New State Law Offers Protections For Renters In Buildings In Foreclosure
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CHICAGO (CBS) – People who rent apartments now have more protections if the owners of their buildings face foreclosure. That’s thanks to a new state law, reports WBBM Political Editor Craig Dellimore.
Governor Pat Quinn has signed a bill that requires banks or anyone else acquiring foreclosed properties to honor existing leases or give tenants enough time to move out safely.
“If a building is foreclosed upon, and it is multi-family with renters and tenants, we want to make sure we protect the renters and the tenants from being thrown out on the street, literally,” said Quinn.
Tenants would have a minimum of 90 days before they find new places to live. State Senator Jackie Collins, one of the sponsors, says a commitment to housing rights must protect tenants as well as homeowners.