New State Law to Protect Tenants from Eviction
The Illinois legislature has passed a law to protect tenants from potential eviction when landlords lose their property to foreclosure.
According to the new law, tenants will now be able to remain in the property until the end of their lease or for 120 days after foreclosure on the property.
As more landlords suffer foreclosures, many tenants were forced from their home without any waiting period to allow them to find a new apartment.
When lenders foreclose on a property, tenants are often not considered during the process.
Many tenants have been forcefully evicted despite remaining up to date on rent payments.
The new law is a welcome change for renters around Chicago. Foreclosures of homes and condominiums around the city continue to rise as many speculative buyers face financial difficulty. Rising interest rates and property taxes push many homeowners to default on loans.
According to RealtyTrac, foreclosures across Illinois in August were up 12.5 percent over July. The Chicago Condo Market is also seeing more foreclosures and fewer sales in neighborhoods around the city.
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