New Illinois law protects renters in foreclosures
CHICAGO – Illinois has a new law protecting renters if their landlord's property goes into foreclosure.
Gov. Pat Quinn signed the law Wednesday saying those who buy multifamily properties out of foreclosure should either honor existing tenant leases or give the renters 90 days to move.
It takes effect in three months.
The original bill was sponsored by state Sen. Jacqueline Collins and state Rep. Kelly Cassidy, both Chicago Democrats. They say that about 40 percent of families affected by foreclosure are renters who might not know their landlord failed to make mortgage payments.
Advocates of the bill say it will help avoid pushing many tenants into homelessness by giving them time to find a safe place to live. They also say it will prevent properties from standing vacant.