SPRINGFIELD, ILÂ â€“ Illinois State Senator Jacqueline Y. Collins (D-Chicago 16th) secured passage of legislation to protect tenants living in a building in foreclosure.
â€œTenants should not be evicted on short notice because of the financial circumstances of their landlord,â€ Collins said. â€œThis legislation establishes that paying tenants have rights under state law, even when the rental property is repossessed by a bank or sold.â€
Currently, tenants living in foreclosed properties are protected under federal law, but those protections are set to sunset in 2014. An owner who acquires a property in a foreclosure proceeding can evict a tenant only at the end of the lease or, if there is no lease, with 90 daysâ€™ notice. If the new owner intends to use the property as his or her primary residence, he or she may terminate the lease but must give 90 daysâ€™ notice. A bank foreclosing on a rental property also must inform tenants of where they should pay their rent.
â€œAs a legislator with a consistent commitment to housing rights and keeping people in their homes, I do not want the residents of Illinois to fall through the cracks when federal protections expire or are inadequate,â€ Collins said. â€œI want Illinois to be known for its comprehensive approach to the foreclosure crisis so our neighborhoods can weather this storm and emerge stronger.â€