The state of Illinois is considering legislation that will protect renters who are facing eviction after their landlord's have defaulted on their mortgages and their apartment buildings have been seized in foreclosure. The proposed law would give tenants a 90 day window to exit their apartment after the mortgagee in possession provides notice to the tenant of intent to file an eviction. Currently, tenants have very little protection if their apartment buildings or units are foreclosed upon. For more information, please see the full story from the Chicago Sun-Times (link below):
http://www.suntimes.com/business/currency/1108898,rent081508.article
This legislation is currently awaiting approval and signature from the Governor of Illinois. To see the full text and amendments to Illinois Senate Bill 2721, please click on the link below:
http://www.ilga.gov/legislation/95/SB/09500SB2721sam001.htm
