How long do I have till I get kicked out? Foreclosure question?

Question

I have been living in the same apartment for the last two years (it's a 4 apartment rental building), and it's going into foreclosure. The landlord moved out a few weeks ago and said I could live here until the bank kicks me out. I've been saving up the last few weeks for a deposit on a future apartment, but I'm wondering how much longer I have to live where I am now.

I guess the landlord knew about the foreclosure stuff for a while, but the only thing I've seen was something that came in the mail a few days ago. It was a court paper that said on January 11, there will be "an entry to foreclose" on the property. I live in a suburb of Chicago, IL. Does anyone have an idea of how much longer I can live here before they kick me out?

Also, what kind of notice do they give? 10 day? 30 day? Thanks

Answer 1

The landlord is an idiot - he could have possibly sold the property before it went into foreclosure. As for how long you have, first off, quit paying rent. Right now, the only place the rent is going is into the landlord's pocket, and since he's not paying the mortgage, there's no reason to pay him. This should allow you to save some money to put down for security deposit.

Also, you should ask for, in writing, your security deposit back. Send it certified, and if you get nothing, take the landlord to court in small claims court.

As for notice, I'm sure they'll give you very little notice. I'd call the county offices and ask them how long it has been since the foreclosure sale. Then ask them how long is left on the redemption period. That's probably how long you have left in your apartment.

Good luck on finding a new place - you probably want to do it soon.

Answer 2

You may have about 7 months to stay in the property if the bank is not starting the foreclosure process until January 11, or thereabouts. This is because Illinois has a redemption period before the property is sold at sheriff sale. This period would give your landlord time to catch up the payments, refinance, sell the property, etc.

Once the home goes to sheriff sale, it is usually about 30-45 days after that that the sheriff will actually evict everyone from the property. You should get at least a 3-day notice before the sheriff and eviction crew show up at the building.

As long as the bank does not declare the building abandoned, then your landlord will have the redemption period to find a solution and stay in the property.

Good luck.

ForeclosureFish
http://www.foreclosurefish.com/

Answer 3

You are involved in a situation where your rental payments could be easily stolen.. contact an attorney to preserve your rights...

Or just rent another apartment if that looks like an easy way to deal with the mess...

Answer 4

Is there any chance the new owner will let you stay? I know that is what happened to my apartments last year. We had no clue it had foreclosed till after it happened.