A new Illinois law will protect renters when the buildings go into foreclosure. The law requires those who acquire properties through foreclosure to honor existing leases or give tenants at least 90 days to find another place to live. “We want to make sure we protect the renters and the tenants from being thrown out on the street,” Governor Pat Quinn said.
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The Governor’s office says approximately 40 percent of families affected by foreclosure are renters, who may have no idea that their landlord wasn’t paying the mortgage. Similar protections are already offered under the federal Protecting Tenants in Foreclosure Act, but that’s due to expire in 2014. The state law takes effect in 90 days.