Saturday, January 26, 2008

Tenant Procedures Changed Regarding Foreclosures

The IL Code of Civil Procedure has been amended to allow foreclosure tenants who are current on their rent to retain possession of their property for a designated period. 735 ILCS 5/15-1701. Section 15-1701(h)(4) provides that, in a case of foreclosure where the tenant is current on his or her rent, any order of possession must allow the tenant to retain possession of the property for “120 days following the notice of the hearing on the supplemental petition...or...through the duration of his or her lease, whichever is shorter.”

This amendment shall apply only if the tenant continues to pay his or her rent in full during the 120 day period. Some fairly pro-tenant legislation in my view. Hopefully this will serve to clarify things for tenants in properties facing foreclosure. I wonder how many tenants will be showing up to court to be sure the new provisions are followed.

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