New Illinois Law Protects Renters in Foreclosures

August 22, 2013
Southern Illinoisan  
mortgage lending news

Illinois Gov. Pat Quinn has signed into law a bill that protects renters if their landlord's property is foreclosed on. The measure, which takes effect in three months, stipulates that buyers of foreclosed multifamily properties should either honor existing leases or give renters 90 days to move.

The original bill was sponsored by state Sen. Jacqueline Collins and state Rep. Kelly Cassidy, who pointed out that about 40 percent of families affected by foreclosure are tenants who may not be aware that their landlord failed to make mortgage payments. The bill could help many tenants avoid homelessness by giving them time to find another place to live.

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