with all the reselling of mortgages: Very often the actual paperwork gets misplaced. Judges are starting to frown on foreclosures that don’t have actual physical paper showing proof that the bank holds the note.
In some instances, depending on jurisdiction, you may have civil grounds against the landlord as well. A contract was breached, after all.
There’s a lovely house across the street for sale.
Ugh! Even if you do have 4 months, it would suck to have to pull up stakes and move. I hope your landlord gets his sh*t together and keeps up on the mortgage.
Also, a lot of mortgage companies right now are stalling if the property is rented. I think there are also laws being put through that keeps people from being evicted. I’d start keeping an eye out for other plans though; if he’s got one in foreclosure, it’s not long before the rest of the house of cards falls, or the bank goes after his stable properties 🙁
Might be time to see if you can buy the property you are in on the cheep so he can get out of debt…